In today’s digital age, e-commerce companies have to keep up with the latest advancements in online payment methods or be threatened with being left behind in the dust. Modern customers have a wider variety of payment options available than ever before. From eChecks to ACH transfers, credit cards, debit cards, and instant funding transfers, your business has to have a comprehensive e-commerce payment system to stay competitive and offer different ways to pay online.
By expanding your payment methods to include a merchant payment gateway, your business can unlock a new world of payment processing options that won’t limit you! Whether you’re a low-risk or high-risk merchant, payment gateways are essential to growing your business and staying on top of the competition.
Why Customers Need More Ways to Pay Online
The simplest answer to this question is the fact that the success of your business depends on you getting paid. Since there are so many different options for accepting payments online, you need to have multiple options available to appeal to as many customers as possible. Since everyone has different preferences for making payments, the more options you have for people to pay online, the more customers may consider buying from your site.
Thanks to advancements in financial technology and other payment services, shopping online has become easier than ever for customers. Besides increased convenience, online buying may have experienced a permanent boost due to the COVID-19 pandemic, which has deterred some consumers from physically visiting stores.
Customers are not only just shopping online, they are also increasingly inclined to pay their bills online - whether this is through their phone, tablet, or computer. For example, the Federal Reserve Bank of Atlanta found that nearly half of all consumers (43%) paid their bills online in 2018.
Mobile processing apps are gaining traction among consumers, as well. According to a study by McKinsey, more than 75% of U.S. consumers engaged in some kind of mobile transaction, whether it be an or online payment or an in-app mobile payment, from August 2018 to August 2019.
While online payment methods continue to evolve to be quicker and easier for consumers, don’t be left behind the competition! It’s important to stay ahead of the curve and provide customers with convenient payment options.
Expanding Your Online Payment Processing
A merchant payment gateway allows you to accept and deliver online payments for a broad range of processing options. There are several critical ways that a merchant gateway system delivers one of the most comprehensive e-commerce payment systems available.
Accepts Credit and Debit Card Payments
Credit and debit cards are increasingly the most preferred payment method for customers. A 2019 survey from the Federal Reserve Bank of San Francisco found that over half of all payments by customers were made by credit cards (23%) and debit cards (28%). Likewise, the Federal Reserve Bank of Atlanta’s 2018 study had similar findings; the top consumer choice was debit (34%) and credit cards (23%) for all payments.
As a result, it’s critical that your business has the ability to process credit and debit card payments. A payment gateway securely and safely connects your point of sale and merchant account to the leading credit card networks for a quick transaction process without the security risk.
With a payment gateway, you can deliver funds quickly and securely from bank account to another through eCheck payments. With a reliability and efficiency unrivaled by physical checks, eChecks ensure that payments arrive as quickly - and securely - as possible.
Deliver & Accept Payments with the ACH Network
With payment gateways, you can access the Automated Clearing House (ACH) network, which transferred more than $55 trillion in 2019 alone. Deliver and accept ACH payments without any of the processing feels of credit cards and wire transfers - and any of the tedious paperwork from pay stubs, deposit slips, and invoices.
Instant Funding When You Need It
When you need funds instantly, a payment gateway allows you to access the secure instant funding networks of Visa and MasterCard, so you can transfer money immediately with minimal risk.
How a Merchant Gateway Works
A merchant gateway can be the key to bring a wide variety of e-commerce payment methods by functioning as an omnichannel solution. Besides its ability to connect your merchant account to a wide range of financial products, processors, and banks to enable you to complete transactions quickly, the gateway enables you to accept and deliver multiple forms of payment, including ACH transfers, instant funding, and eChecks.
A payment gateway delivers transaction details to your payment processor, functioning as a bridge between your merchant accounts and the customer’s account. The gateway then routes data to the appropriate credit card and banking networks to authorize the transaction. The details are sent back to you through the payment gateway once the transaction is approved or denied.
For both high-risk and low-risk merchants, payment gateways can help propel your business into the future of e-commerce payment methods.
Expand Your Online Payment Methods with Transcend Pay
Ready to begin leveraging the power of merchant payment gateways systems for your business? Look no further than Transcend Pay.
At Transcend Pay, we’re committed to full transparency when it comes to our merchant account payment gateways for payment processing. With our revolutionary online payment processing system, both high-risk and low-risk merchant accounts can accept a wide variety of payment conveniently and quickly -without excessive fees.
With Transcend's merchant payment gateway processing, you receive:
- No reserve requirements.
- No hidden processing fees.
- Minimize risk with our extensive banking network.
- Quick and easy payment delivery and acceptance
- Same-day pre-approvals
We approve 99% of high-risk merchant accounts, so all merchants can access our payment gateway solutions to make your online payment methods as easy as possible. So, ready to experience the difference of our merchant gateway portal? Feel free to contact us with any questions you may have!