Digital payments are all the rage now as people turn to convenience and the ease of going cashless. Digital and electronic ways of payment are a major part of the fulcrum that supports e-commerce ventures today. Nowadays, nearly every business venture is operating partly or fully on the e-commerce front, and digital online payment gateways are very important.
Many technological ventures and fintech companies are focusing on developing digital and online e-commerce payment gateways that can be easily integrated with e-commerce platforms and apps. These e-commerce payment methods are beneficial for customers as well as for e-commerce sellers who want to create smooth payment gateways for easy revenue collection.
New-age payment methods that are integrated with online apps and phones are very easy to use and are taking over conventional methods of payment. As the volume of online sales goes up, more and more people prefer to pay using online gateways than counting out the money in cash. E-commerce payment gateways are still under development, and businesses are adapting to these fast. In this article, you will learn about some particular methods of payment as well as about the benefits of fast e-commerce payment methods.
Types of E-Commerce Payment Gateways to use
There are many types of e-commerce payment gateways that can be linked with your bank details, and customers can directly pay from their bank account to their ecommerce bank account. For example, the use of UPI apps, scanning of QRs or sending payment links as SMS is very successful in enabling quick and easy payments. E-commerce delivery executives have been using these methods for some years now. Other e-commerce payment methods are-
Dynamic QR codes
Dynamic QR codes are better than physical QR codes because they can be used to ensure that the payment information can be edited based on the location of delivery. Moreover, dynamic QRs are very secure in case of authorization and information protection. There are multiple layers of security involved with such QR codes, which make the payment method easy but encrypted.
The dynamic QR codes can also be linked with payment analytics apps and monitors that give the e-commerce company insights about sales and revenue from the volume of payments made. Dynamic QRs can be used easily in varied conditions and are highly scalable. The dynamic QR method of e-commerce payments is an easy way of making payments for small and mid-scale businesses that are just starting out in the e-commerce sector.
eNACH is an acronym that stands for Electronic National Automated Clearing House. This ecommerce payment gateway is a good one for recurring payments through the ecommerce app. These days, almost all e-commerce apps have pay-later and EMI options. These pay-later and EMI options create scope for recurring payments that can be managed with eNACH.
The eNACH can be integrated with e-commerce platforms for automating recurring payments for EMIs and pay later. Even if your e-commerce app operates on a subscription model, eNACH can help automate the payments on time so the money reaches your business and the customer does not have to worry about the payments.
Connected banking solutions are one step ahead of net banking solutions as these are a host of applications and gateways that integrate with an array of platforms to enable seamless payments for e-commerce purchases. So, to make a payment for an e-commerce product, the customer does not have to go to his banking app but gets redirected to the connected banking platform, where he can take action to make the final transaction.
These connected banking solutions work across platforms and create omnichannel for payments. Leading banks and financial solutions companies have developed connected banking solutions for e-commerce and online payment platforms.
Benefits of digital E-Commerce Payments
There are multiple methods of digital online payments that can be made through e-commerce websites and apps. People experience the benefit of the convenience of such payment methods. There are many other benefits of using an e-commerce payment gateway through your phone or laptop.
Reach More Customers
When you use e-commerce payment gateways for transactions, you make the payment methods easy. Because of the ease of payment, more and more people have started preferring online e-commerce payments. Therefore, your e-commerce business starts getting more and more customers who are ready to purchase products from the platform. Your e-commerce platform has started becoming more accessible and popular for multiple e-commerce payment gateways.
Because of the ease of payments and multiple payment gateways, people are more likely to buy sooner and buy more products than ever from the same platform. The buying process is easy, right? You add the products you want to buy, confirm these products and then place an order by confirming your address details. The app displays multiple payment options for you to confirm your order.
You can easily click on the payment gateway you want to use and buy products in seconds. Because of the easy way of decision-making and taking actions to purchase, people are more open to buying even their smallest needs from e-commerce platforms. So, e-commerce platforms with quick and efficient e-commerce payment gateway see an organic increase in sales and revenue.
Higher Payment Security
When making payments, a customer will want to do it in a secure manner. When we handle cash, we feel better when we ensure that the amount is correctly counted. On the online sales platform, security comes from the correct pin, OTP and CVV numbers. Because there are so many confirmation and security layers, the level of security and integrity is very high for digital payment solutions. These gateways also get reviewed and maintained by software professionals so that the security levels always stay up. These gateways protect people from financial fraud and make the transaction go smoother.
Because of the benefits and convenience that online payment gateways offer, these solutions are used for e-commerce payments. Leading fintech companies are investing in e-commerce payment solution development so that they can align with e-commerce businesses and be very successful in gathering revenue. Choose the e-commerce payment gateway for your company wisely with FidyPay today.