Top 10 Must-Have Features of a Digital Payment Gateway

MARKETING

A digital payment gateway is a merchant software that makes efficient and straightforward digital payments a reality. Payments on a digital platform take place through multiple modes like debit and credit cards, UPI, net banking, mobile wallets etc. Such payments are constantly on the rise, and according to Business Wire, the global e-payment system is expected to touch US$ 9073.09 billion by 2025.

Main features of digital payment gateways

Here are a few top features that make an online payment system better:

Simple and efficient User Interface and Usability

This refers to a user’s experience when a customer visits a particular website. It should be easy to access and user-friendly for all payment operations, including transactions, chargebacks, top-ups and other functionalities.

Encryption standards

Payment gateway systems hold sensitive customer data. Preventing cybercrimes and data breaches is the responsibility of the payment gateway provider. Payment gateway systems have data field encryption, symmetric and asymmetric cryptography, and other features to avoid such crimes. Payment gateways should also have a fraud screening feature and should instantly flag when any fraudulent transactions occur.

Multiple processors:

If merchants integrate numerous payment gateway providers, they can choose various banks they want to collaborate with for payment processing services. This enables them to take advantage of competitive pricing.

Scalability:

With the improvements in technological standards, payment gateway providers should be capable of accommodating the ever-growing size, scalability and other requirements. This is a vital feature of a payment gateway.

Support different payment options:

Various merchant preferences and requirements should be integrated with multiple payment options. The facility should enable customers to make various split and recurring payments.

Automation processes:

From failed transactions to settlement reports, online payment systems should reduce manual effort and automate the most critical transactions. This is particularly helpful when there is a massive volume of transactions.

Easy online integration:

Online payment gateways should facilitate hassle-free integration for any business. There should be zero delays, and payment gateways should have in-built features to facilitate this process. For all popular eCommerce shopping sites, payment gateways should make it easy and beneficial for customers to transact and make payments online.

Fee and Service agreements:

Payment gateway pricing should be competitive and based on the revenues, revenue frequency, transaction consistency, and the market it serves. If specific revenue targets are met or exceeded, the setup and transaction fees should be competitive.

Mobile payments:

There is massive, ongoing migration to mobile payments, which may replace point-of-sale transactions, debit cards, credit cards, and physical wallets.

Payment processors aid customers in transferring money to their mobile phones from their credit cards or bank accounts. Several digital mobile wallets are available for use and have created a sea change in how customers transact. Payment gateways should be versatile and support a large number of mobile wallets.

Easy checkout and shopping cart integration:

The checkout experience should be easy and hassle-free. It should be receptive to all mobile devices and network types. Payment gateways should ensure the shopping cart’s integration for swift orders’ checkout.

Multi-currency integration:

Many foreign customers transact online, so the payment gateway providers must be able to accept payments from different customers seamlessly. This promotes loyalty and increases convenience for the customers. Innoviti’s DCC or Dynamic Currency Conversion feature allows foreign customers to pay in their national currency. Innoviti’s ingenious single payment gateway also allows merchants to receive and convert foreign payments into their currency.

Complete merchant support and 24X7 customer service:

Payment gateway providers must provide comprehensive support for merchants to answer their queries promptly. 24×7 customer service is a great way to add value to a payment processing service.

Key Takeaways

In the age of digital payments, ease of transaction and customer safety is paramount. With the increase in global commerce, a robust e-payment system is necessary to accept digital payments from all over the world. Above all, the payment gateway should provide data security.

A payment gateway system that encapsulates all of the above makes for a reliable and seamless payment gateway system. Innoviti Technologies Pvt Limited is one such innovative service provider that is committed to creating tools to empower merchants. Innoviti’s payment gateway offers secure payment processing, fast reconciliation, and detailed reporting, and supports multiple payment options.

To offer the best to your merchants, visit Innoviti Technologies Pvt Limited today!

About the Author

Nandan S Kedlaya

AVP Digital Marketing