It doesn’t need to be said that India has witnessed significant growth in online payments in the post-Demonetization world. All of us have experienced this ourselves, be it in terms of buying groceries from an app or ordering electronics from a website.
For consumers, online payments seem easy. But only a banker understands what needs to be done behind the scenes to make this seemingly seamless process seamless. And, of course, it is not as easy as it seems.
Banks face numerous challenges in processing online payments. From the limitations of monolithic architectures to the problems of scalability, complexity and maintenance, a bank’s online payments system is kept on its toes to keep pace with the high demands of this e-commerce era.
But where there are challenges, there also are solutions. Here are 4 solutions to challenges that banks typically face.
The challenge: Failures due to technical glitches
The solution: A resilient & scalable payment gateway
The last thing online consumers want is a payment failure. It's the last thing that merchants and banks want as well. But payments can fail because of a myriad number of reasons – some of which are under the control of banks.
Banks can ensure that their servers are responsive and there are no interruptions in the payments process by onboarding a payment gateway like FSS Payment Gateway. With features like dynamic scalability and resiliency during peak hours, FSS Payment Gateway offers optimised infrastructure resource allocation on demand. FSS Payment Gateway boasts of the capability to scale to >5,000 TPS (transactions per second). This means minimal technical failures and smoother transactions.
The challenge: Limited payment options for customers
The solution: A payment gateway that improves merchant reach
Every bank wants its merchants to grow. Their growth leads to the bank’s growth. The more payment options a merchant provides, the more transacting customers it can get. But banks using a traditional payment gateway can’t enhance the payment experience of its merchants.
This is where FSS Payment Gateway comes into the picture. It helps improve merchant reach with multi-channel, multi-currency and multi-instrument capabilities. Additionally, FSS Payment Gateway offers solutions like Payment Links, QR Code, Product Catalogue and Autopay that merchants can use as soft collect options. All in all, enhanced reach and higher transaction volumes.
The challenge: Serving small and micro businesses
The solution: Payment gateway with a microservices architecture
Businesses come in many sizes. More so in a growing economy that has a rich history of entrepreneurship. Many businesses start on a small scale, but banks are unable to always serve them. Some small businesses don’t have a website while some don’t need the full stack payment gateway a bank offers, among other reasons.
FSS Payment Gateway is the solution to these concerns. It can cater to modern-day businesses of all sizes and types. FSS Payment Gateway’s microservices infrastructure and plug-and-play capabilities allow businesses to choose functionalities best suited for their requirements. Merchants can also create an online webstore using customisable templates and benefit from features like inventory management and branded hosted checkout. The end result: No business gets left behind.
The challenge: Merchant onboarding & management
The solution: Payment gateway with additional features
Merchant management is often overlooked as one of the major challenges a bank faces. A challenge that gets bigger as the bank’s portfolio grows. A bank has to ensure smooth merchant onboarding, zero-friction merchant servicing, risk management and at the same time, get in-depth data for better decision making.
FSS Payment Gateway can help with all of these. It comes with a range of additional features like 3DS Server 2.2, risk management, merchant self-service and data-driven insights along with payment processing. FSS Payment Gateway offers 30+ user journeys and 250+ merchant category templates. So far, the payment gateway has helped multiple banks manage over 1 million merchant accounts.
Apart from solutions for these major challenges, FSS Payment Gateway also comes equipped to help banks and their merchants deal with frauds & chargebacks, data security and cross-border payments.
FSS Payment Gateway is powered by FSS BLAZE, a cutting-edge payment technology platform. BLAZE offers a microservices infrastructure, uninterrupted performance and effortless integration. BLAZE is backed by Dev-Sec-Ops practices and adheres to global standards, regulations and data security. It's the future of payments technology, serving you today.
Inspired to onboard FSS Payment Gateway? Learn more here.
