In today’s world, smartphones become the second half of our life where it acts as a friend, philosopher, and guide to every individual. Right from the scrolling the daily news feed, buying groceries or going for window shopping, there lies only one answer – smartphones. In simple words, the majority of transactions today are down through mobile apps. If you are an eCommerce vendor then you must be aware of the importance of the online payment services in any e-commerce portal.
“Mobile payments are expected to reach 930 billion US dollars in revenue”. - Statista
All your business effort spent on your online business will go in vain if you don’t have secure fast payment options that will ease your user efforts while ensuring that their money will go into safe hands. It is a critical and final process in the online shopping industry.
Nowadays having a payment gateway features in your online business is not an option, but a necessity. It is mandatory for any B2B or B2C business to provide multitude ways of online payment option. Whether you are developing a Taxi Booking App, a Food & Grocery App or any other app, integration of a secure, user-friendly all in one payment gateway is an inevitable process.
According to Statista – ‘Total Transaction Value in the "Digital Payments" segment amounts to US$3,265,209m in 2018.’
In fact, with the increase in complexity in the process, it becomes tedious or sometimes impossible to manually update the system for every transaction to sync with the system. Moreover, with the manual process, there is a chance of humane err which creates lots of complication in the overall accountancy work of an organization.
While using the payment gateway integration module, all the transaction will automatically sync in real time with the accounts of an organization leaving no possibilities of error in it.