What is a Payment Provider?
According to Wikipedia, a Payment Service Provider (PSP) offers retailers online services for accepting electronic payments by a variety of payment methods including credit/debit cards, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking.This makes the merchant less dependent on financial institutions and free from the task of establishing these connections directly and rather focus on his business. A good payment gateway enables online money transactions in a safe and easy manner.
Payment Gateways for e-commerce
A Payment Gateway is the key requirement of every e-Commerce business to function. Online shopping has gained traction and most of the customers prefer to make online payments through credit or debit cards, mobile wallets and other means; thus, online retailers need to integrate with leading payment providers and provide a safe and secure transaction for their revenue generators i.e. customers.
A Payment Service Provider offers various online payment methods through a single interface. This has a double benefit- the e-Commerce merchants are saved from the hassle of typing up with financial institutions/banks and the customers get their preferred mode of payment option, right at the checkout page. So, E-Commerce merchants need to find out and integrate suitable payment gateways for their online business and streamline the whole process of payments.
A good Payment Provider leads to more sales
It is essential for an online retailer to offer a convenient payment method for the customers. This is a sure way for higher conversions and sales. Online merchants should integrate with reliable and reputed Payment Gateways so that customers get the advantage of a hassle-free payment process. When customers get a wide choice of payment options, say a choice of credit/card companies and mobile wallets, they will feel the ease of shopping and are more likely to finalize purchases from sites where there are plenty of secure payment options. This is how you can attract more customers to your store.
Think of every feasible payment method available. Use analytical tools and find out what is the most popular payment method used by your customers. Here the importance of checkout page also comes into play. The checkout page is like a payment window. This is the where the desired payment method is chosen. The customers have to part with their credit card information and other personal details. So, make your checkout page easy to navigate and offer a host of payment solutions clearly to your customers.
Pre- Integrate your store with Payment Providers from StoreHippo
At StoreHippo, we recognize the importance of accepting and managing payments and make the whole process fast and smooth. We fully understand that customers are likely to purchase products from those stores which offer the advantage of easy and secure payment solutions.
StoreHippo pre-integrates Online Stores with leading payment gateways like EBS, CCAvenue, PayPal, PayTM, PayU, DirectPay, ZaakPay, CitrusPay and more! Merchants can accept payments through multiple options- Credit Cards, Debit Cards, Net Banking, EMIs, Bank Transfer and Prepaid Wallets.
StoreHippo offers the added advantage of multi-currency and international payment acceptance on the platform. With our new feature, online merchants can also set IP based currency and price for a particular product. All the payment gateways associated with StoreHippo are secure, SSL certified and comply by all the rules and regulations related to online payments.
As an icing on the cake, all the Payment Gateways associated with StoreHippo have a free set up plan. The retailers do not have to pay separately for setting up payment gateways. In fact, the whole process of accepting payments works together seamlessly so that the retailers can have the advantage of a smooth business operation. With easy-to-use single page checkout process, the customers also stand to benefit as they can complete the payment process quickly while choosing their preferred way mode of payment.
You can review the StoreHippo payment gateway partners and their pricing on the following link -
Payment Gateways for E-commerce success
What is a Payment Provider?