The digital payment processing has changed so much, and it has become dynamic in recent years. Today, a large number of businesses use payment gateways to process digital payment methods.
Integration between accounting software and payment transaction processing is one of the new standards embraced by businesses. This allows for payment transaction data derived from electronic payments to directly go into the business ERP system. Here we have discussed some unique benefits of choosing integrated online payments.
Quick and easy setup
Integrated online payment solutions can be live on your website quickly. The integration team of the service provider can integrate the payment system into your e-commerce platform in a few hours/days.
In most cases, the setup doesn’t require any coding that ensures quick and easy integration. Moreover, several service providers offer zero setup fees and hassle-free integration that enables businesses to launch their stores in a few months or less.
Instant payment
Receiving money fast is the primary objective behind adopting any payment system. Accepting online invoice payment is quick and hassle-free. Customers can sit at their home, order products, and services online, make a payment, and receive instant notification about the successful payment. The e-commerce platform also receives money in their merchant account almost instantly, which allows them to process the order in a faster manner.
Credibility for merchants
Integrated online payments are more credible and secure for merchants than receiving cheques. With electronic payment, the e-commerce platform receives money almost instantly, and there is no risk of bounced checks and any fees associated with it.
Credit card payments
An integrated payment system accepts credit card payment. It means the customer can buy the product even when he/she does not have sufficient money in their bank account. More importantly, if the cost of the product or service runs in hundreds/thousands of dollars, the customer can break down the payment into several small payments. It increases the probability of completion of the sale.
Secure processing
Integrated digital payment platforms are compliant with PCI DSS standards that ensure their secure processing and reliability. The secure processing of electronic payments helps in building customers’ trust, and they are more likely to come again.
Recurring payments
Online stores and e-commerce platforms send a variety of products and services. In some of the products and services, there is no one-time payment but recurring payments for a specified period.
With electronic payment platforms, customers can use their debit and credit cards for recurring payments and the payment system will store the card information and charge the card every month. With recurring bill options, payment gateways can send monthly and weekly receipts directly to the customer’s inbox.
Merchant reliability
The ability to make payments on the merchant’s website is a convenience factor for customers. It also increases merchant reliability and encourages the customer to make purchases without any doubts. At the same time, the integrated online systems offer consumer protection against online fraud that secures their purchase, and they would get a refund if the product does not reach them.
These are some of the unique benefits offered by integrated online payments to digital businesses.
