Commerce has never been the same since the upsurge of internet adoption around the turn of the new millennium. The rapid progress in the commerce sector has brought about advances in the way payments are made. Until big companies like Paypal and Stripe started popping up, payments were never that easy.
In light of the new development in the commerce industry, many businesses are putting systems in place to ensure that customers can conveniently pay for products and services. Even when most business operations are carried out in brick-and-mortar outlets, having an online system to allow customers to pay for their goods will improve your reputation.
Setting up a web-based application is the most efficient approach to help customers make payments fast and easily. Even if you decide to use a third-party payment gateway for your website, you are gaining a solid and positive reputation among your customers.
Which is better: Third-party or Custom Payment Gateways?
Building a custom payment gateway requires much investment. If you don’t have a sizeable budget, setting up a third-party payment gateway like PayPal is more convenient and cheaper.
Moreover, third-party and custom payment gateways have striking dissimilarities that may either be advantageous or detrimental to your business. The most important factor at play here is the amount of time and money you are willing to invest in setting up a web-based application for receiving payment.
Unlike third-party payment software, having your payment gateway means you can save on the expensive sign-up costs and the fees linked to every transaction. You can also customize and implement new features according to your business needs. Another significant merit associated with custom web payment applications is that you can license this digital product to other merchants and businesses for a fee.
Conversely, developing custom payment gateways is expensive, whereas creating a third-party payment gateway only requires that you pay a small fee for integration. It will also take a considerable amount of time to build a custom payment gateway.
If you are patient and have a significant operating budget, developing your web-based application for accepting and receiving payments is a great investment idea. If your business is looking forward to breaking into the market, employing a web development agency to integrate a third-party payment gateway is the most suitable choice of action.
How does a payment gateway benefit your business?
Many technological innovations created today are aimed at enhancing convenience and reducing stress. This is no different for payment gateways that allow customers to accept and receive from anywhere around the globe with ease and comfort.
Similarly, payment gateways boost the globalization of your business. A buyer in South Korea can order and pay for your product from the United States without moving an inch. Payment gateways make this scenario a possibility. Without a system to receive payments on the web, buyers and sellers alike may have to go through several loopholes before collecting payments.
Payments are at the core of every profit-making organization, and even NGOs might need donations to keep up with their humanitarian services. Hence, organizations should prioritize having a web-based application that will effectively and conveniently facilitate payments.