Importance Of Ecommerce For Business Survival
Ecommerce is no longer an option for businesses if they want to survive. The market is extremely competitive and customers are spoilt for choice. Customers increasingly prefer to make their purchases from the comfort of their homes. They do not like to be restricted by the time either and will browse on the internet according to their convenience. Businesses to find it easy to establish their brand and access a global market with the help of eCommerce sites.
They sign up with online payment solution providers such as those in China to ensure payment modes are easy for international and national customers. The different methods of payment popular among customers include direct debit, real-time bank transfers using online banking, credit card, and bank transfer.
Seamless Experience For Customers With Online Payment Solutions
The purpose of using the services of online payment solution providers such as those in China is to help make the payment process easy, secure, and seamless. These service providers make the whole payment process transparent and help merchants to accept payments in a stress-free manner. They also are connected to different banks and payment and card networks and co-ordinates well with them enabling the merchant to be less dependent on financial institutions.
Merchants are thus freed from the responsibility of establishing connections with international financial institutions too. This is important especially when there are international payments to process. They give merchants a single payment gateway that can process different payment methods
Online Payment Gateways Enhancing Confidence Of Shoppers
Online payment gateways are important for all shoppers but especially new ones. There is always the fear of online payments, which can be heightened if there are interruptions or problems during the payment process. If the payment service provider is able to provide the customer with a seamless payment process, he can be convinced that you are legitimate and that there is no fraud or attempt to empty his bank account.
Payment gateways authorize debit and credit card payments for all online business entities. It is a secure and protected link between the eCommerce site and the merchant bank. Security is so very important because access to highly confidential customer data is going to be given. Security is therefore enhanced by encrypting this information.
The Process Of Online Payment
The payment process through an online payment gateway takes about 2 seconds after the transaction request is made. During this time, the transaction information is relayed to the secure connection of the payment gateway where it gets encrypted. This encrypted information is passed on to the payment processor of the acquiring bank. The payment processor sends this information to the card association.
The bank that has issued the credit or debit card then informs the payment processor whether the transaction is approved or not. This information is then sent to the payment gateway by the processor, which in turn informs the website and thereby the cardholder and the merchant of the status of the transaction. Service providers charge a service fee and transaction fee for services rendered