With online shopping becoming more and more popular, paying for transactions online has become the norm. Online payment processing has many benefits for shoppers, with convenience topping that list, but this comes at a cost to merchants, leaving them to wonder, “What’s in it for me?”
What Is Online Payment Processing?
Online payment processing is the method of accepting payments online, which may sound simple but is a complex process that is made up of 3 key components :
Payment Processor – This manages the transaction process by transmitting the customer’s card details from your bank to the customer’s bank.
Payment Gateway – This is an online version of a point-of-sale device that connects your eCommerce site to the payment processor.
Merchant Account – This specific bank account enables your business to accept online payments.
The Benefits of Online Payment Processing
Expands Your Customer Base
By accepting online payments, your business will be widely opened up to new customers across the globe that can reach your online store and make trusted transactions. Thanks to online payment processing, shoppers have the freedom to shop around for the best deals and prices, no matter the store’s location. Furthermore, payment gateways such as Payflex offer affiliate marketing partnerships that will drive more traffic and business to your site.
Fast and Efficient
A speedy payment process may seem like a pro for shoppers, but it works in favour of merchants as well. Online shoppers are notorious for impulse buying and implementing online payment processing ensures you’re able to make the sale before the customer changes their mind or finds a better deal elsewhere.
Retain Customers
Gaining new customers is easy, but keeping them coming back for more is an ongoing process. 2 of the biggest factors that keep customers coming back are convenience and user experience, which is especially true when paying online. Even if a better deal is available elsewhere, a good online shopping experience can make them choose you over the competition.
Interested In Online Payment Processing? Choose Payflex!
When it comes to fast, safe, and secure online payment, look no further than Payflex! We offer your customers a revolutionary way to pay with our interest-free, buy now, pay later option that can secure sales, and we offer an affiliate marketing program to bring in more leads to your business.
Sign Up For Payflex Now
Contact Payflex to open a merchant account in 2022 and start using it as a payment gateway for your online store.
