The reason why more and more people love online shopping is that it is easy, quick and they don’t have to step out from their homes to purchase the desired products. And not just online shopping, almost everything has transformed digitally, which means customers don’t have to carry cash in their wallets. They can move cashless anywhere and everywhere, all thanks to the online payment methods or specifically the payment gateways. An online payment gateway of India is a safe and secure way to make transactions with a few clicks. Unfortunately, there are many challenges that people face while making online payments. This post is all about identifying the common challenges and ways to tackle them.
A secure payment gateway can help in overcoming a majority of online payment challenges.
Below are the biggest challenges faced by people while making online payments :
1. Online Payment Fraud
Online fraud is the biggest fear that stops many people to move cashless. Some people still prefer making transactions in cash because they fear getting scammed. Unfortunately, their fear can sometimes turn into reality because cyber attackers and fraudsters have found their way through the online payment systems. Not just the consumers, but a few merchants are also reluctant to accept online payment modes due to the same reason.
Card payment is the most common mode of online payment. The problem is, the card is not present in the digital transactions, so in the event of fraud, either an extra charge is deducted from the payee’s account or payment isn’t reflected into the account of the receiver.
Thankfully, the security of online payment systems has increased to a great level. So, online frauds are very less likely to happen. Still, to be on the safer side, users should ensure the authenticity and reliability of the payment gateway before making any transaction.
Chargeback is another online payment challenge that is faced mainly by small merchants and local businesses. This is one of the biggest reasons local shop owners still deal in hard cash. But what exactly is a chargeback? As the name suggests, a chargeback is an additional charge that imposes itself on the actual amount of the transaction.
These additional charges not only reduce the actual credit of the merchants but also degrade their reputation in the market. In fact, many customers abandon their shopping carts at the checkout pages on finding hidden charges.
If these issues aren’t handled on time, they result in bigger transactional disputes. They harm the credit as well as the reputation of business owners.
The best way to deal with this challenge is to select the trusted and reliable online payment methods. A secure and RBI-compliant payment gateway in India will help you bypass the chargeback frauds in the best way.
3. Choosing the wrong payment gateway
There is no surprise that the online payment gateway of India is becoming more and more popular these days. No doubt they ease the transaction process and make it faster, safer, and highly convenient to the users. Payment gateways are equally beneficial for the consumers as well as the merchants. However, sometimes due to lack of research and experience, people end up with the wrong payment gateways that impose serious payment risks on the users.
So, how to deal with this issue? It is very simple to choose the right payment gateway in India. Always choose your payment gateway service provider after checking its features, security level, customer support, and so on.
4. Foreign Currency Payments
With the rise in eCommerce platforms and the capability of business owners to expand their businesses globally, many users still face problems while making or accepting payments in multiple currencies.
For this reason, it is very important for business owners to include payment options that work for local as well as international consumers. The biggest advantage of using payment gateways is, it helps the users to make payments in their currency and allow the merchants to accept the same in their respective currency. Hence, they work as a reliable middleman.
5. Poor User Experience
While it’s much easier to integrate an online payment system into the business, it can be a daunting task to make sure it is easy and hassle-free for the customers.
A complex, slow or faulty online payment system is the biggest turn-off for the users. No customer wants to shop from a platform that risks their money or offers a complicated payment process.
So, the best way to overcome this challenge is to provide your users with an easy-to-use and friendly online payment system. This will not only improve your reputation but also increase your user base, sales and profits.
So, these were the most common challenges faced by people while making online transactions. All of these problems can be easily solved by using a trusted, reliable and secure payment gateway. To know more, click here.