With credit card frauds and security breaches on the rise, it's important to impart a layer of security to any online transactions conducted via your website. Otherwise, you might risk losing business from security-conscious customers who'll switch to a more secure option instead. When running an online business, one of the foremost things you need to cross off your checklist is setting up the right Online Payment Gateway on your site. Read on to know how it carries multiple advantages.
What is it?
A Payment Gateway is a service application that authorizes credit/debit card payments or online transactions playing a vital role in authorizing the payment between the seller and the buyer in an eCommerce environment. There are several third party applications that process, verify and carry out transactions in a secure manner. Some of the most reputed ones used in Singapore include 2Checkout, Asia Pay, Braintree, Coinbase, CyberSource, eWay, PayPal Express Checkout, NETbilling, among others.
The hidden potential for Marketing
A secure payment gateway doesn’t just facilitate transactions but also shows promise in uplifting marketing endeavors. How, you ask? Here are a few ideas on making the most of it:
1) Show them that you care
Do not shy away from flaunting something you've got, especially when that something will resolve a major concern of your customers. Let them know that you care, understand their predicament and assure them of security. Tell them how you've specifically invested in payment security options to instill a sense of confidence in them about your brand.
2) Use customer perceptions to your advantage
While even large enterprises have been susceptible to security breaches in the past, the average customer’s perception still revolves around the fact that small businesses aren't equipped to provide secure payments. If your business provides payment security, you can leverage this fact as a point of differentiation to your competition and communicate it to your customers.
3) Give them a reason to choose you
Use your marketing campaign to remind customers the detrimental effects of doing business with a company that doesn't take security seriously. Highlight the long-term benefits they stand to gain and how they can avoid credit card frauds, and other scams.
4) Share customer reviews
Once someone falls victim to a fraud, it's unlikely that they'll do business with the same vendor again. Show them how several other customers trust your brand and enlighten them of your emphasis on security at every possible opportunity.
Incorporate a secure payment gateway into your site now. Don't know how? Openwave, a leading IT company expertise in Web Portal / Billing System in Singapore, will help ramp up payment security on your web portal.
