The benefits of integrating a payment gateway for small businesses
“The advance of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life.”
Bill Gates, Co-founder of Microsoft.
Small business is booming. With new technologies coming out at a rapid pace, it’s important to implement the right solutions that are cost-effective and will help improve your bottom line.
One product that can drastically empower small businesses is a Payment Gateway. A Payment Gateway seamlessly integrates a full suite of payment tools in one comprehensive solution – making it easier for small business owners to improve the overall efficiency of their business.
These platforms may also keep an eye out for unusual behaviour and detect any fraud attempts, adding a whole other level of security.
Let’s take a look at some of the main advantages offered in a Payment Gateway for small business
With a Payment Gateway, business owners will gain the usage of a merchant dashboard where they will be able to see an overview of their business at-a-glance.
This feature is great for businesses who sell on multiple channels, as they now can collect and receive all data on one easy-to-view dashboard.
In addition, a merchant dashboard will help business owners easily access important insights such as daily sales, top performing products, customer data, traffic data, and loyalty program monitoring.
MYFUNDBOX Payment systems provide more than 15 payment methods. You can visualize and analyze your data coming up from different payment methods with dashboards.
Dashboards combine multiple charts into one view. With just one dashboard you can see the overall health of your business management.
Another feature available with a Payment Gateway is recurring billing. Recurring billing allows business owners to receive recurring payments on a continuous basis so that they receive funds on schedule and on-time. Business owners can determine the schedule of payments through MYFUNDBOX(weekly, monthly, bi-monthly).
Accepted Payment Methods
Selecting a payment gateway that accepts a variety of different types of payment widens your sales net and makes your business seem more credible.
Almost 60% of customers will abandon a transaction if their preferred payment method isn’t accepted.
In addition, 80% of customers feel safer submitting their credit card information if they see trustworthy card logos (Visa, MasterCard) displayed prominently in an online store.
MYFUNDBOX Online payments works with financial partners like Stripe, PayPal, Amazon pay etc. and has more than 15 payment methods allowing your customers to choose their preferred payment methods.
Reduced Transaction Fees
Comparing online stores to traditional retailers, payment gateway technologies can significantly lower transaction costs.
Customers can make online payments with their credit or debit cards using integrated payment solutions, and businesses get the complete price they anticipate.
Also, since the majority of payment gateway systems have fraud prevention features, business owners don't have to worry about dealing with denied payments from expired cards.
At the time we were using PayPal Websites Payment Pro for credit card processing. One day our PayPal account stopped accepting all American Express (AMEX) cards and there was no timeline for fixing it. Within a couple of minutes we opened up a Stripe account through MYFUNDBOX and routed all AMEX cards into the new gateway. After about a month the PayPal/AMEX issue had been resolved.
That's how integrating with multiple payment gateways comes in handy saving your business out of major turmoil!
Also subscription management gets complicated when customers have multiple subscriptions. MYFUNDBOX subscription management will make it easy by sending a single consolidated invoice to a customer who has subscribed to multiple products.
Incorporating a Payment Gateway is a great tool for small business owners to take control of their businesses and stand out from the competition. With the above advantages within a Payment Gateway, small businesses will be well on their way to future success.
Payment gateways are an obscure piece of technology that plays a vital role in the world of ecommerce. Without them it would be much riskier to purchase anything online. If you sell online, investing in a good payment gateway provides your customers with piece of mind and makes it more likely they will not abandon their shopping cart when it comes time to pay.
MYFUNDBOX is a subscription billing platform to help businesses handle recurring billing and revenue management operations.
We have integrated with payment processing decacorns like Stripe, GoCardless, and Mollie which supports multiple payment methods including bank transfer, debit cards , credit cards, SEPA etc.
With MYFUNDBOX, all the primary global payment gateways are available in a single window , so that customers have the freedom to choose their preferred payment gateway and payment method.
If you are looking for trustworthy payment processing partner to engage with your business needs and to take your business to next level, feel free to check MYFUNDBOX.