Ecommerce, Digital Payments, Shopping Carts, etc. may sound as common “every-day” terminologies now but were nothing but a set of jargons to most, only a decade ago. It’s simply brilliant how ecommerce adoption has accelerated not only in India but across all major developed and developing countries around the globe. This acceleration was never a standalone feat. It was backed by constant and fast developments in the field of payments and technology. Afterall, digital adoption at a population scale can only be possible if it can be supported by a strong digital ecosystem and technology infrastructure. Smartphones, fast-internet, payment gateways, etc. all need to function in a sync to make millions of transactions successful every minute.
Governments and organizations continue to push towards a larger digital economic footprint while trying to offer solutions that can cater to a larger set of audience. They realise the potential of having a strong digital business environment – both in terms of cost as well as transparency. While we continue to see a growing shift in payments from cash-based transactions to digital transactions, the demand towards faster, simpler, personalized technology solutions is also on the rise. Today, on one hand we have large merchants who need scalable technology solutions that can be personalized to the specific merchant needs, on the other hand smaller vendors need simpler, nimble solutions that can be easily integrated and be used in a plug-and-play manner without high investments. Payment solutions that cater to these varied needs ensure long term growth in business as well as digital payments.
Successful digital payments are dependent on three key factors:
- Ease of acceptance, i.e., the ability to accept payment digitally through any method be it card, wallet, QR, or other non-card rail options.
- Processing speed, i.e., to be able to process thousands of payments in a matter of a seconds, without failing to load or break in between, leading to cart dropouts.
- Payment security, i.e., to ensure complete payment and data security by ensuring speedy authentication and authorization of the payee.
A combination of these three factors provides a holistic solution that ensures faster adoption from both the buyer as well as the seller. Payment gateway innovations across industry have been crucial in bridging this gap between cash vs digital payments as well between seller vs buyer adoption. Being the principal enabler of ecommerce and digital transactions across economies, payment gateway innovations like multi-channel acceptance, ease of integration with systems and carts, and complete payment security have provided merchants the comfort as well as confidence to accept digital payments hassle free.
Choosing a payment gateway solution in 2022 however, is a lot different than what it was decade ago. With technological advancement, growing risks, and varied payment methods, payment gateway offerings are also becoming complex.
Some of the key features in a modern-day payment gateway solution include:
- Mobile-first, form factor agnostic integrations
- Multiple currency conversions and payment acceptance
- Tokenization for card-on-file transactions and efficient key management procedures
- Multiple risk configurations
- Multiple Integrations – Plug-ins, Hosted, Buy Now Buttons, SDKs, etc. for ease of implementation at the bank’s end towards any type of merchants.
- Personalization and Branding
- Multilingual Support
At FSS, we are building solutions that cater to the changing needs of the industry.
FSS Payment Gateway
FSS Payment Gateway Solution is a best-in-class, complete PG solution built to deliver high quality customer experience at speed and scale. Benchmarked to process more than 8000 transactions per second, compliant with PCI DSS 3.2 standards, FSS Payment Gateway powers some of the largest banks in Asia.
As a payment gateway solution, enabling maximum payment user journeys becomes both crucial as well as complex. FSS’ Payment Gateway is solving in that regard by supporting more than 30 user journeys involving smallest vendors to large conglomerates. At a time when all businesses, big or small are moving towards digital payments, FSS’ solution - with specialized features like Pay Now - is built for all sizes, and all nature of business.
Whether a big multinational or a small seasonal vendor, whether a digital-native modern company or a traditional offline store – FSS Payment Gateway is built to enable digital payments in any business environment with simple integrations and ZERO capital expenditure. With multiple API integrations like Refund, Enquiry, etc. FSS PG provides banks the ability to offer end-to-end configurability to their merchant customers.
At FSS, we understand the importance an efficient payment gateway solution plays in the business cycle of an organization. With growing digital adoption across the globe, we are building solutions that facilitate this adoption at every stage, and we are partnering with organizations who are bring this change in their region.
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Write to us at products@fsstech.co.in
