The Year 2012 witnessed high growth in the number of shoppers via mobile devices, with the U.S consumers accounting for over 25 billion in purchases through mobile phone. According to a latest study on US smart phone users, about 23% of U.S consumers preferred using their smart phones or other mobile devices to buy their holiday gifts. The statistics from a leading market research firm indicate that U.S retail sales from smart phones and other mobile devices alone will reach a whooping 39 billion this year. With increase in development and use of mobile phone application, mobile payment has gained significant importance in contributing to mobile commerce. Service reliability, payment mobility and security authentication have been the core problem, which can be solved with some flexible and secure measures. This is where a mobile payment gateway comes in.
What is a Mobile Payment Gateway?
A payment gateway essentially serves as a facilitator for transferring information between a payment portal (such as an e commerce or M-commerce portal) and front end processor of the acquiring bank. Think of it as a payment processing solution that bridges the gap between web based payment option and credit card processors. In addition, a payment gateway may also provide services such as reporting, transaction management and billing services. A mobile commerce or M-commerce site uses a mobile payment processing platform called the mobile payment gateway, to allow merchants to electronically submit payment transactions to various processing networks.
How does a Mobile Payment Gateway help increase sales?
A Mobile payment gateway allows you to tap into billions of retail revenue by:
Providing mobile phone users a secure medium to purchase through mobile devices.
A Less expensive medium to conduct business transaction through mobile network or wifi enabled mobile devices as compared to a dial up or leased line in traditional stores.
- Introducing merchants to an easy-to-use and accessible interface that allows review batches and exceptions and manages merchant account wherever and whenever needed.
Choosing the right Mobile Payment Gateway
Since each payment gateway provides a processing solution aimed at target businesses and customers, a mobile payment gateway should be selected in tune with the following factors:
Transaction Fees: The payment processing solution provider should provide quick authorization and transmit credit card data reliably without charging exorbitant amount of transaction fees.
Billing: The mobile payment gateway should allow easily configurable automated billing and other value-added services.
Support: A reliable and quick to contact support network is ideal as the process involves financial transaction.
- Data security and reports: The mobile payment gateway should provide a secure digital environment and deliver visibility to transaction records.
All the above said, a merchant can further narrow down the options for selecting mobile payment gateway that offers user centric design and navigation. A mobile payment gateway designed to provide a user friendly design experience, reduces the number of abandoned cart events. Further, additional features such as mobile wallet and on-site payment feature for mobile not only eases consumer’s shopping experience but also improves brand retention.
MercuryMinds Solution to Mobile Payment:
MercuryMinds offers payment gateway integration solution for google wallets, mobile web checkout, in -app payment etc . We can also provide a robust payment gateway integration solution for your existing E-commerce store.
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