Everyone hates paying by cash. I certainly do. People want to be able to pay online because it is easier and convenient. For these very reasons, a lot of businesses are moving towards online methods of payment. We can see the potential the industry has by the fact that the market currently stands at $17.2 billion and is expected to hit $42.9 billion by 2026.
To describe it in the simplest way, it is ordering and paying online. For a customer, this means that if they like something online, they can pay online instead of paying cash on delivery. For businesses, this means that they can manage and accept payment online from anywhere in the world.
We’re all hearing how digitalization is causing globalization, and this means an opportunity for businesses to expand their market. All global shoppers prefer paying online. Suppose you see a dress you like; you would quickly want the process to get done, so you would pay online instead of having to wait and keep cash on you until the dress reaches you.
Customers want to be able to order and pay online. Now suppose there are two stores offering similar products. But one of these stores allows customers to order and pay online and the other only accepts cash. Which one would customers go for? The ONLINE one of course, it saves them the hassle and ensures a prompt process. So, we can say that using a payment gateway process can help businesses to increase their revenues and lower down their churn rates.
Customers don’t like it when things are slow. Just like quick deliveries, they want fast payment methods. Using traditional methods is a slow process and has many cons to it. For example, you deliver something and when you hand cash to the driver, you find out the driver doesn’t have change and it takes forever to complete the entire process. These constant struggles are causing customers to shift to stores that provide online payment methods because it allows them to purchase what they want online and makes them contemplate less. We can see that having a Payment Gateway seals the deal right away and lead to higher customer retention rates.
Do you carry cash? No? A lot of people are going cashless. They don’t like carrying cash because it is not safe, and it is definitely not convenient. As a shopper myself, I never carry cash and I have faced a lot of situations where I wanted to buy something but couldn’t because the companies didn’t offer online payment. Problems like these are diminishing a value of businesses and damaging their reputation. To overcome these issues, the best solution would be to implement a payment gateway system which would make it convenient for buyers to purchase leading to higher profits.
The payment Gateway market continues to rapidly grow and is being implemented by the majority of businesses. Failure to do so would cause businesses to significantly lose revenue and lose their customers to competitors. Whether your company is small or big, you will eventually need to implement payment gateway. This will ensure that your company is up to date with the latest technology and pave way for sustainable long-term growth.