The payments industry is fast changing and is getting plenty of support from tighter security, various international payment options, digital wallets, and mobile payments. As a result, consumers can enjoy security and more options when it comes to payment options. For merchants, this means payments are getting sophisticated due to numerous technologies and underpinning of each transaction by service providers, including payment gateways, payment processors, fraud management tools, issuing banks, and merchant banks. The total worldwide e-commerce sales reached $2.3 trillion in 2017.
This figure will reach almost $4.9 trillion in 2021. This makes payment processing very significant in any ecommerce business. Therefore, Magento Payments was made to solve these merchant problems and boost the experience of clients. The function assists to boost conversions and minimizes the operational sophistication of operating an ecommerce business with EPOS.
Benefits of Magento Payments
Magento Payments is simple to install and configure in order to begin taking payments in some hours. Magento minimizes operational sophistication, boosts the experience of the customer, and in the end lets traders concentrate on what they excel at in order to grow the business.
When forced to pick, shoppers prioritize convenience after security, especially due to recent data breaches. According to research, 73 percent of consumers state that security is more essential than convenience when it comes to online shopping. Shoppers can enjoy both with Magento Payments, which makes it beneficial for traders. It offers risk management capabilities supported by Fraud Guarantee that is industry-leading and that transfers liability away from the traders. Magento custom payment method takes care of dispute management and fraudulent chargebacks. It also offers financial reporting and complete transparency.
Management of Cash Flow
Magento Payments’ cash flow manager automatically synchronizes order details and payments within the Magento Admin, offering complete transparency on payment balance, processed volumes, and reporting on transaction-level information for financial reconciliation. This means the elimination of manual reconciliation processes and spreadsheets as well as eradication of the process of changing between systems to obtain a comprehensive view of the financials. With Magento Payments there is no more manual data mapping from one system to another and the errors that arise from it. This improves the accuracy of financial reconciliation while also saving traders time.
According to research, 66 percent of online merchants provide three or more online payment choices. Magento Payments takes advantage of PayPal and Braintree’s industry-leading technology to allow traders in accepting a broad spectrum of payment methods, including region- and locale-specific, to assist in improving conversions and eliminating barriers that prevent completion of online sales. The Magento Payments is an all-in-one solution that integrates Signifyd fraud protection, PayPal Checkout, and Braintree Payments technologies into Magento commerce in order to streamline the risk management and payments process straight from the admin panel of Magento. There is no need for regional or local payments expertise, no management of third-party accounts, and no subscription expenses.
Magento’s Payment Gateways
Magento open source eCommerce platform provides scalability and flexibility for B2B, B2C, and hybrid solutions. The advanced version of the platform called Magento 2 includes default payment gateways. The Magento payment provider assists in the integration of payment service providers like Authorize.Net, Braintree, and PayPal with your system.
The Authorize.net payment gateway is on-site and assists in the management of the checkout process of many traders with a Magento store. It has secure servers that keep the payment information of the merchant as well as the checkout information safe. All transaction processes are handled in the Magento store as opposed to being redirected to 3rd party sites for processing. The benefit of the Authorize.Net payment gateway is the fact that customers have a smooth shopping experience since all transactions are processed inside the Magento stores.
Braintree is an all-in-one payment platform that provides a complete customizable checkout process. However, it fails to be available to traders located in Australia, the United States, Canada, Singapore, Europe, New Zealand, Hong Kong, and Malaysia. This payment method can only be utilized with your Magento store provided there is proper enabling and configuration of Magento Secure Payment Bridge. This platform assists in the simplification of the payment and refund process for your online Magento store. Moreover, the integration of the Braintree payment gateway is straightforward and appropriate notification will be sent in the case of payment failure.
PayPal enhances the selling and shopping experience by making it easier, safer, and faster for all. It provides fast checkout, free Return Shipping service, a complete refund of selected purchases, security features on all transactions, and secure payments. Integration of PayPal with Magento 2 allows the admin to make payouts of the seller by employing the mass payment option of payment platform. This assists in making many payments in a short period.
Magento Payments has some very essential benefits that every online trader needs. If you are a trader who has a Magento store, you will enjoy simple onboarding, fraud guarantee, cash flow management, and improved conversions. Some of the payment gateways that integrate with your Magento store include PayPal, Braintree, and Authorize.Net. Payment gateways are significant components in online stores as they offer shoppers a variety of choices to pick from among various gateways. You can pick the ideal payment gateway for your online store by consulting an experienced Magento development agency.
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