The eCommerce business industry and digital payments in India are rising rapidly. Intending to render customers a convenient, transparent, and secure platform, seamless transactions, and commitment to deliver at their doorstep, the payment security on eCommerce platforms necessitates an efficient and effective payment gateway. It will boost customer loyalty, in turn, increases sales as well as profit.
POS (Point of Sale) is the most accepted and popular mode of payment collection. The POS terminal’s significant difference is that in the case of a payment gateway on eCommerce platforms, the buyer may be sitting in a separate different city or state or a country altogether. So, due to the buyer or consumer’s distance and invisibility, a payment gateway on an eCommerce platform demands special encryption and affirmation of technology.
Payment Gateway and an eCommerce Platform
The payment security on eCommerce platforms has their shopping policies and platform spaces online; these eCommerce platforms and systems are convenient and easily accessible for customers with numerous various benefits attached, that include:
- A wide range of alternatives to choose from, as there is no space for any constraints or limitations online.
- The quick and effortless approach to check out.
- Feasible and easy navigation across eCommerce platforms.
- It can be easily accessible from any corner of the world.
- The secure and straightforward method of immediate cashless payments.
However, for consumers or shoppers to have a seamless and uncomplicated shopping experience, having an easy to operate APIs (applications) is not sufficient. An eCommerce platform expects an efficient payment security gateway. It adds the protection and safety of online payments leading to consumers or shoppers’ loyalty and enhanced profits.
Significance of Payment Security on eCommerce Platforms
Accepting and getting digital eCommerce platforms to receive payments online can eventually upgrade your business’s overall execution. Here, we have showed some of the advantages and significance of executing a secured digital payment gateway:
1) Smooth and straightforward checkout
The seamless and straightforward checkout occurrence must be from a clients’ point of view. Payment gateway permits these traits, characteristics and enables online shopping as easy and smooth as possible.
2) Notion purchase
It is scrutinized that more than 40% of patrons or shoppers eliminate their investment if the checkout/payment mode is tiresome or complicated. Yet, according to recent research, it is seen that impulse or notion purchase is liable for 40% of all online shopping and investments, so being implemented with an easy payment alternative will unquestionably get an increase in transactions.
3) Payment security on eCommerce platforms
- Combines with shopping bag or cart.
- Renders faster and more secure payment processing.
- Receives multiple payment alternatives.
- Furnishes chargeback stoppage.
- Furnishes fraud management.
- Renders recurring billing.
4) Safety and Security
Payment Gateways or eCommerce platforms are frequently obedient to security standards such as PCI, DSS, etc., implementing secure online transactions.
How do Payment Gateways and online eCommerce payments work?
Here, we came up with the essential and necessary functioning measures for conventionally typical payment gateways and security on eCommerce transactions:
- A patron or consumer initiates the payment transaction or purchase by clicking on ‘buy now’ or its identical, similar button on the website.
- Payment security on the eCommerce platform leads the patron or shopper to a payment gateway where the shopper will insert their relevant card details and particulars.
- The payment gateway gives direction to the patron and leads them to a secure page to approve and authorize the transaction.
- Once the payment gateway confirms online marketing, the banks execute and secure the checks on the shoppers’ accounts to determine whether the transaction is a success or not.
- The payment gateway transmits the information (successful marketing or failure in the trade) to the patron.
- If your payment transaction is successful, the bank reconciles the payment with the payment gateway.
- The payment gateway then intervenes with the trader. It informs the shopper that the transaction is successful and the payment transaction process is finished.
Payment Gateway as an influential factor for eCommerce security of payments:
As a payment gateway is such a significant component of an eCommerce platform, it is crucial to distinguish it from the safety and protection aspects. Security, signifying the top-most advantage of a payment gateway, reduces the severity and recurrence of credit card fraud within the eCommerce platform.
As discussed above, a payment gateway verifies the cardholder/buyer to compose a secure flow of payment. This complete flow of payment is fastened and secured with the aid of a payment gateway.
A payment gateway manages and sustains security by supporting a protocol for the same. Consequently, the information associated with the patron or shopper is encrypted in a safe and secured manner. There are some obvious reasons and goals that secure a payment gateway apt and appropriate for the eCommerce platforms:
- Combining a payment gateway on eCommerce platforms does not demand or claim much inconvenience. It can be fixing up quickly and efficiently by the merchants or eCommerce enterprise that already has website/application for trade.
- It entails slight support, and therefore, is remarkably cost-effective.
- Due to the universality of a payment gateway, the majority of people is familiar with and satisfied with its notions. This enables more lenient and easier online business because there is no obligation of knowledge for the same.
- A payment gateway supports quick and smooth checkouts with a customizable checkout page. A dealer, therefore, can customize the checkout page following the requirements.
Consequently, an improvement and expansion in demand for payment security on eCommerce platforms or payment gateway in India, concerning the time-saving, cost-effective, and discount-driven eCommerce forum and all the online market places, India has observed a steep development and boost in demand for the same. Online eCommerce businesses, with their easy-to-use and flexible APIs (applications), have acquired traction over a period.
Takeaway
An advancement or evolution in delivery structure accompanying the Smartphone perforation and data consumption is all a plus. But the fact remains the same: an eCommerce platform is incomplete and insufficient without an adequate and reliable secure payment gateway facility. Therefore, the increase in eCommerce marketplaces has pointed to a surge of offshore Magento developers to build an eCommerce payment gateway alliance.
It is a definite representation of payment security’s expanding obligations on eCommerce platforms and payment gateway services. This is considering an eCommerce platform and payment gateways run hand-in-hand.
