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If you are a growing business trying to expedite your clients’ payment processes and enhance your cash flow, you should now be quite certain that online payments through payment gateways are the best way to proceed. Payment gateways not only make it simple for your consumers to pay you, but they also reflect payments promptly on your end, improving your cash flow.
To begin accepting online payment gateway in Pakistan, you must have a safe system in place that allows you to handle sensitive client information, which is essentially what a payment gateway does: it approves online payments and securely charges your customers’ credit cards.
As the world is going digital, small businesses in Pakistan are looking for ways to expand their reach and increase sales. One crucial aspect of expanding your business online is having a reliable payment gateway in Pakistan that facilitates secure and seamless online transactions. In this article, we will explore how to choose the best payment gateway in Pakistan for your small business.
What is a Payment Gateway in Pakistan?
A payment gateway is a software application that allows businesses to accept and process online payments securely. It acts as a bridge between the merchant’s website and the bank, ensuring that customer payment information is encrypted and processed securely.
Payment gateways do this by performing three functions:
- Securely validating credit card information from customers
- Make certain that sufficient money is available to execute deals.
- Accepting transactions and sending funds to your account
All of this information is handled on encrypted payment gateway servers, so you are not held liable for sensitive client data.
Why is a Payment gateway in Pakistan Important for Small Businesses?
Having a payment gateway is crucial for small businesses, especially those that operate online. With a payment gateway, businesses can:
Accept multiple payment methods: A payment gateway allows you to accept payments via credit/debit cards, net banking, and other popular payment methods.
Increase sales: Customers are more likely to make a purchase if they can pay using a convenient and secure payment gateway.
Boost customer confidence: A secure payment gateway can increase customer confidence in your business and lead to repeat purchases.
Reduce the risk of fraud: Payment gateways use encryption technology to protect customer payment information, reducing the risk of fraud.
Factors to Consider When Choosing a Payment Gateway in Pakistan:
Security: One of the most important factors to consider when choosing a payment gateway is security. Ensure that the payment gateway is PCI-DSS compliant and has advanced fraud prevention measures in place.
Integration: The payment gateway should be easy to integrate with your website or e-commerce platform.
Payment methods: Ensure that the payment gateway supports all popular payment methods, including credit/debit cards, net banking, and mobile wallets.
Transaction fees: Check the transaction fees charged by the payment gateway. Some payment gateways charge a flat fee per transaction, while others charge a percentage of the transaction value.
Customer support: Look for a payment gateway that offers excellent customer support, with quick response times and knowledgeable staff.
Reputation: Choose a payment gateway with a good reputation in the market. Read online reviews and check their customer satisfaction ratings.
Best Payment Gateways in Pakistan:
JazzCash: JazzCash is a popular payment gateway in Pakistan that supports multiple payment methods, including credit/debit cards, mobile wallets, and net banking. They offer competitive transaction fees and excellent customer support.
HBL Payment Gateway: HBL Payment Gateway is a secure and reliable payment gateway that supports all major payment methods. They offer competitive transaction fees and excellent customer support.
Payoneer: Payoneer is a global payment gateway that supports multiple payment methods, including credit/debit cards, e-wallets, and bank transfers. They offer competitive transaction fees and excellent customer support.
EasyPaisa: EasyPaisa is a popular payment gateway in Pakistan that supports multiple payment methods, including credit/debit cards, mobile wallets, and net banking. They offer competitive transaction fees and excellent customer support.
How do you begin to get payments?
You’ll need three items to start accepting credit card payments: a merchant account, a business bank account, and a payment processor.
The merchant account serves as a temporary holding account for payments received from the payment processor before transferring the funds to your personal bank account. The merchant account temporarily retains the funds in order to reduce the number of returned payments. Setting up these accounts is an important initial step in the payment receivables process.
There are two kinds of merchant accounts, each of which holds money in a different way:
Dedicated account:
A dedicated account is one that is set up just for you and is comparable to a bank account. There is a lot of underwriting involved, and the account provider will normally perform a risk analysis before opening an account for you. A customised account gives you greater power in general: you may negotiate pricing, create bespoke holding times, and so on. It is great for physical establishments that want to accept internet payments.
Aggregate account:
Your money is maintained in a common, shared account with the money of other businesses. They are simpler to begin with, but you have less control and cannot negotiate transaction prices. It is perfect for e-commerce companies.
There are a few “modern” gates that do not comply.
There are a few “modern” gateways that do not require you to open a merchant account. Some payment processors have an integrated merchant account, eliminating the need to create one individually. The only catch is that they are significantly more expensive. PayPal, Stripe, BrainTree, and other payment gateways are among them.
Conclusion:
Choosing the right payment gateway is crucial for small businesses in Pakistan that operate online. By considering factors such as security, integration, payment methods, transaction fees, customer support, and reputation, you can choose a payment gateway that meets your business needs. JazzCash, HBL Payment Gateway, Payoneer, and EasyPaisa are some of the best payment gateways in Pakistan that offer excellent features and benefits for small businesses.
Furthermore, most firms want to connect their payment gateways to an accounting system in order to keep their accounts up-to-date. That is why we have ensured that our online accounting software includes major payment gateways that cover all of these aspects, giving you a number of alternatives to make receiving payments easier.
Consider using Cofcode plan as part of your payment management strategy if you are a small business.
