The modern online shoppers expect a swift, convenient, and safe checkout and payment processing experience. Failing to provide an experience that matches these expectations can cost online sellers in both sales and reputation.
You will get various payment technologies and solution out there in the market, but it can be tough to nail down exactly which ones are right for your online business. In this article, we will discuss different kinds of payment technology available to merchants and explore their benefits.
Payment Gateways and Merchant Accounts
A website requires a payment gateway and a merchant account to accept credit card and debit card payments. A payment gateway helps authorize the transactions, and the merchant account receives and holds the payment before it lands in your bank account. You can offer your customers copious payment options like cards, crypto, etc. and can give them the ability to use their preferred payment mode with a robust payment gateway. You can get your payment gateway and your merchant account from different vendors, or you can opt for an all-in-one payment gateway that provides both services.
Alternative Payment Methods
With APMs, you can offer your customers to use a third-party payment option they are familiar with and comfortable with. This can help you put customers at ease and encourage them to complete their purchase.
Finding the Right Solution for Your Business
Ideally, you should focus on offering your customers as many payment options as possible. This can help you in minimizing friction points and making your checkout process smoother. An appropriate solution is the one that makes your website accessible, convenient, and safe for your customers.
Frauds and other forms of threats are the top concern for many merchants. Luckily, there are plenty of security solutions out there that can help you secure your business, reputation, and customers.
Types of Fraud to Look Out For
- Carding: It is a form of credit card fraud in which automated bots attempt purchases using stolen credit card information.
- Friendly Fraud: It often occurs when a customer tries to possess a product or service unlawfully. Customers can raise many claims like not received the good, service is not up to the mark, etc.
Choose PayCly as a preferred payment technology partner
Get into the partnership with the PayCly to ensure that your clients have the stability and security they need to succeed. Our payment platform's extensive ecosystem is the foundation for the merchants, all of which integrate seamless payment processing. PayCly offers their preferred partners' payment processing, fraud prevention, APMs, and financing solutions to meet their business needs.
Join team PayCly, and be a part of the future of the e-commerce industry.