In 2019, the average consumer dropped over $60,000 on services and goods… And let’s face it, 2019 was a good year.
Today, we have more people spending less money and when they choose to spend, they expect to do so through means that make sense. Therein, lies the need for every business to get serious about payment gateway integration.
Having a payment gateway means enabling consumers to use their credit cards to pay for your goods and to have that card data securely transmitted to check for funds/transfer them.
If you’re already accepting plastic as a means of payment, you’re working with a payment gateway provider. If you’re not, keep reading to better understand the value of leaning on payment gateways to sustain and protect your business.
1. Keeping Up With Cash Shortages
2020 brought about a host of problems. Among them was a nationwide coin shortage and a growing unwillingness to accept cash.
Those issues put a strain on businesses that were cash-based and forced many to move towards adopting a payment gateway. Were you among those affected?
Even if you weren’t, the trend of going cashless is picking up steam faster than expected. Providing a means for electronic payments is your best bet to avoid getting left in the dust.
2. Enabling Online Commerce
Many people don’t know this but if you’re selling goods online and accepting payments, you’ve actually completed your payment gateway integration. That’s because accepting online payments requires a partnership with a gateway provider.
For those of you that haven’t forayed into the world of online selling yet; get on the ball. The pandemic has hastened people’s adoption of online marketplaces and you can bet that the amount people willing to spend online versus off will continue to grow.
3. Access to a Suite of Tools
Modern payment gateway providers do so much more than transmit card data securely. They provide businesses with a suite of tools that enable them to operate more effectively.
For example, the payment gateway offered through Wind River Financial also offers POS device integrations so you can do things like accept card payments from your mobile phone in your brick-and-mortar store. Benefits vary between gateway providers so look carefully at what’s offered by each prospective choice.
4. Fast/Secure Transaction Processing
Secure transactions carried out by a payment gateway happen nearly instantaneously. The transaction confirms purchaser funds, gets those funds sent to your account, and debits your buyer, all in one swoop.
That speed and security matters because it allows you to conduct transactions quickly without ever having to worry about buyers passing fake bills or schlepping bad checks.
5. Building Trust With Consumers
Consumers expect modernity when they’re parting ways with their money. If your company runs purely on cash, you’re going to raise eyebrows and alienate swaths of your consumer base.
Being able to grab business in today’s economy is too difficult to further handicap yourself. Get modern, get a payment gateway, and start maximizing your potential.
Payment Gateway Integration Is a Few Clicks Away
Getting paired up with reliable payment gateway integration requires a few clicks and/or a quick phone call to any number of reliable providers. Take those steps today if you haven’t already and explore how you can scale your business by making your products more accessible to consumers.
If you need additional guidance as you go down the payment gateway path, we implore you to read more content on our blog.
