Dynamic payment gateway solutions are a game-changer for online commerce platforms. It allows customers to make payments through a preferred online payment method. As a result, more people have started switching toward online payment transfers, especially after the global COVID-19 pandemic. This financial innovation has helped tackle the cash flow challenges for many small and medium businesses.
Earlier, when people ordered from an online website, they chose a COD payment medium. This severely hampered the cash flow of many businesses as it took a long time to get the amount into their bank accounts. Instant payment gateway solutions have eased the pain for companies regarding payment processing time. Read on to learn about the latest trends in the payment gateway segment.
Latest instant payment gateway trends that you must know
Technology is evolving at a swift pace. Businesses have to keep up with the new changes to make the most of it. The innovation in the financial landscape has been immense, and most of it is highly rewarding for both businesses and customers. So let’s take a quick look into the latest instant payment gateway trends helping online businesses grow exponentially.
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APIs
APIs are the first in this list of instant payment gateway trends that you must know. API stands for Application Program Interface, a code that enables two software programs to function in conjunction for a common objective. A payment gateway API helps to link two payment solutions on a website. For example, if a payment gateway API integrates existing digital functions, it can connect a checkout portal to a payment network. In addition, it helps to deliver a great customer experience by smoothening the online payment portals. Businesses must look forward to payment gateway service providers that can offer API-based solutions.
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Real-time solutions
Real-time payment gateway solutions provide instant updates on any payment collection, failure, etc. This can help businesses to tackle the problem as soon as possible. It also provides valuable insights related to the payment processing journey. You are better able to track payments made by customers. Real-time solutions are more like a necessity nowadays, mainly when your business works on a dynamic pricing model. New-age payment processing companies are offering real-time monitoring features to enhance customer experience.
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Payment controls
Diversity in payment controls setting will make the payment gateways more user-friendly. This is an essential factor for businesses to consider while adding new payment gateways to their online portals. More people are using their smartphones to buy goods and make payments online. Giving users more control over how they can make payments online will surely add to the customer experience quotient. Payment control options also help businesses to block suspicious transactions.
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Data analytics
Most payment gateway solutions are equipped with advanced data analytics dashboards that provide helpful insights related to payment methods, geography, frequency, etc. Your payment gateway solution must offer a data analytics dashboard that can provide you with a bird’s eye view of critical financial data. It should help you track payment activities and user behaviour. Data-driven decision making will increase the likelihood of positive outcomes for a business.
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Identification and security
One thing that has actively deterred customers from making online payments is the lack of robust security measures. Identity theft is quite common in the contemporary digital landscape, which has created a fear in people’s minds. Therefore, payment gateway solutions that can deliver a secure experience to users should only be considered for an online portal. Identification plays a crucial role in creating a secure experience. The ability to verify a user’s credentials helps to distinguish good payment gateways from bad ones.
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Deferred payment solutions
The ‘Buy now, pay later’ concept has gained immense popularity among online shoppers. It helps people better manage their finances without compromising their needs and wants. The deferred payment feature has been there for a while, but it gained momentum in the post-pandemic period. As a result, payment gateways and merchants offering the ‘buy now pay later’ options have seen a growth in their transaction volume and sales.
Final words
Instant payment gateway solutions are helping digital businesses to sell goods and services online efficiently. In addition, by providing people with the flexibility to make payments online using a preferred payment method, these solutions are improving the customer experience to a great extent.
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