Customers adore online payments using an online payment gateway, according to the jury of public opinion. Here are four of the reasons why:
Customers are impatient
Waiting in line is a social norm, but there's plenty of scientific evidence that it's highly unappealing to customers — and the businesses that want their business. According to The New York Times, people overestimate the length of a line by up to 36%, regardless of how quickly it moves.
People are less irritated about a wait when they know how long it will take — and more ecstatic when it turns out to be less time-consuming than expected.
All of these wait-time problems can be solved with online payments: They give customers the option of avoiding the store (and its lines). When visiting a physical location of a business, mobile payments allow customers to bypass the traditional checkout process. Online payments can also provide an estimate of how many seconds it will take to complete the transaction.
That being said, a company's online payment experience should proactively eliminate unnecessary steps that increase "wait time." Experts recommend, for example, that e-commerce merchants allow customers to purchase as "guests" (without requiring registration or login) and prefill form fields like city and state when the customer enters his/her billing/shipping pin code (s).
Visually presenting the space on the page where the customer enters payment information to mimic the appearance of the front and back of a card can also promote ease of use.
Consumers are accustomed to online banking
According to one study, more than 60% of Americans own a smartphone, and more than half have used it for mobile banking in the last year.
Though cheque account balances and transaction history accounted for the majority of mobile transactions, mobile banking as a form of online payment is becoming more popular as consumers become accustomed to using online banking for bill payment, mobile payment, and peer-to-peer transfers.
They’re free
Prior to the availability of online payments, paying bills was a time-consuming and costly process for customers. Customers no longer need to invest in paper cheques, stamps, or envelopes due to the popularity of online payments; they can initiate payment online and see the impact on their available balance reflected accordingly.
Furthermore, paying bills by "snail mail" with a paper cheque can take seven to ten days, resulting in a missed payment due date. Online payments using the best payment gateway India are initiated in seconds and completed in a matter of hours.
It provides peace of mind
Customers have instant access to their money, including how much they have and to whom it has been paid, when they make online payments. If a vendor fails to honor a purchase and the customer paid for it with a credit card via online payment using the online payment gateway India, he or she can dispute the transaction with the creditor. If a customer chooses to store credit card information with a merchant or with a mobile wallet provider for future purchases, he or she has money to access — without a wallet.
Despite the fact that security breaches and cyberattacks are widely publicised, Infosys data revealed that 71% of consumers are comfortable sharing data related to banking and finances online; only 35% did not trust that their bank had processes in place to address fraud.
Online payments also provide peace of mind for small-business owners because they allow customers to pay for goods or services rendered using their debit or credit card, making merchant invoices less likely to go unpaid. When customers pay online, funds owed to merchants are frequently transferred electronically to a business account within a few business days.
Online payments allow customers to purchase from a variety of merchants while also providing them with convenience and control over their finances and purchasing experience. In the end, they benefit both customers and merchants who accept them.