Key Factors to Consider When Choosing a Payment Gateway
The online payment gateway market is rapidly expanding. According to a research report by Market Research Future, the payment gateway market will reach a value of $193.27 billion by 2030. With a market that is growing and expanding, payment gateway options are everywhere making it hard to know if you are making the best decision for your business. Like any new business solution implementation, efficiency is going to be the key to success when it comes to choosing your payment solutions.
Ease of Onboarding, Integration, & Customization
As a business owner, you need a payment gateway that has an easy onboarding process for you and a quick integration process for your tech team. Sync’s Payment Gateway is a simple, entirely online payment gateway with a simplified onboarding process. Sync’s Payment Gateway offers solid APIs and unique SDKs that will help you get your payments up and running quickly. SPG (Sync Payment Gateway) offers plug-in support for popular e-commerce platforms like BigCommerce, WooCommerce, Shopify, and others. Business owners appreciate simple integrations to ensure that their team’s resources remain efficiently focused on current business projects.
Your business is different. And differentiation is important. Out of the box, one size fits all solutions will limit your flexibility as you grow. Unique and innovative business models require special attention which is why they need payment gateways that allow for specific customization features. SPG creates a payment experience modeled specifically around the buying process, perfectly suiting your customer’s needs, and making their buying process frictionless. This attention to detail can result in numerous benefits, ultimately leading to a significant return on investment. The huge advantage of SPG is the ability to avoid high recurring costs for each transaction. But perhaps more important is that we have a team of professionals ready to consult directly with you as critical situations arise, and you won’t be dealing with a ticketing queue.
Omnichannel or bust – meeting your customers where they are
Consumer behaviors have shifted. During the pandemic, seasoned omnichannel shoppers turned from making card-present purchases at brick-and-mortar stores to shopping via other channels. For example, from February to April 2020, Upserve reports an 840% increase in weekly sales from restaurant online ordering. In response, merchants had to expand their payment solution features to accommodate the new ways consumers wanted to engage.
Savvy SMBs are looking like global enterprises by reducing the friction at the time of payment by incorporating omnichannel solutions buyers demand. Our SPG will help usher in solutions to help you compete and win. Just a couple of examples:
Contactless and touchless payments
As our research found, consumer preferences trended away from using cash or handing a card over to a cashier and, instead, preferring contactless experiences. The Visa Back to Business Study, 2021 Outlook found that contactless payments transactions – using a contactless card, mobile wallet or wearable device – grew 43% worldwide in 2020. When consumers tap or wave a card or smartphone to pay, nothing changes hands, and the transaction is quick, which helps keep lines moving. Our SPG also has easy to implement ApplePay and Google Play SDKs.
Online payments
Even if consumers intended to drive to a store or a restaurant to retrieve their orders curbside or in-store, many are paying in advance online to save time and minimize or eliminate time waiting in line. From January to April 2020, e-commerce sales grew 27% YOY, the biggest gain in a decade. Adding e-commerce channel to your brick-and-mortar operation will allow you to manage payments on all channels efficiently from a single platform. And our advanced tokenization features can allow subsequent transactions to be facilitated without the customer presenting a payment device at all – talk about a frictionless experience!
Subscriptions
From SaaS companies to subscription boxes, the subscription ecommerce market is experiencing monumental growth — and it shows no sign of slowing down. With subscriptions, one-time purchases turn into repeat sales. In other words, transactions turn into relationships. Your business has the opportunity to get to know your most loyal customers over time, honing your offerings to meet them where they are. Through delivery skips, product swaps, cross-sells, upsells and more, the flexibility and customization power of subscriptions delivers enormous benefits and big big profits.
Reliable Support When You Need It Most
Payment acceptance failures create issues for both consumers and businesses. These issues can occur for an array of reasons, and when they occur, it is crucial for all issues to be quickly resolved. Hiccups in the payment process significantly affect your customer’s shopping experience and can determine their impression of your business. This can decrease the likelihood of them returning or recommending your business to someone they know.
For some companies, reaching their support service team can be time-consuming and complicated. Resolving issues in a time-sensitive manner is crucial to the continued success of your business. Choosing an adequate payment gateway provider like Sync, who offers 24/7 in-house support can make or break the time it takes to resolve an issue.
The payment gateway market creates more opportunities for businesses. However, it is important you are choosing a payment gateway backed by a team that will work for you to ensure ease of implementation, a range of capabilities to best serve your customers and a team of support specialists who have your back.
For more information on how Sync Payment Gateway can help you get closer to your business goals lets get in touch! Send us an email at details@syncpayments.com or give us a call at 314-782-3465.
