Online retail has grown tremendously in the past few years, especially with the prevalence of mobile devices. As a result, e-commerce businesses are flourishing in this industry. However, to continue seeing success within this space, retailers need to make their websites user-friendly and convenient for shoppers while also ensuring availing a seamless and secure shopping experience and also making it a hassle-free process when it comes to checking out with payment methods. Every retail business needs to have a well-planned payment gateway integration to accept online payments from their customers, whether it’s online payments such as debit cards, credit cards, digital wallets or cash on delivery, therefore it can be difficult to decide which payment gateway is suitable for your business. In this blog post, we’ll discuss some of the different and crucial use cases you might want to consider when choosing the best payment gateway for your business.

Secure Checkout for an E-Commerce Website

The first use case for payment gateways is to provide a secure checkout for your customers. Customers will be more likely to spend on your website or mobile app if they know their payment and credit card information is safe and that their transaction is secure. There are multiple ways in which you can secure your checkout on your website. Payment gateways are expected to be PCI compliant to protect businesses and shoppers from data theft and fraud. Kashier payment solutions is fully PCI DSS compliant as a Level 1 Service Provider, which is the key security standard within the payments industry, ensuring that sensitive data is always secure, which offers a secure checkout experience for your customers.

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Shopping Cart Abandonment

Another use case for payment gateways is to combat shopping cart abandonment. This can be a huge issue fore-commerce businesses, especially if your customers are finding checkout to be too long or too complicated. Moreover, when a customer is unable to find the right shipping option, wants to change their payment method or is even redirected off of the website for check out are all triggers that can cause a customer to abandon their shopping cart and not complete their purchase. A common way to combat shopping cart abandonment is to offer alternative or additional payment options within your checkout process and to stay on the website.

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Different features of a Payment Gateway and Benefits for your E-commerce Website

We’ve discussed how payment gateways can be used to provide a secure checkout for your customers and help combat shopping cart abandonment, but there are also other benefits you can get from a payment gateway such as the below:

• ‍Multiple Currencies Support: A payment gateway that supports multiple currencies can help you accept payments from other countries and countries with a variety of currencies which is essential for businesses that sell internationally.‍

• Fraud Detection & Risk Management: Many payment gateways offer risk detection and risk assessment tools that allow you to better understand the risk associated with a certain transaction. This can help you prevent fraudulent purchases & false purchases which is a result of false information (credit card or billing address info).‍

• E-commerce Website Integration: An e-commerce website that only accepts cash payments could be helpful for retail businesses, but it won’t help online businesses at all. Online businesses need to accept payments via various channels. That’s exactly why payment gateway integrations are important as they will help you to promote your business even more and generate online sales.‍

• Handling Returns &Exchanges: You can make the process of returns and exchanges easier for your customers. All they have to do is to contact their banks or card issuers so that they can get a refund or a new product. This will reduce your workload as a retailer and let you focus more on building long-term relationships with your customers.

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Conclusion

As you can see, payment gateways offer a lot of different benefits for an e-commerce website, the most significant benefit is that it helps you generate more sales. Retail websites need payment gateways to accept payments from customers via various channels such as debit cards, credit cards, and digital wallets. Also you need to consider choosing a payment gateway that offers risk detection and fraud detection as it is responsible for collecting a customer’s information and facilitating a checkout process for your website. Moreover, it is crucial to choose a payment gateway that is able to provide multiple layers of security, as well as the ability to accept different currencies.