payment processing

What is Online Payment Processing?

From an earlier time, even before the invention of money, people exchanged goods and services in return for some mode of payment. Mode of payments was not financial as money didn’t even exist at that time instead they followed the barter system and livestock exchange. With the evolution of technology payment systems have changed drastically making financial transactions possible at any time and from anywhere.

 

What is Online Processing?

We are now in the Online Payment Processing era lets dive deeper into it and know what exactly online processing is. Any transaction done electronically is known as an online transaction. It can be through a mobile device, or a computer or POS machine. It requires firstly an internet connection then a secure ecosystem and encrypted information or your credentials.

The most debated topic today is the war between online and offline payments, wherein online payments seem to be winning by far, here’s why,

  • Online payment is quick and easy, a huge amount can be transferred in seconds.
  • Ease of managing the payment records thus reducing online fraud.
  • Payment gateway integrators like Digital Payment Guru make the entire payment process hassle-free with easy payment gateway integration into your existing system thus increasing your success rate.
  • International transactions can be done from one place and without facing different currency problems.
  • Payment can be sent and accepted 24*7 without any interventions.
  • An online business can offer multiple payment options to their customers so that customers can make payment with the desired payment method. This can help online business to retain your customers.

Related Post: Everything you need to know about payment gateway.

Is Online Payment Processing A Necessity?

Earlier, the Organization used paper checks for making payments. Maybe because it was the only mode of payment available and also it saved on the cost. After the introduction of Fin Tech companies, these organizations have started using the online payment modes as a primary way of payments as it saves on time and also reduces the hassle of managing the paperwork. It also eliminates the risk of fraud as all the payment records are easy to maintain.

A recent study states that 81% of organizations prefer online payment compared to offline payment modes because of its advantages and thus it can be concluded that online payments are no more a choice but a necessity. So, if you want to improve your business and retain your customers, it is important that you provide what your customers want. Thus, switching to online business can benefit your business.

payment processing

The need for Online Processing for your Business

Are you new to the online business or you have just developed an e-commerce website? Apart from design and smooth interface, you will need a secure and trusted payment gateway. Now that you know what online processing is, it is time for you to choose a payment gateway for your business. Before getting a payment gateway for your business lets discuss its need for your business.

  • Secured Payment Gateway: Payment gateway is highly secure and the customer’s details are encrypted eliminating the risk of fraud.
  • 24/7 Support: Customers can make a payment anytime and from anywhere for your goods and services.
  • Shopping Cart: Payment Gateway provides your customer with a shopping cart feature for better payment experience.
  • Payment Tracking: Payment gateway provides tracking of payments for past and present transactions, maintaining the record in one place.
  • Multiple Payment Modes: Customers can make payment through the desired payment mode thus providing ease of payment for the customer.
  • Platform Independent: Payment can be made from different devices like computers, mobile, and tablets, etc.
  • Faster Processing: Online payments are quicker and more convenient than offline payment as it avoids the hassle of waiting in the queue for making payments.

Related Post: How to start an Online Business?

Every payment gateway has its features and plugins thus it is necessary to analyze your business needs and choose the right payment gateway that is suitable for your business.

Digital Payment Guru can help you choose the best payment gateway for your business by analyzing your business needs. We provide top payment gateway like PayPal, PayU, Paytm, Instamojo and Atom at best market rates. Visit our website and get started.

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