Say you’re a small brick and mortar company or a new product creator, interested in taking your business to the next level. Someone may have suggested you check out payment gateways as a tool to sell your products faster and easier. Hopefully they’ve shared more information about what a payment gateway is, but perhaps you’re still thinking about how that might actually benefit you. What makes it different from collecting money, say, through bank deposits? Well, there are actually a good few benefits to having a payment gateway that differentiate it to any other way to get paid for your products and services.
Beyond the obvious convenience that payment gateways provide, there’s also the security of transactions. Remotely processing these payments using encrypted payment gateway services means that consumer data is always protected. That means that consumers can rest assured that their credit card info doesn’t fall in the wrong hands, and sellers like you have tools to better handle fraudulent purchases that still slip through the cracks. You can never entirely prevent unfortunate things like that from happening, but you can make the process of helping customers as pain-free as possible for them (and you).
Having a payment gateway also has the potential to expand your reach to more consumers. By introducing the option of online sales for your business, this helps people buy your products and services anywhere in the world. For growing businesses in regions like the Caribbean, it’s usually pretty difficult to break into the international market, especially because of how difficult it is for some to accept credit card payments or other kinds of transactions. But, if you invest in a payment gateway service for your business, as long as you also invest in shipping of your products, you create the opportunity for your company to grow and share your products and services all over the world.
This is one of those benefits that can keep on exponentially benefiting your business. Being able to sell internationally through the internet can be the stepping stone to increasing your revenue. That, in turn, can help you purchase more resources and higher quality materials for your business.
One of the biggest benefits is actually the ability to set up recurring billing for consistent consumers or services that you want to charge monthly. This will make getting payments for services more convenient, and make your business more sustainable. It also presents interesting opportunities to diversify your products and services to capitalize on these advantages.
If you’re a product manufacturer or distributor that wants to experiment with creating a LootCrate-like service for your customers, without the hassle of going through another service or distribution chain, you can do it all yourself and let people pay you directly from all over the world! And you can do it all, often while being able to see who is paying you from the comfort of your phone or desktop, and resting assured that the money is already in your account when you start instead of hoping that a bank transfer went through without some problem and having to keep track of names and dates on your own.
All of these technical benefits have lots of less tangible advantages for your business – it saves you and your company time and money, develops customer loyalty by reducing a lot of the friction of making purchases, helps your business grow and more. Ultimately, these are the real benefits that you’re chasing for your business, which means that a payment gateway may be exactly what you need to take your business to the next level! Accepting credit cards online!