The startup ecosystem has taken over the world over the past several years, and the number of startups has changed drastically ever since Covid happened.
Running a startup involves a continuous flow of money in and out, where digital payments came into the picture.
Each and every entrepreneur is on the run of creating something valuable for the people that can be consumed or acquired without the actual physical contact, right from their home through their devices.
Don’t you think how cool it is, someone coming on your website or application and paying digitally for acquiring your product without even having any sort of negotiation convo or else?
Before jumping on the importance of a payment gateway for a startup, let’s first understand what it actually is.
What is Payment Gateway?
We can term a payment gateway as an online service used for making or receiving online payments.
Startup Business involves a continuous flow of money in and out, and with the giant wave of the internet kicking in from the past several years, running an online business has become almost a new trend, and it has ultimately given rise to digital transactions (sending or receiving money over the internet).
Now, let me walk you through the benefits of having a payment gateway for a startup business.
5 Major Benefits of Payment Gateways For a Startup Business
1. Safe, Secure, and Fast
Integrating a good payment gateway on a website or an application helps in the smooth, secure & fast flow of money from the payer to the payee. It promotes safer digital transactions, which help enrich the customer’s experience towards your business. Thanks to them now, you can run your online business without any delays in receiving payments.
2. Saves Time
In the fast-moving digital world where everything is growing rapidly, no one likes to spend their time making physical payments anymore. This is another foremost reason why payment gateways have become so popular. It has given the flexibility to the users to make payments through the internet, without investing much of their time with just a few clicks, sitting anywhere in this world.
And this has saved a lot of time not just for the user but also for the merchants or the sellers.
Automation is regarded as one of the best introductions in the digital world, and payment automation is one. For example, Setting up an automated method of receiving online payments has saved time and money (spent on people managing online transactions) and minimized errors.
Not only this, but now you can also quickly generate invoices, etc., with just a couple of clicks.
4. Global Acceptance
Running your startup over the internet without payment gateways limits your business to remain at the local level, and you fail to compete and present your product in the global market.
It allows you to stand out in the global market, as it gives you the flexibility to accept online payments throughout the world, no matter where your business is located or your customer is, and it also cuts down the difference between the currencies and gives you a chance to become an international brand and scale your business in the countries you desire to.
5. Boost in Business
Not having a proper ecosystem of receiving and making payments online not only degrades the customer experience but it also reduces the profits which you could have made if you had integrated a proper channel of making online payments on your website or application.
Let’s understand this with a quick example.
Suppose you run a clothing business by the name “Riverdale” through a mobile application.
Now here is a person called Alex who has heard a lot about your business and he came to know that your brand has a mobile application too. So he downloaded your mobile application and wants to purchase clothes for himself.
After downloading the application, he selects the clothes of his choice and adds them to the cart, and then he finds out the application does not have a channel for making online payments.
Now just think about what impact it would create in the mind of Alex, who was almost going to become your customer. Not having a proper channel for online payment has degraded the Alex (customer) experience of online shopping on your application.
I hope with the above example you have understood how not having a proper channel for making online payments can not only degrade the customer experience but can also reduce your company’s profit.
Running an online business involves loads of digital transactions. Suppose a good channel of accepting online payments is not integrated on your website or application. In that case, it can limit your business from scaling and making an impressive impact on the user.
In this article, I have acknowledged you about the 5 significant Unfortunately, not benefits of payment gateways for a startup business, how they can help give your customers an enriching experience, making your brand reach each corner of the world, & how it can save your time, money and efforts.
Also Read: Expense Management System
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© Ruchi Verma
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