Enabled by advanced technology, the continued year on year growth in online shopping has been fueled by consumer’s demands for greater convenience and value. For businesses, this trend poses both significant challenges and opportunities. Today, consumers are shopping round the clock and virtually from everywhere. In a truly global online marketplace, products can be easily purchased from retailers located anywhere around the globe. According to a recent report, global-retail sale is predicted to grow up to $4.48 Trillion by 2021.
Increase in M-Commerce Magnifies the Challenge for Merchants
In recent years, mobile payments have turned out to be increasingly popular in the commerce world as consumers use their mobile devices for various online shopping activities. Studies suggest that mobile sales are growing at 36% per year versus 8% on desktop. Observing this shift in consumer behavior, 89% of retailers plan to increase their investments in mobile initiatives. However, despite this push towards mobile payments, security concerns still remain of paramount importance.
Why is Payment Gateway Important for E-Commerce Industry?
Data security scams and rising fraud statistics illustrate the devastating effects the non-secure payment processing has on organization’s brand value and bottom line. Additionally, rise of omni-channel e-commerce has also paved the way for significant vulnerabilities. Lack of real-time insights and cost of upgrading legacy systems can further inhibit profitability.
Keeping payment processing technology updated enable merchants provide consumers with a fast and easy experience at the online point of sale. This further helps drive better revenue by reducing online abandonment. Agile and adaptive payment gateway gets rewarded in this kind of scenario.
QPS Integrated Payment Gateway: Driving Security with Reduced Settlement Time
Mobile and online transactions bring with them issues of fraud threats, security concerns and the need to deliver consumers a hassle-free shopping experience. Recognizing the importance of merchant’s ability to transact 24*7, QPS has launched its payment gateway integrated with 5 layers of fraud screening that help merchants with benefits like real-time accept/decline, manual order acceptance review and chargeback management.