aking an online payment is flexible and hassle-free. People are well-versed with the changes in the payment system. Happily enjoy all the factors associated with this new change and simplified procedure. All these come when you select the right payment gateway. Perhaps, few are aware of which payment gateways to choose when it comes to trust, mobility, and security. Hence, the most considerable thought is to have a suitable payment gateway for your business, and how to decide is shared in this article.
There is a wide range of payment gateway technology available in the online payment ecosystem, designed with unique features to satisfy business or e-commerce needs. Having a payment gateway is essential when your business work is in Kuwait. This country has the highest number of e-commerce transactions every year. Therefore, it is much needed to provide payment gateways that are user-friendly.
As a merchant, your moral responsibility is to ensure you provide the most reliable payment services to your customers. You intend to select one that can be the best solution for your business and customers with high security and technical standards.
What is a payment gateway?
A payment gateway is an API or processing system that allows the customer's data to be transferred to the bank effectively. It connects to your e-commerce platform so you can process payments in your store and get paid. Customer information gets transferred through the payment gateway to the payment processor and the bank when they purchase goods through your website.
Workflow of a payment platform
Customers who want to purchase from your website have to fill in all their payment details and send them to the payment gateway. The payment gateway then securely sends all the information to the merchant's account. Merchant accounts will process the payment details then the customer will get a notification whether the payment has been successful or declined. If in case of issues with the credit or debit card payment, the customer will receive the alert. If not, they will get a payment confirmation notification. The funds get settled to the merchant after the deduction of processing fees.
Let’s look at the factors that a merchant will need to consider while selecting the right payment gateway -
- Availability of payment sources - With pandemic the need for contact-less payment has given rise to various payment sources. Payment gateways such as Ottu provides multiple services to the user and is also able to process thousands of transactions together.
- Reliability and payment success rate - Online payment gateways allow accountability towards the user. The success rate of transactions is the percentage of payments that have been successfully completed on Ottu.
- Transaction fee - Ottu charges through subscription and not by the commission on the various transactions - a unique selling point of the payment platform. This allows users to make multiple payments without the fear of tax deductions and extra charges on the same transactions.
- Platform compatibility - Many payment gateways bundle merchant accounts with their services. Your business's bank account receives the funds temporarily while they are held in the merchant account of the payment gateway.
- Secure and efficient payments - Ottu provides robust encryption to customers' data, making sure that their data stays safe throughout the transaction. Online transactions tend to be more vulnerable than physical transactions, but Ottu makes sure that their data remains safe. Throughout Ottu, we never interfere with merchants' transactions to ensure that all transactions are resilient and extremely safe.
Ottu offers splendid functionality because it integrates with thousands of websites and offers other features like e-invoicing and a virtual terminal. Every business must think from a customer's perspective in order to thrive and survive in the online market space. Customer-centricity and customer-first approaches are being widely explored and adapted by online businesses, which is hardly surprising. With this in mind Ottu has brought payment gateway that leads to the growth of a person’s business.
Transferring the amount to your account after approving transactions. Payment gateway servers are encrypted, so you do not need to worry about holding sensitive customer information. When choosing a payment gateway, the most important factor to consider is the total cost. Set-up fees, monthly fees, and transaction fees are the costs associated with using a payment gateway. Consider both the volume and value of your transactions when choosing the most cost-effective choice for your business.
In order to streamline your customers' payment process and improve your cashflow, you should now be fairly certain that online payments via payment gateways are the best method. You can receive payments from your customers through payment gateways, and these payments are reflected instantly on your end, improving your cash flow.
You may be a business owner owning a website to offer products and services online on an e-commerce platform. To have a successful e-commerce platform, you must have a payment gateway provider. You need to install the payment gateways. Your customers and users can make payments from credit or debit cards to purchase services from your e-commerce platform only when you have a payment gateway.
Payment gateways are tools or software that allow transactions to perform on your website, whether your customer is using credit card or Debit card bank payments. To make payment processing effective, secure, and hassle-free. For a new business owner, it is always confusing to select the right payment gateway because there are so many gateways available.
Our highly experienced team will help you to pick the right payment gateway for your business. Click on the link for Ottu to get connected. We are happy to help you set up your account.
Written by Hrayr Baboyan
Customer Engagement Manager, Ottu