Enhance your customer shopping experience and extend your user base for this Christmas-New year sale. As per Statista, the online transaction value has reached around $6 million in 2021, and most of these transactions are processed on an e-commerce platform. Online transactions are popular around big holiday sales as merchants offer exclusive deals and discounts, providing customers a chance to spend within their budgets.
As a report prepared by National Retail Federation, e-commerce recorded an increase in sales rate by 14% during the holiday season of 2020. The anticipated growth rate for 2021 is 40%, where the customers are willing to purchase more online than offline. Therefore, put together your strategies and plan forward for a digital payment system to ease the checkout process for your customers.
CloudBanking is a digital payment platform for a retail and online store that improves your payment system and manages your payment efficiently in this holiday sale.
How to Manage your Online Payment?
It is essential to realize how a digital payment system works before framing your strategies. Whether it be your in-store business or online marketplace, it involves different stakeholders, and all of them have their defined roles and share of the benefit. Where vendors expect returns from their sales, customers want to pay securely without any obstacle. Thus, it processes payments for each stakeholder, from the suppliers to the logistics, customers, and shareholders. Firstly, the customers pay for your goods/services in this process, then the payment gateway verifies the payment and provides real-time financial information for you to transact money efficiently.
Features of Online Payment System
- Checkout Cart with Payment Gateway
The payment journey begins with purchasing goods/ services online, or in-store and the checkout cart calculates the total product price, GST, and delivery fee. Now, the payment gateway channels transactions between your business and customers. It receives payment from customers and requests its approval from their linked bank account. This process gets fulfilled by a payment processor. Similarly, a payment gateway also ensures the authenticity of your customers and secures your business from any fraud.
- Multiple Payment Methods
Having multiple payment methods for your business allows the customers to select their preferred ones to complete their transactions seamlessly. Few Payment methods you can integrate for your business are:
- Digital Payment system:
Digital payment integrates with bank accounts and saves the credentials within a couple of minutes. Customers do not need to enter their details for payment each time. Moreover, digital wallets are easily downloadable on smartphones, i-pads or tables, and their users are expected to increase by 4.4 billion by 2025 from 2.6 billion.
- Buy Now and Pay Later:
“Buy Now and Pay Later” offers customers an option to pay in installments or pay the total amount later rather than on the date of purchase. It refers to interest-free credit providers where businesses benefit from the interest-free method by removing the primary barrier of insufficient funds. As per a survey done by Forrester webinar, around 36% of US online shoppers are interested in the “Buy Now and Pay Later” Service, where customers can buy goods now and pay later when they have sufficient funds.
- Credit Cards and Debit Cards
A large section of the population around the world are still using the Card payment method because it evolved before all the other ones, and customers and merchants both can trust them. Around 55% of US customers will habitually use a credit card to pay online in 2020. Integrating this payment method with CloudBanking would benefit your online business. With additional features such as a virtual terminal, your customers can make payment via any card type with any device having an internet connection. It provides an easy-to-use web payment solution and convenience to accept and process card payments.
4. Payment Security
Online businesses have come a long way from unsecured transactions, cybercrime, and identity theft. Customers do online shopping and make payments securely because of solid security norms and reduced fraud risks. CloudBanking is integrated with PCI DSS (Payment Card Industry Data Security Standards). It regulated the cardholder data and protected it from being hacked.
How can CloudBanking Balance your Payment Processing?
You can manage your business website and payment processing system with a solid and reliable gateway in this Holiday Season. It has vital features as:
- Ability to transact money anywhere and anytime.
- Complies with regulatory norms such as PCI-DSS
- Process one-time transactions for all items added to the shopping cart.
- Provides various payment options,
CloudBanking is compatible with Windows, Android, and Apple devices, making your online payment processing seamless, where your customers can pay without leaving your website or app. It simplifies the complex payment processing by enabling simple, chained, and parallel payments. CloudBanking is a leading payment gateway in Australia as it supports all credit cards such as Americal Express and MasterCard. It also accepted Direct Debit and operated on any smart device with an Internet connection.
Manage your payment processing via CloudBanking Payment Gateway and stand at the edge of competition in this holiday season of 2021. The competition of at great heights with rising customer expectations on online and in-store payment. Thus, provide your customers with a secure and hassle-free checkout solution. Provide easy payment methods, including a wallet system for a smooth payment system.