Due to the huge size of the market and people engaging in the online purchases, e-commerce is a promising opportunity for businesses. That’s why, millions of sellers have joined or are joining the race. However, before you plan to grab the opportunity you need to understand the challenges involved in this industry. One of the prime challenges faced in the industry is payments-related complexities. Despite the boom in payments industry that is rising with options like mobile payments, digital wallets, and global payments alternatives, many challenges are there still faced by the sellers in this domain.
Let’s identify some of the challenges involved in the e-commerce industry
- Payment gateway integration is one of the key payments-related challenges for online merchants. There is a need to shake hand with the right technology partner for a seamless integration of the payment gateway.
- Safety is one of the major concerns regarding online transactions and shopping. Data breach and online frauds are the key issues that are plaguing the e-commerce industry. There is a need to implement stringent safety measures to protect your customers’ sensitive data.
- In case, you are selling globally then you will need to make sure that there is an option for processing international credit cards on your website to allow customers shop from your online store from anywhere in the world. This scenario includes challenges related to currency exchange, paperwork, payment technology regulations in different countries, and more.
- Choosing the right payment gateway provider is another key challenge that you may struggle with whether you are an established e-commerce business or a startup. The buyers may abandon your store if they are not able to find the appropriate gateway options.
While choosing the right payment gateway does make a difference, choosing the correct e-commerce platform also matters. Magento is a perfect option for building your next e-commerce store. It is an amazing platform equipped with best-in-class features to create extensive online stores easily. By hiring a reliable Magento development company, you can get a full-fledged e-commerce store for selling your products. This platform not only provides tools for creating exceptional online stores, but it also offers solutions that simplify complexities related to online payments.
Magento payments: An adept solution for payment related issues
Magento has recently taken an initiative in the realm of payment related challenges faced by the stores built on this platform. Based on the experiences of different customers and merchants, the platform is simplifying the payment complexities through its new payments platform.
Here is how Magento Payments platform opens possibilities for businesses
Cash flow management
Magento Payments offers a cash flow manager that synchronizes order details and payments automatically with the Magento Admin. It provides accurate and transparent financial reconciliation as it provides clear payment balances, processed volumes, and gives detailed transactions reports.
Unlike most online retailers which provide only two or three payment options to their customers, Magento Payments empower online retailer with the power of leading technologies of Braintree and PayPal to allow them to accept more payment options. The increased payment options enhance the conversion rate for the sellers by eliminating the hindrances of payments for the shoppers.
Easy to implement
One of the key reasons why merchants should incorporate this innovative solution is that it is quite easy to install and configure into your existing system. It provides amazing benefits like reduced operational complexities, better customer experiences along with free resources that can be put to other important uses. After setting up the solution, you can start taking your first payment within a few hours.
Magento Payments comes with a reliable risk management capabilities supported by a Fraud Guarantee which removes the liability on merchants. All disputes are handled by Magento Payments itself.
E-commerce industry contains several challenges hindering your way to success. One of the key concern of every online retailer is the right payment gateway integration into the store for convenient purchases. Magento Payments is a boon for sellers who want to build their online stores on Magento as it offers them a convenient and secure way to cope with the payments related complexities which they can easy implement in their existing system with the help of a reliable Magento development company.