As a merchant, a new year brings with it new opportunities for your payment gateway to work harder for you, your business and your customers. We’ve delved into the many ways you can make your gateway work harder for you.
Your Payment Gateway Working Harder In 2022 In Terms Of Function
With a new year, business may be different from 2021. With this, it’s important for merchants to check if their payment gateway can work harder for them in terms of function and capability.
As Forbes puts it, pricing depends on the business model, payment types accepted, transaction volume and payment amounts you receive monthly or annually.
So, as 2022 commences, why not assess your current payment gateway situation and do your homework. Think about where your business is financially. You may find that business has changed slightly and with this, a payment gateway that works harder for you. Accepting more payment types can help to optimize your gateway and earn more.
Your Gateway Will Work Harder In Terms Of Device Capability
2022 will definitely see payment gateways working harder in terms of device compatibility. While 2021 saw different customers using different devices, gateways will now be working harder with universal compatibility, such as being mobile-friendly on top of being desktop-friendly.
Your Payment Gateway Will Work Harder To Drive In More Sales For Higher Items And Larger Volumes Of Cheaper Items
We all know that an eCommerce payment solution drives online sales. But, in 2022, as poignantly pointed out by Forbes, the payment gateway will work harder in bringing in more sales of higher valued items like real estate and higher volumes of cheaper items through Buy Now, Pay Later (BNPL).
It’ll give customers incentive to increase their average order size. “This is an excellent method to get more value out of a single sale and get existing customers to spend more in the future.”
Gateways Will Work Harder To Beat Out Your Competitors
Sp Global states that the innovative ‘buy now, pay later’ market will grow by 400% by 2025. This means that merchants using gateway payments will beat out merchants relying only on plastic payments and outdated lending processes.
As digital payment options continue to expand, the BNPL offering can contribute to the purchase activity and customer loyalty with one of the more coveted segments — younger consumers.
Your BNPL Payment Gateway Will Work Harder Without You Having To Do The Heavy Lifting
According to Protocol, online consumers made about $100 billion in “buy now, pay later” purchases in 2021 which is set to increase up to 15 times its current volume by 2025.
So, merchants using BNPL can expect their payment gateway to work harder without having to do anything. Euronews adds to this by stating, “Juniper Research predicted that by 2026, global spending via BNPL services will reach $995 billion (€881 billion), almost quadrupling the current figure.” Imagine how hard your payment gateway will be working then all while you’re avoiding that heavy load.
Gateways Will Definitely Be Working Harder In 2022!
2022 is expected to bring an acceleration of digital payment gateways and their ability to work harder for merchants – from customer service, improved payment gateway-related characteristics and advanced features.
Next year will see BNPL providers expanding how they reach online consumers and how they offer their services, as well as offering pay later solutions within an extended financial platform where bill pay, payments and savings are combined within the same super eCommerce payment solution.
How To Make Your Gateway Work Harder in 2022: Start With Payflex
If you’re looking for the best payment gateway for eCommerce, you need to consider Payflex. Not only does it offer your customers a revolutionary way to pay that can increase your profits, but it’s also safe and secure and easy to use.
