New digital payment methods such as mobile payments and online payment gateways are rapidly growing in popularity across the world. Fintech industry in Egypt has been growing exponentially, as digital payments will be the market's largest segment with a total transaction value of US$13.5B in 2022. The number of users in the digital payments segment is expected to amount to 78.58m users by 2026. In addition to the average transaction value per user in the alternative Financing segment is projected to amount to US$28k in 2022.
Yet, despite this rapid growth, many businesses still hesitate to integrate digital payments on their websites. Maybe it’s because their target audience don’t see how these new payment options will bring them any significant value. Whatever be your reason, you need to understand that there is no right or wrong answer when it comes to integrating digital payments on your website. It’s all about what works for you and your business objectives.
Why should you add a payment gateway on your website?
There are plenty of reasons why you should integrate digital payments on your website including:
- More Customers: You can expand your business to new customers by accepting all major payment methods.
- Improved Conversion Rate: A seamless payment experience will encourage customers to make purchases and increase your conversion rate.
- Better Brand Reputation: Customers want to shop from websites that are both secure and reliable. By accepting digital payments, you make your website look more trustworthy.
- Enhance E-Commerce Brand: By integrating digital payments on your e-commerce website, you can show your customers that you are a modern business that cares about their experience.
- Lower Operational Costs: Integrating digital payments on your website can help you reduce the operational costs.
How to choose a reliable payment gateway?
Online payment gateways should tackle all the below standards:
1. Payment Acceptance Methods: Online payment gateways allow you to accept payments from all types of credit, debit cards and digital wallets.
2. Security& Reliability: Fully PCI-DSS complaint as a Level 1 Service Provider, which is the key security standard within the payment.
3. Diversity in Uses Case that Fits your Industry: Offers a portfolio of products that assist you in growing and promoting your business, such as summarized and bulk e-invoices, payment links and requests, scan2pay and installments.
How to integrate your e-commerce store with your payment gateway?
Integrating your website with a payment gateway is more convenient than before. Most of payment gateways have a one-click installation process or a plugin that doesn’t require you to have any technical knowledge. First, identify the payment gateway you want to install on your website.
Payment gateways provide a test mode environment and live mode environment. By signing up you should have a free test keys for trial of the plugin. When satisfied you could enable the live mode by submitting your required documents. After going live you will have access to live payment keys that you can insert into your e-commerce payment integration.
Integrating digital payments on your website can significantly increase your sales and customer base. However, you need to choose the right payment methods for your business. Credit cards and online payment gateways are the most popular digital payments methods that can help you grow your e-commerce business.