Last updated - November 30, 2023
Your choice of payment solution for your e-commerce website is a make-or-break factor when it comes to your success at doing business online. More than serving as a simple tool for processing transactions, the right online payment gateway can affect your brand’s credibility, customer trust, and even market reach. It may not seem obvious, but this component of your e-commerce website can do quite a lot to transform potential visitors into loyal customers. It can also make your business a top-of-mind name in your home niche or industry.
All that makes it doubly important for you to select the right payment gateway when launching an e-commerce website for your small- or medium-sized enterprise (SME) or startup. This is especially true if you’re using a popular platform like Shopify or WooCommerce. To guide you closer to the ideal solution, here’s how a well-matched payment gateway can impact your business’s e-commerce sales:
It will Enhance Customer Trust and Business Credibility
Choosing a payment gateway WooCommerce– and Shopify-based businesses trust is a significant step towards building your company’s credibility. It’s well worth it, then, to partner with a payment processing company that’s known for securely handling customers’ financial information.
You can tap a trusted payment solution provider like the Philippines’ Maya Business and use a secure service like Maya Checkout for your online shop. Due to the brand recognition already achieved by Maya, your business will have a better chance of gaining customer confidence when it comes to the issue of payments. This confidence will make it more likely for customers to push through with their transactions in your online shop and to come back for future purchases.
It will Facilitate More Mobile-Friendly Payments
Having a payment gateway that seamlessly caters to mobile users can significantly boost your e-commerce sales in the Philippines. Remember that many customers access online stores through their mobile devices, which then necessitates the existence of mobile-friendly payment options.
Fortunately, it’s easy to acquire a Shopify or WooCommerce payment gateway that’s designed for mobile websites. With a responsive payment gateway like Maya Checkout, you can ensure that the payment process is smooth and convenient on various screen sizes. This makes it much easier for mobile shoppers to complete their transactions on their phones or other small digital devices.
It will Widen your Brand’s Customer Reach
The right payment gateway will also facilitate the use of a wide variety of payment methods, including credit cards, debit cards, and e-wallets. Onboard such a solution on your e-commerce website, and your business will be able to cater to a broader market, consisting of individuals who have their own preferred cash-based and cashless payment methods.
A versatile solution will empower your business to accommodate these payment preferences, putting you in a position where you can attract a wider and more diverse customer base and increase your sales as a result.
It will Reduce your Cart Abandonment Rate
Cart abandonment is a common challenge for businesses in the digital age, and it’s typically caused by complicated or unreliable payment processes. A customer who encounters a confusing and cluttered payment process is more likely to abandon their cart in frustration.
You can control this specific issue by choosing a payment gateway that prioritizes user-friendliness and efficiency. If they can expect a smooth, hassle-free checkout experience at the tips of their fingers, customers will likely hold on to their carts and see their checkout to the very end, and your e-commerce business will benefit from higher conversion rates and increased revenues as a result.
It will Improve Transaction Processing Speed
Efficiency in transaction processing can be a game-changer for e-commerce sales. The right payment gateway will process transactions quickly and accurately, leading to faster order fulfillment and improved customer satisfaction.
Consider a scenario where an online grocery store in the Philippines uses a reliable payment gateway that swiftly authorizes transactions. Customers will experience minimal waiting time, resulting in quicker deliveries and a smoother shopping experience overall. This efficiency will boost sales as well as enhance the brand’s reputation for reliability and speed.
It can offer Deeper E-Commerce Insight through the use of Data Analytics
Data is a powerful tool for optimizing e-commerce sales strategies. The right payment gateway will capitalize on this through its data-gathering and analytics capabilities. These can help businesses gather insights and make sharper decisions about issues like pricing and product offerings.
An online fashion retailer in the Philippines, for example, can use data from its payment gateway to identify trends in customer preferences. It can then adjust its inventory management strategies and promotional campaigns accordingly, leading to more effective sales initiatives and increased revenue.
The arguments above show that the right payment solution can be a vital asset in maintaining and expanding your business. Take advantage of a top-of-the-line payment gateway solution to eventually scale up your operations, accommodate higher transaction volumes, and pursue new growth opportunities in e-commerce.