When taking your company to the online space, you must be considering how you can enhance your business. One thing is certain: you can’t do without a comprehensive or straightforward payment system. That’s where a payment gateway steps in. Let’s discuss the importance of payment gateways and how providers like PinWheel can help you.
Payment Gateways for Transactions: PinWheel
The need for digital transformation is growing with each year. According to Statista, digital payments are projected to grow annually by 12% in their total digital value, thus reaching $6.669.201 million by 2023 (from 2020).
Today, you can’t expect business growth if you don’t consider electronic payment services or online payments. In the modern world of payments, point-of-sale or POS services are mostly digitalized, and even picking a cash register may seem intimidating.
Thankfully, there are reputable payment companies like Pinwheel Pay, that help merchants with the right payment-processing services, including payment gateways. With quality payment-gateway services, you can facilitate your online payment transfers. Payment gateways serve as a framework making the communication between banks simpler so credit-card authorization and payment processes can take place.
Remember that a payment gateway isn’t the same as a payment-service provider. A payment- service provider acts as a 3rd party allowing you to accept online payments at a fee.
Choosing a Payment Gateway
Increasingly, payment methods multiply, and the industry grows with huge advances. So, it’s no wonder that the use of proprietary processing devices, smart cards, and contactless terminals is on the rise.
Electronic payments enable you to:
- Offer your products/services to more customers
- Sell more
- Operate across multiple sales channels
- Save time and effort on data entry, paper invoices, and managing customer disputes.
When choosing a payment gateway for electronic payments:
- Pick the one that can scale along seamlessly as your business grows.
- Go for the most suitable, safest, and adaptable payment gateway for hassle-free payments.
- Make sure it provides the highest level of safety and security for transactions. Look for PCI-DSS certificate standards.
- The offered costs should be based on your business transactions, sales, transaction frequency, target market, and revenue consistency.
Payment-processing solutions will further get more innovative and advanced as the shift to an all-digital business gets faster. This refers to debit/credit cards, electronic wallets, ACH payments, and other methods, which are yet to be released. So, being able to choose an exceptional payment gateway is critical to your success.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.