A smooth payment process will keep your customers coming back for more.
Even if a customer has already decided to buy from your company, a difficult payment process could easily turn them away.
According to a study, “by 2020, customer experience will outperform price and product as the key brand differentiator.” According to the study, 86 percent of buyers are willing to pay more for a better customer experience.
Maintaining your customers becomes much easier with a strong payment experience.
According to another study, “attracting a new customer is 6-7 times more expensive than retaining an existing customer.”
With this in mind, ensuring a positive payment experience is critical for your company.
Extending your payment processing capabilities across multiple platforms is an excellent way to adapt to your customers’ needs.
Remember that the payment experience should be the same across all verticals.
“90% of consumers expect their brand experience to be consistent across all platforms and devices.”
Whether it’s online, mobile, phone, ACH, or point of sale, it’s critical to provide a variety of payment platforms to give your customers the payment experience they want.
PayCly is the leading provider of online payment services. With our Online Payment Gateway Malaysia Providers we provide all major credit cards, e-debit, and e-money acceptance. PayCly is the largest player and is best for large marketplaces.
Make multiple payment options available.
The payment landscape is changing, and your customers want payment options. Consider providing multiple payment options across all sales channels and devices to meet this demand.
Consider the following example. A fictitious restaurant has a physical location, online ordering, and large-scale catering orders. Each of these options necessitates its own unique payment experience. If the restaurant is catering a large party, forcing the customer to come to the physical restaurant to pay an invoice when it is easier to pay online would be inconvenient.
Extending your payment processing capabilities across multiple platforms is an excellent way to adapt to your customers’ needs.
Remember that the payment experience should be the same across all verticals.
Payment Gateways: How Do They Work?
Payment gateways process transactions in a variety of ways to automate the ordering and payment processes to a merchant:
1. A customer places an order from your online store and/or enters payment information.
2. If you use SSL encryption, the customer’s information is encrypted before being sent to the payment gateway. Furthermore, the gateway can offer to receive the information without requiring you to store and transfer it through your website. This is advantageous for both the customer and you as the merchant because you are relieved of the responsibility of adhering to data security rules and regulations.
3. The payment gateway then typically converts the message from XML format to another message format and forwards the information to your (the seller’s) bank.
4. The gateway then obtains information from the customer’s credit card company (or another payment processor) to determine whether the payment will be approved or declined.
5. Once the bank receives the authorization request, it will respond to the processor, who will then respond to the payment gateway.
6. If the payment was approved, you and your international payment gateway will receive an authorization notification.
7. At the end of the day, merchants typically submit all authorizations, and the acquiring bank (your bank as the merchant) requests batch settlement from the buyer’s bank.
8. The customer’s bank makes a settlement payment, and the total amount is deposited into your account by the acquiring bank.
Despite the fact that the entire process appears to take a long time, the initial order to payment through the gateway process takes about 2-3 seconds, while the process of receiving funds can take up to 3 days at most.
Payment Gateway Key Features
The following are the primary features to consider when selecting a payment gateway software for your store:
1. Seamless versus non-seamless
Traditional payment gateways may redirect your customer to a different site, reducing conversions. Modern ones keep customers on your website, which can be beneficial to your business.
2. Encryption specifications
Pay close attention to the encryption standards and integrations offered. You want to minimize all potential risks and ensure that your payment gateway meets current data encryption standards.
3. Reliability and speed
Check that your payment gateway is compatible if you’re using an e-commerce platform. Furthermore, speed is important because a slow payment gateway may cause customers to be confused and hesitant to buy from you.
4. Examine and report
Choose a payment gateway that meets your requirements for reviewing and reporting. Each gateway charges a fee, and it’s important to keep track of this. You may also want to look at the number of failed payments.
A good payment gateway can help you understand your business’s payment side at a glance.
5. Anti-fraud measures
Some fraud protection protocols are industry standard, but a payment gateway that provides additional tools to protect you and your customers is a good option. Especially if you have a high sales volume.
6. Card-not-present transactions
Card-not-present transactions pose a significant security risk, particularly when processing payments online. Because the credit card is not physically present during these transactions, nor is the person making the purchase, the possibility of fraud exists.
With the rise of DDoS attacks and online payment, the latest trends in payment gateway software are primarily focused on safety and simplicity.
PayCly offers a comprehensive suite of payment methods including credit/debit cards, online banking, and e-wallets, at highly competitive rates. They are also the leading Online Payment Gateway Malaysia Provider in the region. We have a proven track record of being Malaysia’s largest and only payment processor with significant volume capacities.
