5 Benefits of E-Commerce Payment Processing in 2022
44.5% of e-commerce payments globally are taking place through digital and mobile wallets since 2020! All such factors add to the immense benefits that e-commerce payment processing brings to the table for merchants with online businesses.
Before throwing light on the major advantages of e-commerce payment systems, let’s understand the basic modes of e-payments.
Types of E-Commerce Payments
Different e-commerce platforms provide a selective range of e-payment service options. Here are the major types:
Mobile Banking
E-commerce transformed itself into a variety of facets in terms of online payments, user profiles, web interface, and so on. Currently, your users expect your e-commerce website to have mobile banking options, letting them make payments through their respective bank accounts. This is done using the redirection method, where the users are taken to their choice of mobile banking application during the checkout process.
Net Banking
Just like mobile banking, there’s net banking with a slightly different e-payment system. It redirects the buyers to the web version of their respective banks where they can log in using their net banking credentials.
Online Card Payments
One of the most preferred online payment options is a credit/debit card payment. E-commerce websites usually offer this payment method where the users can enter their card details and complete their purchases through payment gateways.
Mobile & Digital Wallets
By 2024, over 50% of all e-commerce payments are estimated through digital and mobile wallets! Yes, wallet payments are rapidly becoming the go-to option for buyers to make their purchases online. As e-commerce merchants, it’s always recommended to provide a wide array of payment options for the convenience of your customers. It adds to their overall user experience, strengthening your brand positioning among other market players.
Benefits of E-Commerce Payment Processing
Once you are well-versed with the different payment options for your e-commerce store, it’s time to understand its benefits. Why are all the merchants resorting to online businesses these days? How’s online payment processing helping merchants scale their businesses to the next level?
Let’s find out!
Payment security
The first and foremost advantage of e-commerce payments is the security that comes with it. Online transactions involve safe payment gateway channels which transfer funds from the user account to the merchant account. Though the payment methods may differ, the process usually consists of one bank electronically interacting with other banks.
Customer convenience
You are offering them a 24/7 online shopping experience. You are offering them to buy products/services from the comfort of their homes, using payment methods that they prefer. What more would the customers ask for? There’s no long queue whatsoever for physical payment checkouts and a digital shopping cart is icing on the cake. There’s the entire scenario of customer convenience that e-commerce payment processing promises.
Processing Costs
You’re looking at negligible payment processing costs for a huge chunk of funds coming your way! It’s totally a win-win situation for merchants with e-commerce stores and websites. A small amount of processing charge is all it takes to keep your online business up and running!
Transparency
There are no discrepancy issues or other problems pertaining to payments and transactions. Also, e-commerce payment processing helps you keep a record of all the payments your business receives, resulting in absolute transparency.
Contactless
It’s a no-brainer in the post-COVID era – contactless payments are the need of the hour. From a faraway destination, your customers can make payments without worrying about making contact and inviting unnecessary health hazards. As such, customers who’re too conscious of such aspects tend to prefer shopping from e-commerce platforms.
The Best E-Commerce Payment Systems in the US
When we say the best, we mean top-notch e-commerce payment processing quality and experience at the most attractive rates across the United States!
At Patel Processing, from virtual terminals to payment gateways, all types of e-commerce payment options are available for the merchants. It’s all under one umbrella – just the way you like it!
Call on (888) 342 – 1134 or drop a mail to sales@patelprocessing.com to experience the best payment processing services for your e-commerce store!
