How important is a Payment Gateway for an Online Business?

In the rapidly growing world of e-commerce, payment gateway in Pakistan has become crucial. Businesses accept online and credit card payments, largely done

July 21, 2022

In the rapidly growing world of e-commerce, payment gateway in Pakistan has become crucial. Businesses accept online and credit card payments, largely done through a payment gateway.

 What is a Payment Gateway?

A payment gateway is a software application that payment service providers use to authorize transactions for online purchases. It basically acts as a facilitator between four entities; online business owners (merchants), card holders (customers), issuing bank (customer’s account holder) and acquiring bank (merchant’s account holder).

To make it simpler, the gateway works to move money securely from the purchaser’s account to the merchant’s account, taking the burden off merchant’s end. It can be accessed through a separate payment gateway application or through a general payment service provider company offering payment gateway.

Why should businesses opt for payment gateway in Pakistan?

  1. The simple answer is because it is quicker than manual transactions. These swift transactions are the key to success in the competitive world of e-commerce. As soon as after 24 hours of configuration of a payment gateway, the merchant is usually able to start accepting payments.
  2. Additionally, payment gateways have extended features that allow buyers to set up a profile, while keeping their payment information secured, assisting faster payment processing every next time.
  3. The flexibility it offers is liberating as most payment methods include the ‘add to cart’ option giving customers the freedom to window shop products, add or remove from cart as per their choice, mood and time.
  4. It reduces chances of potential fraud for both– merchant and customer. Tying up with a reliable payment gateway shall secure customer’s trust in the business-hence the repeat purchases. Payment gateways ensures to codify each customer data thus limiting threat of fraud for a customer. Unfortunately, Pakistan is yet to have a general data protection regulation.
  5. In case of a problem, most payment gateways allow merchants to intervene and control. Over and above, it saves a merchant from the hassle of cash on delivery itself. Since card shopping is not yet a general trend in Pakistan, customers from around the country, still rely heavily on cash on delivery. For that matter, keeping both options available; COD and payment gateway is advisable to avoid limiting potential customer strength.
  6. It accommodates your online business to various global forums. With over 26 million e-commerce sites out there, survival of any small or big online business is not easy. When it comes to penetrating prospective digital forums to grow an online business, payment gateway can take your business steps ahead. With a trusted online payment system affiliated with a business, it is likely to attract customers regardless of your location.
  7. It makes online businesses largely accessible. Merchants and customers equally share the advantage here. While merchants can accept payment 24/7, customers are not restricted by time and location. With a payment gateway in Pakistan, an online store can always remain open!

Below is given a list of renowned payment gateway in Pakistan.

While payment gateway in Pakistan have driven home their importance, choosing the right one for your business is pivotal. Again, if your budget allows, tying up with multiple payment gateways may offer you a variety of customized features.

If you want a detailed review about payment gateway in Pakistan then survey our website.
https://ecommerce.com.pk/payment-gateway/

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