Feb 05, 2021 Admin

Tech Buzz

Benefits of Payment Gateway Integration with Your Organization's POS

If you are done with manually exchanging the bills with the customer at your point of sale, the payment gateway method is waiting for you to enjoy the seat, and just look for the approval of payment on the screen.

An enterprise business, irrespective of any scale can deploy an online payment gateway and can save the salary money required to be paid to the counter person for the money exchange. 

Well, that is just one of the many reasons why we need enterprise mobility services like an online payment gateway solution developed and then integrated with the business. And before moving to others, we must have an idea of those things that we should keep in mind regarding the same. And in some cases, we must avoid doing them to keep things running smoothly and do not hamper the overall performance of a business.

The things to keep in mind before choosing a gateway are-

Check the scale of your business

Choosing the right payment gateway is a matter of concern for a business owner. It should be according to your business size. If the payments are bulky but the gateway is of the shorter plan, it would unwillingly interrupt your enterprise business performance by asking to re-iterate the entire transaction.

Thus, choosing the right payment gateway plan can be a part of optimizing enterprise mobility strategy, and is equally essential for smoother exchanges.

Keep things smartly organized (integration)

Integration of payment gateway is not honey to swallow in. It is a crucial task and necessarily to be accomplished under the supervision of an expert. 

Many businesses prefer to deploy POS solutions as well, thus, its integration with the payment gateway becomes quintessential for the business.

Make sure to have smarter integration service providers who can even consult with the tech person within your organization.

Government Guidelines

Again, if only choosing the payment gateway was a matter, then there were more than ten options available in the market that are well-authorized and almost fifty plus unauthorized gateways are there which would be happy to be a part of a business, just for the liquidity they will be getting from your business money.

But, it is necessary to get the authorized payment gateway only which has all the government guidelines satisfied and agreed upon its terms and conditions.

It would not seem a big thing until you face the big thing of having an unauthorized payment gateway involved in your business. Thus, it is wiser to not have one and work clean and earn clean.

Must be dynamic 

Here, the dynamic term refers to the ways in which a payment can be done. A payment gateway can be called ‘dynamic’ only when it allows a number of payment ways to the customer.

Restricting the customer to pay through one mode of payment only, or not having multiple modes including UPI, WALLET, DEBIT, or CREDIT CARD, might make you lose that customer for the future.

Now, coming to the subject back i.e. the benefits of a payment gateway integration with the organization’s POS. 

Knowing that the customers too have now mitigated carrying cash in their pockets and shifted to the online payment modes, it becomes a trend as well as a necessity for a local vendor as well as a large-sized business provider to keep the source of liquidity open.

Easy Payment Gateway and the fraud management services aggregator anticipates what the trends in the payment industry will be in 2021.

Let us look on to the key trends of payment gateway -

trends of payment gateway

- Open banking

Nowadays, almost every piece of software has involved their dedicated payment system. Neither they ask for any additional charges to pay for using their gateway but even offer some discounts or exciting deals to make one payment through them.

Also read: Key Banking & Finance Functions Where You Can Employ Smart IT solutions

Increased security thanks to newer security methods like 3DSv2. The mentioned solution involves biometrics or other authentication steps to make the transaction even secure.

Payment Gateway integrates more than six fraud detection companies and KYC providers so that customers can create their own rules for detecting fraudulent transactions Integration of artificial intelligence is nowadays the updated feature in the online payment world. On the other end, for each transaction, a unique token is required as a necessary requirement, and that can be done easily through tokenization. 

A3logics serves for tokenization as well along with the basic banking solutions.

- More data analytics

Transaction data analysis will become increasingly common, offering new opportunities to create improved experiences. “One of the goals is to be able to offer instant and personalized payment experiences by country or even by customer type,” says Alex Capurro, the founder. Analytics is always helpful in improvising the gone mistakes or deficiencies and the data gathered in the form of user-generated content or feedback is one of the most valuable assets to any online enterprise business, even for just a payment gateway solution providing company.       

- Acquisitions and mergers

Payment companies are getting wider by covering almost every market through acquisitions or collaborations. The Saas-based companies are the most contributing ones to the payment gateway integration. This strategy will help drive payment volume by integrating features into SaaS solutions.

- Standardization of flow

Security concerns require frequent updates and quite responsive vigilance over them for better security in the real-time world. Companies that facilitate transactions between regions can see this as a challenge, as each country has its own schemes and different ways of sending money across borders. Payment companies thus face the introduction of new ways and open solutions in 2020.

- Biometric authentication

It makes the payment so fast that the entire exchange of needs takes hardly a minute. Having said that, it included the receiving of the goods and payment to be done both simultaneously. 

The fingerprint unlocking feature has been now very familiar to almost all consumers. And thus, in the upcoming years to unlock their mobile phones, authorize banking transactions and pay for their purchases.

In this sense, there are many other banking and financial solutions as well which provide an additional layer of security and can be used to increase customer security.

Summarized Easy Payment Lesson

Having a payment gateway integrated with an enterprise business lets you free from many manual tasks and the headache of tallying a lot of transactions manually. It keeps the exchange of money safe and gives you thorough details whenever required.

All that you need now is to hire responsive qa and testing services that could help in testing and integrating a payment gateway solution and integration services.

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