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With the entry of millennials and Generation Zers in the market, you can no longer rely only on traditional payment methods. This set of new customers expect everything to happen in a second and from the comfort of their home. Cash transactions are outdated and cannot fulfill their need for instant gratification. This makes it imperative for small businesses to integrate their websites and mobile applications with payment gateways as swiftly as possible. This article talks about the top 5 payment gateways for small businesses to attract the modern customer and outshine their competition.
1. Mobile payment apps
According to the report, the transaction value of mobile payment apps is expected to go up from USD 64.78 billion in 2019 to USD 134.58 billion in 2023. This has been made possible by a plethora of safe mobile payment applications such as Google Pay, BHIM, Samsung Pay, etc.
Also Read: Future of Mobile eCommerce
2. Online payments
Out of all the payment methods discussed in this article, online payments are probably the most important from the perspective of the business. It provides large swathes of information about the customer – name, age, buying behavior, buying history, etc. which are imperative to create a customer profile.
3. Messaging apps
Messaging apps were one of the first applications before the advent of real-time message apps that were used for sending messages to your near and dear ones. But with the advent of real-time chat applications, they lost their sheen. Recently, they have been integrated with eCommerce platforms and appear to regain their lost status. For example WeChat.
4. Prepaid Cards
Prepaid cards are one of those payment methods that have found an important place in eCommerce. Customers can transfer a particular amount of funds from their credit/debit cards into their prepaid cards and shop until it exhausts. This saves them from the need to put their card number, PIN, CVV number every time they purchase a product.
5. Pay later solutions
The “Pay later” has emerged as one of the most important payment methods in the industry. It is being readily accepted by customers because it allows them to pay at a later date. This has been made possible by the advent of modern AI and machine learning algorithms that segment different customers according to their income and predict a varying threshold for each one of them.
Small businesses need to come out of their brick and mortar mindset and integrate digital payment methods to attract new-age customers. At Sage, we are home to world-class ERP software that will enable you to integrate different payment methods with your small business.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.