The payment gateway plays an important role as a secure and seamless conduit for transactions between merchants and customers within the ever-changing world of e-commerce. New trends with regards to payment gateways have captured users’ attention with new technologies promising exciting opportunities for merchant optimization on the online front. In this blog, we explore what merchants need to know about the latest trends within E-commerce payment gateways and discuss just how they can stay ahead of the competitive online marketplace.
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The top 7 exciting trends in e-commerce payment gateway you should know
- Payment through mobile
With mobile usage booming at lightning speed, it’s no surprise that mobile payment solutions have emerged as a prominent trend in e-commerce. Today’s merchants should focus on adopting payment gateways that offer seamless integration with mobile devices and provide a user-friendly experience for mobile shoppers. Whether through mobile wallets, in-app payments or responsive checkout pages, companies cannot overlook making the purchase process as convenient as possible.
The boom in omnichannel retailing has revolutionized shopping for customers. To keep pace with this trend, merchants need payment gateways that seamlessly integrate into several channels – the brick-and-mortar store, e-commerce website, mobile app and social media platforms. Consistently good payment experience is extremely crucial for customer convenience which in turn would guarantee customer satisfaction and loyalty.
- Robust Security Measures
The threat of cybercrime continues to be among the top concerns for merchants and customers alike. To combat this, e-commerce payment gateways are adding advanced security measures such as tokenization, encryption, et cetera into their offerings. Through strong partnership with payment gateway providers that have a customer-first attitude towards data protection and compliance with industry standards, merchants can overcome customer distrust and safeguard sensitive payment related information.
- Subscription Payment Models
Subscription-based business models have largely become popular in the recent past. An increasing number of merchants are making services or products available through recurring billing and subscription plans. Thus, payment gateways that can be easily setup as well as offer flexible and customizable options for recurring would be ideal for merchants implementing subscription models.
- Customers across borders
To become a global business e-commerce companies must access customers from all over the world. Venturing into new markets requires merchant solutions that support multiple currencies as well as seamless international payment transactions. Offering localized payment options through local payment methods and currency conversions can greatly improve customer satisfaction and significantly increase sales.
- Contactless Payments
The contactless payment method like Near Field Communication (NFC) or Radio Frequency Identification RFID has become extremely popular among customers for paying by just tapping their cards or mobile devices on the payment terminal. In response, merchants should ensure their e-commerce payment gateways support contactless payments inorder to provide customers with a fast and secure checkout experience.
- Good analytics
To thrive in this very competitive arena of e-commerce, merchants need access to actionable insight with data. Payment gateways that offer robust analytics alongside reporting capabilities allow merchants to track key metrics such as transaction volume, rate of conversions, and customer behaviour. By tapping into this data, the merchant can make an informed decision toward the optimization of their payment processes, identification of trends along with business growth.
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The latest trends in the e-commerce payment gateway ecosystem are vital to merchants because they need to stay a step ahead of their competitors and offer an outstanding customer experience. However, by embracing mobile and contactless payments to ensure security and adopting omnichannel integration, and leveraging merchants can make these trends work in their favour.