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Understanding E-Commerce Payment Solutions

Understanding E-Commerce Payment Solutions

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Understanding E-Commerce Payment Solutions

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  1. UNDERSTANDING E-COMMERCE PAYMENT SOLUTIONS

  2. It goes without saying that the world has now shifted online. And this is not just because of the global pandemic that has gripped the earth these past few months. Numerous factors including a growing working class that is short of time, the ease of use, the transparency afforded in online transactions, etc. have contributed to this paradigm shift of the market from the offline world to the online world. Merchants on an online platform face stiff competition and can stay afloat and in business only if their payment solutions adapt to the changes in customer preference and technological advancements. Payment Asia reviews record the joy of merchants who were provided with the best e-commerce payment solutions that helped them not just stay afloat but also become successful in the online world.

  3. E-commerce Payment Solutions Terminology

  4. The experts at Payment Asia help merchants understand e-commerce payment solutions, by first acquainting them with some common terminology used in this front. Let us get a look at the most common term used– payment gateway. As the name suggests, a payment gateway is a gateway that facilitates communication between the customer’s bank, card Company and the merchant’s bank, and website. Payment gateways transfer sensitive information from the merchant’s website to gain approval for transactions and then communicate this approval with the customer’s card company so that the payment is reflected in the merchant’s account.

  5. Some Factors that Must Govern the choice of Payment Solution

  6. The experts at Payment Asia remind merchants to give thought to some basic considerations before zeroing in on a payment gateway. This includes the service fee, the type of service offered, the duration for each transaction, whether the payment gateway is hosted or integrated, etc. Merchants ought to shortlist payment gateways that fall within the budgetary limits. The type of service and the duration taken for transactions will determine the customer experience. Care should be taken to ensure that the payment gateway offers seamless, quick, and secure transactions to gain customer appreciation.

  7. Another major consideration is whether one requires a hosted system or an integrated system. A hosted system redirects customers from the merchant’s site to the payment gateway’s sit in order to enter the necessary details, whereas, an integrated site gives merchants complete control over this front and no redirection occurs.

  8. Analyze the Various Payment Solutions Offered

  9. The best way to procure quality payment solutions is by looking at customer reviews. The experience of previous customers allows merchants to understand what sort of service to expect from the e-commerce payment solutions provider. Payment Asia reviews reflect the service offered to merchants and the results that the solutions offered have garnered.