Every coin has two sides. Everyone knows the adverse side of covid-19, but the world also gained something from it, like encouragement, vision, and goal to digitalize the globe. Almost every sector is transforming towards digitalization after the pandemic. Nowadays, people prefer to use online services rather than traditional ones. The e-commerce sector has seen significant growth after the outbreak. Today you can get any goods and services at your doorstep just after a click. As the eCommerce sector jumped, the payment choice of customers changed from cash to online.
The digital revolution has driven growth in global access and use of financial services, revolutionizing how people send and receive payments, borrow, and save. As of 2021, 76% of adults globally now have an account at a bank or in another financial institution, up from 68% in 2017 and 51% in 2011. Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies growing from 35% in 2014 to 57% in 2021. Globally, 76% of adults in 2021 have a bank account or another type of financial institution account, up from 68% in 2017 and 51% in 2011. Today two-thirds of adults globally make or receive digital payments.
The below infographic chart shows the use of customer payment modes for online purchases.
Have you noticed the cash-on-delivery option in the graph, which is currently about 3% and will drop to 1% by 2025? This indicates that 99% of payments for internet purchases are done online. We provide these statistics because a businessperson must understand the necessity and purpose of obtaining a payment gateway. Your next thought might be, "How can we accept payments online?" To accept online payments, a merchant must connect a payment gateway and merchant account to his website or app.
What is a Payment Gateway?
A payment gateway is a mechanism or technology that connects a merchant's website and account. It enables online payment transactions by transferring the payment details between the entities. A payment gateway performs several security checks before transmitting the payment details, including encryption and tokenization. Furthermore, it authorizes you to accept payment via credit card, net banking, BNPL, and almost 100+ payment modes. Similarly, payment gateways accept the international currency and help you grow globally.
How do Payment Gateways work?
Types of Payment Gateways?
Generally, payment gateways are classified into three different types. These are as follows:
How to choose the best Payment Gateway?
Choosing the best payment gateway for your online business is a complex task. To make it easy, we mentioned here some of the essential features a PSP must offer:
No Hidden Cost & Low Charges: A PSP must be transparent with all charges including one-time charges, monthly charges, transaction charges, etc. Also, a PSP should offer lowest MDR rate for a merchant.
Security & Anti-fraud Tools: International payment gateways must comply with PCI-DSS level-1, and should have other security tolls like CVV Checker, and fraud scoring, 3D secure authentication, etc. Online businesses are more prone to chargebacks so a PSP must provide three-tier chargeback prevention tools to safeguard you from fraud & chargeback.
Customization: A payment gateway must be easily integrated with all shopping carts and should be customized according to a merchant's need. A PSP should provide a powerful dashboard so that you can check real-time, daily, weekly, monthly and yearly reports.
Customer Support: A 24/7 customer service department is essential for an internet business. A merchant should be able to get customer service in both regional and foreign languages that offer simple, quick solutions for any problems they may encounter.
Multi-currency & Multilingual: An online retailer must make sure that its payment gateway provider supports many languages and currencies. You should be prepared to take a variety of currencies with no trouble because customers from different countries utilize different currencies and languages.
Load Balancing: By using load balancing, you can split up your transactions among different merchant accounts linked to a single payment gateway. In this way, even if one account fails, you will always have others to rely on.
There are many payment solution providers (PSPs), but PayCly is what you all require. PayCly's payment gateway offers every crucial function an international merchant needs for their business, making it a complete solution to all needs.
Our statisticians and alpha geeks offer incredibly futuristic solutions for your company. Along with customizing things for you, we also recommend the most suitable solution.
Our MDR charges are the lowest, and we are transparent with every fee & charge.
We provide you with the safest payment environment by employing AI, ML, 3D secure authentication, and other futuristic safety tools. We comply with PCI-DSS level-1 (highest level) and offer you 3-tier chargeback prevention tools.
We believe that cross-border sales are the future of e-commerce. We help foreign merchants by offering an international payment gateway adapted to the needs of international businesses.
The checkout page for PayCly's payment gateway is loaded with multilingual support to make it feel user-friendly to a consumer. We include your website's language in our payment gateway.
Finally, the client is PayCly's lifeline. We provide our clients with the utmost priority. Our first goal is to satisfy clients since they are more likely to give us repeat business when they are pleased. We are here for them 24/7.
Benefits you get by partnering with PayCly