Earning money is the lifeline and primary aim of any business. Businesses pay a large amount of money on generating more money through advertisements and marketing.
The crux of a good eCommerce platform is the reliability and speed of its payment gateway system. While it may sound very simple, a great amount of research goes into choosing the right one for your business. This article tries to explain the different aspects of choosing the right payment system, making it a pleasure to do business as well as a pleasure for your online customers to transact through your website.
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Coverage is a major factor when looking at a Payment Gateway Solution. If you are a local provider doing focused business, you may be able to manage with a Payment Gateway that accepts only Internet Banking as a mode of payment. Many small providers choose to have only Net Banking as an option, as it usually attracts lesser fees.
Larger providers must have an array of payment options for their customers to choose from, or else they may lose out on competitors offering a more popular method of paying. While transaction fees and commission on a Credit Card Transaction may be higher, there may be a lot of customers wanting that extra bit of Credit for some essential household commodity or that essential footwear from your website.
If you don't offer the option of Credit Cards, they will just not be able to buy from you. There may also be the budget-conscious lot who refuse to use a Credit Card and will insist on paying instantly with a Debit Card. There are also many who prefer Mobile Phone Apps to pay the money.