Does every business need a payment gateway?
Yes, big businesses need to embed payment gateways into their websites and apps but what about growing businesses? Do growing businesses really need a payment gateway?
First, what’s a payment gateway?
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar.
Why do I need a payment gateway when I already receive payments directly to my bank?
- Secure and reliable transaction processing: Payment gateways such as Flutterwave, offer you secure transaction processing due to being licensed by the biggest card networks like Visa and Mastercard. Flutterwave is also PCI-DSS Level 1 Certified.
- Convenient for customers, especially customers located abroad: How does a customer in Uganda conveniently pay a merchant in Nigeria or U.S or anywhere else? Exactly. A payment gateway is a bridge that grows international transactions.
- Easy report generation and account reconciliation process: All kinds of reports are easily generated in the dashboard and this helps with monitoring the growth of the business.
- Multiple payment methods & multiple-currency payments: By accepting payment methods convenient to the customer, payment gateways ensure that you don’t miss out on revenue.
- Transparent accounting: Collecting payments from different avenues but in one dashboard enhances accounting transparency.
- Protects merchants from any misuse or fraud attempts: Payment gateways employ a slew of tools geared at protecting merchants from fraud. From tech tools to actual humans watching transactions.
- Convenient customer dispute resolution/refunds: The process of refunds can be executed with a few clicks from within the Flutterwave dashboard.
Yes, the advantages are overwhelming but my business needs money daily and payment gateways delay my money, unlike direct bank transfers…
Errm, that was then because Flutterwave just recently changed the game! Flutterwave has introduced Instant Settlement which means that your money is available to you immediately your customer makes the payment.
Does your business need a payment gateway? Sure it does.
Is there any reason you are not using Flutterwave’s payment gateway? A big NO!
Sign up and take your business to the next level right here.