Traditional retailers are moving to the world of ecommerce because they want to target bigger audience and sell their products globally. Does it mean ecommerce is killing traditional retail? Well we’ll prefer to call it expansion. Businesses which were only limited to a geographical area are now selling their products globally. The biggest reason behind the success of ecommerce is the change in buying habits of customers. We, the iPhone generation, like to order everything online from the comfort of our homes or offices.
With an overwhelming growth in Digital marketing and eCommerce industry, the genetics of merchandising and transactions have changed forever.
Gone are the days when you needed to carry cash when going for a shopping or dining at a restaurant. Now most of the daily transactions are done through internet or through the bank cards.
When business owners plan to sell products online through an E-commerce website they do not necessarily look into the method in which they need to choose to collect the money made from complete purchases. Once the customer has added their item to the shopping cart, where do they go and what do they do next?
Amongst KOL Limited’s clients, PayPal is often the first choice, as it is for many new online businesses. This is due to the fact that, it is quick and inexpensive. The only fault with PayPal as a payment gateway however, is that it takes customers away from your website to a PayPal landing page to complete the checkout process. Therefore, it in process is not an onsite processing solution and is just a separate payment system.
PayPal tends to be the most popular gateway to be enforced for shopping carts as it is recognised and acknowledged worldwide. It also has the added beneficiary of being easy to use shopping cart buttons and instructions. Our clients tend to use PayPal, as it has no on-going fees. Even though, they take a percentage of the purchase price and a set fee PayPal tends to be significantly cheaper compared to most gateways. Remember cheaper does not necessarily mean it is the best option for you.
Payment gateways are designed to make the payment process as smooth and efficient as possible. They need to allow the customer to purchase goods with their bankcards securely on your website, as well as being faultless when depositing funds into the set-up business bank account. They can have a substantial impact on your overall cost and turnover, as well as affecting sales, as some customers take extra precautions when purchasing online, they may be put off by insignificant security measures.
There are many payment gateways, we have merely mentioned the most popular; however, it is important to understand and define the differences between the different options available and select the best option for you and your business.
A few more payment gateways, which our customers tend to integrate, are:
· Barclays EPDQ
· Google Checkout