5 Gateway Payment Options For Your Online Marketplace Platform
Setting up an online marketplace platform is incomplete without enabling an online payment gateway system with multiple payment options. These days, different customers have varying preferences when it comes to paying online. Some prefer using cards, while others are more comfortable paying from their digital wallet. Since there are so many payment options, offering customers a wider variety appeals to them and increases sales. Therefore, offering multiple payment options is crucial to achieving profitability and gaining customers.
Here is a list of five gateway payment options for an e-commerce business.
1. Net Banking
Net banking is one of the most popular and essential payment options online payment platforms must provide buyers. When customers open a bank account, they may activate their net banking facility and get a username with a password and transaction code. This payment option is secured with many passwords and codes that are not easily accessible to third parties. These include the username, login password, transaction password, and, finally, the OTP. Net banking is a user-friendly method of paying online, and it does not need any card for payment.
2. Digital Wallets
A Digital wallet is an upcoming payment trend that offers a new transaction experience. An e-wallet requires registration from customers as well as merchants. Once customers create a digital wallet account, they may link it to their bank account and use it to make payments. The entire payment procedure using a digital wallet is swift and easy.
An instant and advanced payment method, an e-wallet can integrate with a mobile wallet, enabling customers to pay from their smartphones. Once registered, the customer does not need to re-enter the payment details each time they pay through a payment gateway system.
3. Debit Card Payments
Debit card payments are the most popular option to transact online. They are secure and user-friendly, as the customer can simply complete the purchase from funds in their bank account after entering a few card details. They have CVV numbers that add to the security level of card payments. Once the customer enters the details, they get an OTP on their registered mobile number. The transaction completes only after entering that OTP in the provided column.
4. Credit Card Payments
Credit cards are like short-term loans that credit card companies lend to their customers. When an individual gets a credit card, they get a credit limit up to which they can spend. They get a credit card bill at the month’s end, which they may pay in full or at their convenience according to their budget. They don’t need to pay any interest if they pay their entire bill each month, but the interest charges are pretty high if they opt to pay later. Credit card payments are also secured with CVV and OTP, so there is minimal chance of error or fraud.
5. BNPL (Buy Now Pay Later)
Many customers may want to make a big-ticket expense online but do not have the funds ready. Such customers can opt for the BNPL option offered by many online retailers. Such online payment platforms divide the product’s price into monthly installments, which buyers may pay according to their budget.
These online payment options offer quick solutions to customers, enabling them to pay using their favorite method. To set up an eCommerce payment platform, integrate a reliable payment gateway system with a minimum of these five payment options.
