Knowing the Importance of Having Mobile Payment Gateway

As time is passing by, more and more users are being added to the existing base of mobile device users. Smartphones and tablets are turning out to be quite useful from the perspective of making payments, and this is something every online merchant has to understand. In order to make your products or services accessible to the mobile users, you have to empower your website or mobile app with preferred mobile payment gateway, and E Billing Solutions Pvt. Ltd. (EBS); Part of Ingenico Group is surely one of them.

This company has created a strong reputation in the field of mobile payment platforms in India. The payment gateway offered by this company supports seven different languages. So, it is very much true that the prime focus of such service providers is to cater to the international customers. The trend of making payment via mobile devices is constantly on the rise.

According to reports, a total transactional value, related to the mobile payment category, in the year 2018 will amount to 234 million USD. It is also expected that the amount will cross the figure of 2,500 million USD by the end of 2021. So, it clearly shows that eCommerce is the next big thing, and as a business person, you should not take it lightly. Once you equip your website or mobile app with a reliable mobile payment gateway in India, you will definitely see some good results within a short time.

Choose your mobile payment gateway option carefully.

There are a couple of factors that one should keep in mind when selecting a mobile payment gateway in India. No doubt, Android and iOS-based mobile devices are dominating the market of smartphones and tablets. So, if you want to target that huge base of customers, you need to make sure that the payment gateway you are selecting is compatible with Android as well as iOS.

Nowadays, there are tons of options available in terms of card payments, such as debit/credit card, VISA card, MASTER card, cash card, and a wide range of digital wallets. You should give more preference to a company that supports the maximum number of card types, and EBS is one such company.

A reliable and popular gateway system can affect your company’s brand image in a good way. So ensure to check the above two aspects when choosing a mobile payment gateway for your business.

Set your small business free from bondage of cash with EBS

Although cash has been the predominant choice of making payments and performing transactions in India since the beginning, today’s scenario is fast changing as merchants and consumers alike are turning to the more efficient and safer cashless transaction and payment methods.

Small and large businesses are increasingly adapting to cashless methods of receiving payments and making monetary transactions.

Let us take a look at some of the advantages that cashless digital payment systems are providing to merchants, especially small businessmen:

Efficiency – Cashless payment systems, such as online payment gateways provided by leading companies, such as EBS (E-Billing Solutions) are providing unmatched efficiency to consumers and increasingly to merchants. Using these payment gateways merchants are able to receive payments for their sales efficiently into their online merchant banking accounts easily. The consumer can choose to make payments through debit or credit cards, digital wallets, online and mobile banking services, etc and the merchant processes the payment easily and without hassle.

The versatility of payments – Online payment services offers a large number of options for consumers to make payments through the merchant’s online payment gateway system. The consumer can make payments in any of the various popular international currencies, such as USD, GBP, INR, AUD, etc. without needing to change the currency into the merchant’s local currency. Apart from this, the huge number of other cashless payment options, such as digital wallets and online banking make it easier and better for small-sized online merchants to accept payments from their consumers all over the world.

Safety – Online payment gateway systems offer unprecedented security when it comes to making online payment processing. These payment systems are equipped to block suspected online transactions and save the consumer and merchant precious time which is otherwise spent in detecting and resolving online payment fraud issues. Apart from this, the online payment system also prevents losses occurred when dealing with duplicate currency notes which are often paid for payments. Small-time businesses, such as local cable service provider and even the local grocery store can now make online transactions easier for their customers.

Faster transactions – Although cash-based transactions seem efficient in the short run, online payment systems are likely to save effort and time of the consumer and merchant alike. Online payment gateways are designed to offer unhindered transaction and payment processing for the consumers, as well as, handle the complete verification and authorization of payment process automatically. For non-profit organizations, online transactions mean highly-suitable payment process as they can accept donations or payments from donors or other parties without the need to use an ATM when the payments are made using NEFT, RTGS and IVRS methods.

India is witnessing an immense rise in cashless methods of payments as these offer clear benefits to consumers and merchants when compared with conventional cash-based payment methods.

The Importance of Payment Gateway Integration and Merchant Accounts

A payment gateway is an entity that enables you to collect online payments on your website or through your mobile app. Payment gateway integration into the shopping cart or mobile app of an online e-commerce portal is essential so that the payments can be processed in real time. The customer enters financial information on the payment page while doing the check-out process. Once the gateway receives all the necessary information, it sends the information securely to the bank that has issued the card or the bank account. The bank in-turn authorizes the transactional information, which is then sent to the online merchant. The customer also gets an update of the response from bank.

The importance of payment gateways

Just like the point-of-sale transactions, payment gateway integration is also capable of providing all kinds of processing services. They provide the standard functionalities of a POS terminal like authorization, payment capture, void and partial / full refunds and much more. Merchant can provide flexible payments options such as EMI on credit card, where in the customer converts his payments in to easy installments at the time of transaction itself.

Interaction between the shopping cart and the payment gateway

A payment gateway enters the transaction cycle once the consumer has placed the product in the shopping cart. Hence, payment integration is the last step of the online selling process, just like a POS. It is the shopping cart that calculates the total of product cost and costs related to handling, shipping, taxes and other costs. The payment gateway enters the transaction cycle here. The consumer provides the payment related information, which is managed by the payment gateway along with the bank that has issued the payment instrument to the customer.

Merchant account and its importance

The payment gateway company not only processes the transactions, but it is also responsible for settling the actual funds with the merchants as per the prevailing rules and guidelines. In order to manage this activity, a merchant account needs to be opened with the payment gateway company. The funds with respect to this account are maintained in an account owned by one of the banks in India, and can be settled only to the merchant as per the agreement between the merchant and the payment gateway provider. This ensures the safety of those funds and gives an assurance to the merchant that the funds are not being used for any other activities.

Understanding The Role Of A Secure Payment Gateway

If you are planning to open an ecommerce store, you certainly need to have payment gateway integration as well. A payment gateway service provides a secure avenue for a sales transaction to take place. In simple words, using this service on your website, you can enable an option for the customer to pay for your products or services using any of the available payment options. As a merchant, this is one of the most useful services and every payment gateway comes with other benefits as well.

For example, a payment gateway can be used to send invoices, set up auto debit facility of debit and credit cards and can also be used to convert your credit card payments into easy installments for your customers. If you wish to offer your customers with an option of credit card online payment, or other options like debit cards, cash cards or direct debit to bank account, you certainly need to choose the payment gateway that provides these as payment options.

The very first thing that you need to consider while choosing a payment gateway is the security they provide and you also need to know if the company is updating its security measures on a timely basis. This is of utmost importance as we have new security measures that come up almost every day. A number of providers today have achieved the highest standards of compliance like PCI DSS 3.0 and are also certified for the latest ISO standards.

A secure payment gateway system is what is needed if you are expecting some online transactions on your website on a day to day basis. This is what bridges the gap which between a customer who simply can use your website to browse for any products or services and can make the payments online in order to purchase them.

Payment Gateway Integration For A Mobile Application

If you are planning to develop a mobile application, you also need to plan about accepting payments using the same. Whatever the application may be about, there certainly is a need to accept payments from your customers for the physical goods or services they want to buy. We have seen surge in the shopping using smartphone,.,i In order to serve these customers you need to have a payment gateway which can help you accept payment on your app smoothly.

There are a number of choices when it comes to payment gateway for mobile apps. But, it is of utmost importance to choose the one that provides you with needed features and also assures you of security.

This is in a way similar to in-app purchases of digital goods which are paid through Apple and Google accounts. These in-app payments usually use international payment gateways. Similarly, when you need to sell goods & services via mobile applications, then you can need to choose a suitable payment gateway. The rest of the process is as simple as integrating a payment gateway for website.

One way of integrating a mobile application with a payment gateway is making a browser call from your mobile app at the time of payment. However, this does not give a very good experience to your app users. Another way of doing this is by using software development kits provided by payment gateways. This ensures that payment details are collected by the gateway only and your users also get a very native experience while using your app. One more way is to collect the payment information yourself and pass it over APIs to the payment gateway. This requires you to obtain necessary PCI certifications as you are handling card data.

If you wish to proceed with mobile payment gateway integration, choose the right provider who offers you all the above mentioned flexibilities.