Did you know that one way to compete in the Australian business landscape is to use an online payment gateway?
According to a report entitled the Future of Payments in Australia published by PwC Australia, “Payments generate nearly 25% of all revenue in the Australian financial system and are one of the most critical attributes customers look at when choosing financial institutions.”
Even if you’re not a financial institution, it is important to understand customer expectations in terms of payment transactions.
Consumers today are fine with queuing up for a simple day-to-day transaction. But with the growing popularity of mobile transactions, it won’t be long before they look for ease and convenience in performing their day-to-day payments.
They will also demand for accessible solutions that they can use anywhere at any time and on any device. Therefore, if you want to compete in your industry, using an Australian online payment gateway is one of your best solutions.
Why does an online payment gateway matter to your business?
Ensures that payment processing is secure
Payment gateways use security protocols that reduce if not eliminate the possibility of credit card frauds.
Secure Socket Layer (SSL), for example, encrypts all payment and card data. Tokenisation, on the other hand, replaces client data with randomly generated strings of characters before data is stored in the server. Check out their webpage at Promtel
Other anti-fraud tools perform checks to ensure that the customers are actually who they claim to be.
If you can promise your customers security transactions using an online payment gateway in Australia, they will rely on you for future dealings.
Ease of payment transactions
Online payment gateways basically process payments on your behalf. This takes little to no time and effort on your part. Most of them are also easy to use which will help your clients to complete transactions without going through a steep learning curve.
Improve client experience
When customers are satisfied with the way you do business, expect higher conversion rates.
But it is important that you first understand your customer’s payment preferences so you can provide them the payment method they want to use. Studies show that more than 50% of online shoppers abandon the checkout process because their preferred payment gateway is not on the list of options.
Provide your clients with their preferred payment method and you can improve their experience with your business.
How to Choose the Best Payment Gateway for Your Business
No two payment gateways are the same. Each one also has their own share of pros and cons.
Your selection will depend on the answers to the following questions:
- How easy is the setup and cancellation process?
- How much is the cost and fees involved, such as registration and cancellation fees?
- Are there recurring payments that I have to pay?
- Is the payment gateway hosted or integrated to my website?
- Is customer support readily available?
- What is the transaction success rate?
- How reliable is the online payment gateway? Does it experience downtime frequently?
- What security protocols are used to prevent fraud and security risks?
- What is the policy for settlement time/payout?
- Is the checkout experience seamless and stress-free?
Be critical when you want to find online payment gateway that suits your business best.
With Promtel’s Payment Processing Services, transactions are handled with ease and guaranteed security. Most importantly, you only pay for the number of times you use the payment gateway service instead of an ongoing monthly fee.