Top Reasons to Consider Using a CRM Payment Gateway

[Mostafa044]

A small business selling handmade products only accepts bank transfers or cash on delivery and initially does not offer any digital payments. With this approach, they face a lot of problems such as:

Low customer base: Potential customers are discouraged by the lack of diverse payment options. Some customers prefer to use cards or digital wallets for online transactions that they do not offer. A BlueSnap survey found that 48% of businesses lost up to 10% of their international revenue because their payment processing providers did not offer suitable payment options.
Delayed Payments: Due to bank transfers, payments are often received late which affects cash flow. It also makes inventory management difficult.
Inefficient payment management: Since orders are not automatically linked to payment records, the team has to manually check payments, which is time-consuming.
Limited data visibility: The team couldn't analyze which products were selling well and couldn't track customer purchasing behavior.
Security Concerns: Due to lack of security, customers hesitate to purchase products and make payments.
Now, what do you think this business can do to streamline its financial transactions? Implement an online payment gateway system and integrate it with CRM software.

However, if you are new to the concept of payment gateways, let's first understand that and get the basics right.

What is a payment gateway?
Payment gateways are digital services that enable financial transactions europe cell phone number list between businesses and customers. They securely transfer payment information from the customer to the merchant's bank account by acting as an intermediary while verifying funds and authenticating transactions.

It also supports various payment methods like Unified Payments Interface (UPI), credit cards, debit cards, and digital wallets. They encrypt sensitive payment data and ensure that it is transmitted securely between two parties.

Online payment gateways are an indispensable part of organizations as they can

Improve customer experience by offering customers a variety of payment options that make transactions quick and convenient.

Enhance security by implementing advanced security measures like encryption to protect sensitive data. It reduces the risk of fraud and other malicious activities to build trust and reputation.

Faster Settlement: It facilitates faster transactions and settlement times, ensuring businesses receive funds quickly.

However, one of the challenges businesses face when relying solely on digital payment services is the lack of integration with CRM software commonly used to manage day-to-day operations. Let’s take a closer look at why CRM payment integration can be a game-changer for your business.