Advantages of a Payment Gateway for Small Businesses

Small business is booming. With new technologies coming out at a rapid pace, it’s important to implement the right solutions that are cost-effective and will help improve your bottom line. One product that can drastically empower small businesses is a Payment Gateway. A Payment Gateway seamlessly integrates a full suite of payment tools in one comprehensive solution – making it easier for small business owners to improve the overall efficiency of their business.

let’s take a look at some of the main advantages offered in a Payment Gateway for small business

Dashboard:

With a Payment Gateway, business owners will gain the usage of a merchant dashboard where they will be able to see an overview of their business at-a-glance. This feature is great for businesses who sell on multiple channels, as they now can collect and receive all data on one easy-to-view dashboard. In addition, a merchant dashboard will help business owners easily access important insights such as daily sales, top performing products, customer data, traffic data, and loyalty program monitoring.
MYFUNDBOX Payment systems provide more than 15 payment methods. You can visualize and analyze your data coming up from different payment methods with dashboards. Dashboards combine multiple charts into one view. With just one dashboard you can see the overall health of your business management.

Recurring Billing:

Another feature available with a Payment Gateway is recurring billing. Recurring billing allows business owners to receive recurring payments on a continuous basis so that they receive funds on schedule and on-time. Business owners can determine the schedule of payments through MYFUNDBOX(weekly, monthly, bi-monthly).
Subscription management gets complicated when customers have multiple subscriptions. With MYFUNDBOX subscription management will make it easy by sending a single consolidated invoice to a customer who’s subscribed to multiple products.

Accepted Payment Methods

Selecting a payment gateway that accepts a variety of different types of payment widens your sales net and makes your business seem more credible. Almost 60% of customers will abandon a transaction if their preferred payment method isn’t accepted. In addition, 80% of customers feel safer submitting their credit card information if they see trustworthy card logos (Visa, MasterCard) displayed prominently in an online store.
MYFUNDBOX Online payments works with financial partners like stripe, PayPal, Amazon pay etc. and has more than 15 payment methods allowing your customers to choose their preferred payment methods.

Customer Service

An issue with your payment gateway means you will not be able to accept online credit card payments, which would probably cause a lot of problems for you and your business. Because of this, make sure you align with a payment gateway service that provides 24/7 support. The ecommerce business never sleeps, so you should be able to get the help you need at all times.
At the time we were using PayPal Websites Payment Pro for credit card processing. One day our PayPal account stopped accepting all American Express (AMEX) cards and there was no timeline for fixing it. Within a couple of minutes we opened up a Stripe account through MYFUNDBOX and routed all AMEX cards into the new gateway. After about a month the PayPal/AMEX issue had been resolved.

Incorporating a Payment Gateway is a great tool for small businesses owners to take control of their business and stand out from competition. With the above tools readily available within a Payment Gateway, small businesses will be well on their way to future success.
Payment gateways are an obscure piece of technology that plays a vital role in the world of ecommerce. Without them it would be much riskier to purchase anything online. If you sell online, investing in a good payment gateway provides your customers with piece of mind and makes it more likely they will not abandon their shopping cart when it comes time to pay.

If you are looking for trustworthy payment processing partner to engage with your business needs and to take your business to next level, feel free to check MYFUNDBOX.