Make the payment process as easy as possible for your customers as it is one of the most important and crucial aspects of your online business. You must be doubly careful if you are a bootstrapping company as fundraising is becoming difficult day by day.
Most of the startups have a limited budget and they cannot afford to ignore or annoy their customers, who are also their brand ambassadors when it comes to word of mouth promotion.
Reaching out to your customers is never easy. In the wake of increasing customer acquisition cost, spend your marketing dollars wisely and make sure that the visitors you are getting as a result of your marketing campaigns and ad spend are not lost due to poor payment gateway services or failed transactions.
Choose the alternative payment gateway that allows you to offer maximum options to your customers. There are many countries, where there are dozens of banks with their net banking plugged into the transaction success rate. It leads to multiple pipes. In advanced countries card payments is mostly what the gateways allow.
The prominent gateways in advanced countries have a single hop, i.e. they offer direct connectivity with Visanet, which is the online switch of the two most popular card processing companies Visa and Master.
A high transaction failure rate is observed in those countries where there are multiple hops, i.e. the financial information entered by your customer goes to your portal first and then to the aggregator. From aggregator, it goes to the bank for validation and then it goes to Visanet through your payment gateway. Electronic transactions drop frequently and it brings down the success rate.
Furthermore, if you say that you accept only the credit cards as a mode of payment, you are preparing the ground for failure.
Do you have any plans to address the shrinking customer base as a result of limited payment options available on your website?
There are many people, who might be uncomfortable with using credit card money, primarily because they do not want to owe money to the banks.
In that case they will prefer to debit their bank accounts to make payment and the options they need can be debit cards and net banking.
Give your customers a wide range of payment options and make sure that transactions are not lost because the customer is unable to find the right payment option.
In countries like India succeeding in the eCommerce arena is quite difficult. Along with the growing competition, merchants are also struggling with issues that are related with operating in a huge marketplace with unimaginable diversity and presence of dozens of banks and payment options.
Customers in different geographical regions might choose different banks and different payment options such as debit cards, prepaid cards, credit cards, netbanking, and cash cards etc.
In fact Indians need a kaleidoscope of options in front of them. Apart from lost transactions due to multiple hops, sales process is also interrupted because the alternative payment gateway doesn’t provide merchant with a wide range of options.
So, when you choose an Online Payment Gateway India, make sure that it offers all the major and locally popular options of payments to your customers.
In order not to lose any of the customer, offer them a good mix of services and options, where in there is something for everyone.
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