Manual processing can be an unresolved issue if it is not handled closely with customers. Usually, customers cannot help but to expect a real-time response, processing and status update. But, does one person able to handle it all? Thus, it is important to overcome the issue with payment gateway and payment processor; which are able to close the gap of countless customers and even country bounds when accepting payment.
With the global credit card issuers and financial institution’s involvement, payment does no longer has its limit.
Reasons to divert to a payment gateway
As you might experience some difficulties when accepting payment previously, you will surely understand how fussy the things could be for you. There are definitely a lot of works behind the scene for you to be responsible with. All the communications, payment records, shipping and all are taking more than one day to completely cater to the customers’ need. This could lead to poor business efficiency.
How will a payment gateway help you?
- Prevent human errors
- Reduce uncaptured transactions
- Maintain good relationship
The problem with manual data entry is closely related with mistakes done by human. According to a research, our attention span as a human is lower than a goldfish, which is only eight seconds on average. It can lead to so many errors when entering the account number or name of the account holder especially after eyeing too many attractive products and discounts.
Most importantly, payments should be handled by the righteous hands and the trusted authorities. This is one of the way you can let your customers know that their payments are securely captured. It will also help you to receive the evident transaction without having to ask for the payment proof which in some cases, merchants are not able to detect any adjustments made on the receipt.
Uncaptured transaction does not only cause the worry to your customers, but it will also take a lot of your time to handle the issue. This issue might be caused by insecure connection or even misenter the account details. This can happen to customers who use a different bank from you. As a result, they will not feel confident to make a transaction to your account.
By only getting the customers to enter their username and password for online banking, a payment gateway will direct them to their bank and make the payment straightaway. After payment was made, merchant and customers will be notified directly about the payment status; which help you to identify any uncaptured transaction.
A payment gateway does not only help you to cut down the cost of hiring people to handle the incoming payments, but it also helps you to connect to all local banks within the same cost. Ultimately, you really need to have a lot of people underneath to treat your customers nicely. At the same time, the cost to have a technology to replace human is surely much cheaper.
As a result, you can place the costs on other tasks that require more attention.
Your customers will have a lot of catch ups to do to make sure all the things are processed in the right way. You need to let them know every process that you have done and update to them within the time that they To reply all of their enquiries might take a lot of time. If you get the timing wrong, they might feel that you are running away with their money.
Your customers’ utmost concern is where their money is being transferred to. One of the way that your relationship can be maintained is by letting the payment automation takes place, so that you will never have to face a lot of questions or any criticisms from your customers, at least in the most crucial part in shopping; which is payment.
Manual entries, no matter in payment or any other parts, can always lead to other bigger issues in your company. If any entities in your company mishandle the tasks, it can definitely affect the trust and perception they have on your company.
To find out more about payment gateway for your business, contact MOLPay. We are very happy to assist you.