In a recent study, Boston Consulting Group predicted that by 2026, 65% of all payments in India will be done digitally. We are already seeing an evolving trend in this direction, with 40% of the world’s digital transactions happening in India alone.
Every day, each one of us transacts digitally, be it online, at the kirana store, or perhaps for our daily commute, to and from work. When a customer purchases a product at your store, you receive the payment within minutes thanks to a cloud-based software interface called a payment gateway. As a business owner, you must understand what a payment gateway is, how it works and what are the best features you need to look for.
What is a payment gateway?
A payment gateway is a platform that facilitates a transaction between the merchant and the customer at the time of checkout and is necessary to process all electronic payments.
A payment gateway performs the necessary activities of capturing, encrypting and transferring customer information, checking for funds, and transferring the same to the merchant’s bank account.
5 must-have payment features of a payment gateway
Every merchant must look at the following 5 must-have features while choosing a payment gateway for their business:
Multiple login options for the customers
The payment gateway should provide the option of creating multiple login ids for the customers so that they are most comfortable using the platform./p>
The User Interface should be simple and easy to understand
The payment gateway should be designed for the customer’s convenience. While choosing a payment processor, make sure the design is simple and easily facilitates transactions, chargebacks, top-ups and other functionalities. The checkout should be simple and easy to use, leading to fewer abandoned carts due to customer frustration.
Robust Encryption standards
The encryption and security standards should be safe, reliable and robust to permit secure transaction processing. It should prevent cyber security threats and fraud and protect the customer’s data integrity.
A simple fraud screening feature will flag any suspicious transactions and prevent such transactions from taking place. This system works through the Address Verification System and CVV verification system. Both these data inputs are checked with the original records created when the customer initially registered. The transaction will not be completed if there is a mismatch in any of these details.
Scalability and transaction limits
The payment gateway should be easily scalable with an increase in operations. This is an important feature when choosing a payment processor. Technological improvements are being made every day. Payment gateways should also be accordingly scalable in size, scale and other requirements. This is especially important for payment platforms that service large stores. As a store or a merchant owning an online business, the merchant should also check the daily and monthly transaction limits allowed by payment platforms. On the Innoviti payment gateway, there are no transaction limit restrictions.
Nowadays, there is a large migration towards mobile apps from traditional payment methods like credit cards, debit cards, net banking and physical wallets. There are specific requirements for payment gateway integration with mobile devices.
Innoviti has a unique dual display UPI that uses advanced technology to create a Dynamic QR that carries the merchant credentials, payment amount and a secure transaction token. This facilitates customer payments for their online purchases using the Innoviti platform. The customer can easily scan the Dynamic QR displays and available UPI offers. This system also cuts transaction time in half. The use of Dynamic QR scanning makes the entire transaction touchless. Innoviti seamlessly integrates with other systems, facilitates easy transaction analysis, and promotes customer safety.
Today, the world is a global marketplace. Both foreign and local customers use offline shopping methods to shop. Payment gateways should provide multi-currency support and easily facilitate conversion to the merchant’s home currency. India is an international tourist destination, and any merchant may have foreign shoppers. The merchant’s payment gateway should support his customers in whatever currency they want to pay. Such multi-currency support should ideally be available without the payment of an additional fee. Payment gateways should provide localised checkouts for such customers.
Platforms such as IInnoviti have a Dynamic Currency conversion feature that enables the customer to pay in any currency.
As an offline shopping destination or a store that facilitates enterprise shopping, every merchant wants their customers to have a convenient and safe shopping experience. Payment gateways play a significant role in this. They should be capable of seamlessly integrating with multiple credit card and debit card providers and other payment wallets and provide a safe payment processing system without data breaches. Scalability and multi-currency conversion are other necessary features.
Innoviti TechPvt Limited is India’s largest payment gateway that seamlessly brings merchants, customers and banks together with its efficient transaction processing facility. Innoviti’s payment gateway offers secure payment processing, fast reconciliation, detailed reporting, and multiple payment options. Visit Innoviti Technologies Pvt Limited today.