In 2019 e-Commerce sales contributed to 14.1 % of global sales. In 2017, Nasdaq forecasted that by 2040, E-Commerce sales could go up to a whopping 95%. However, The pandemic situation boosted the eCommerce economy. And at the correct growth rate, we might reach this number much earlier than 2040.
In 2020, Global retail or offline sales declined by 3%. However, e-commerce businesses saw a 27% increase. However, To attract more customers and ensure a smooth sales process, it is crucial that you integrate a robust and convenient payment system.
Looking for a convenient solution to seamlessly support online transactions on your e-commerce store? The PayTrace payment is one of the best solutions!
With PayTrace Payment Gateway Magento 2, your store can support online transactions using Visa, MasterCard, American Express, Discover, and much more! The extension is fully loaded with functionalities and features.
Working Mechanism Of A Payment Gateway
- First, once the customer confirms purchasing a product/service, they'll initiate payment transactions.
- With their confirmation, the e-commerce store/platform will redirect your customers to a payment gateway where they need to enter the relevant details (card information, net banking OTP, UPI id, etc.)
- Next, the Payment gateway will redirect your consumers to a secure page for transaction completion.
- After getting approval for the online transaction from the payment gateway, the balance will be checked for the online transaction.
- The payment gateway will then send a message after completing the transaction and indicate whether it was a successful or unsuccessful transaction.
- Upon completion of a successful transaction, the payment gateway settles the transaction with the bank.
- Next, the Magento Extension PayTrace payment gateway will settle the transaction with the store owner/ merchant and notify the customers about the completion of the payment process.
What Should You Expect From A Good Payment Gateway?
- Support team to smoothly maintain your Magento store.
- Round-the-clock availability.
- Proper documentation to understand the technicalities and working of the payment gateway.
- Compatibility with various devices and technologies in the industry.
- Regular testing to handle errors.
Benefits Of Using Payment Gateway
Following are the benefits of using a payment gateway!
- Gives a seamless checkout experience which is essential for enhanced customer engagement.
- Reduces chances of cart abandonment through easy payment options and increases sales.
- Compliance with security standards such as PCI (DSS) help provides secure transactions.
- It can be integrated with a shopping cart
- Offers faster payment processing
- Payment gateway using Magento Extension accepts multiple payment options
- Efficiently handles online threats and frauds
- Provides recurring billing
What Are The Key Features Of The Paytrace Payment Gateway Magento 2?
The PayTrace Payment Gateway Magento 2 is packed with several features and functionalities:
Quicker Checkout Process
Online users typically find it difficult to trust websites that redirect them to a third-party platform during payment.
With PayTrace Magento 2 extension, you don't need to worry about your user getting redirected to other platforms. You can give an option to your users to check out on your own website using Magento 2 payment gateway. Online transactions can be easily completed and are secure.
Ultimately, your users will enjoy an easy and friendly experience that translates into repeat visits to your online store.
Various Methods To Accept Payments
In the current century, digitization has given rise to several modes of payment. And customers always look for various options while shopping online.
With the Paytrace Magento extension, you can offer various payment options to your customers to complete their payments. These may include debit cards, credit cards, online wallets, net banking, etc.
Manage Sensitive Data Securely
Paytrace payment gateway allows your customers to store their sensitive information in a secure way.
Refund Process
With the PayTrace payment gateway refund feature, admins get the option to perform partial and full refunds.
Why Should You Integrate Paytrace Payment Gateway In Magento 2?
Reduction In Equipment Costs
Visa, cheque, gift voucher, or other online payments using a PayTrace Payment Gateway Magento 2 is a web-enabled system.
Minimal Processing Costs
The Visa business involves a processing cost for each transaction by a credit card. PayTrace's gateway extension can offer the most proficient method and reduce processing costs.
Some of the most renowned features include AVS match evaluation, Level II (business), and Level III (buying) data processing.
Work More Efficiently
The Magento extension provides you with several functionalities to save and record all transactions on the online store.
Furthermore, users can check and track every store transaction, whether done online or in cash.
Better Security
With the PayTrace payment gateway, there's no need to locally store cardholder information.
Similarly, you'll have the option to control the security of your PayTrace account by using exceptional IDs and passwords. Paytrace gateway provides a highly secure platform, free of data fraud, and saves all sensitive information safely.
How To Build A Successful E-Commerce Business Using Paytrace Payment Gateway?
A simple API interface is adequate to integrate this payment gateway. You can accept online payments through various digital devices, including personal computers, laptops, phones, or tablets.
This allows ecommerce businesses to purchase cards at minimal rates in the marketplace. Every customer demands a secure platform before sharing sensitive data. This Magento 2 Extension stores all the payment or sensitive data in a secure format.
Some add-ons that can be helpful in improving your business include:
- When you purchase payment gateway Magento 2, it just needs a unique User ID and password
- It refrains from redirecting to other pages that make the website more reliable, user-friendly, and responsive
- It seamlessly connects Magento 2 store and PayTrace card processing services
Wrapping Up!
This blog discussed some vital reasons to consider the PayTrace Payment Gateway for your ecommerce store. We understand choosing a payment gateway is a complex task as you have to choose the one which gives a superior user experience. An ideal payment gateway should manage security, ensure easy accessibility, provide secure data storage, present economical pricing, and share regular updates in the e-commerce store.
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