2D payment gateway is a payment processing system that allows buyers to pay without a security check or entering an OTP. Customers can complete the transactions only by entering their card numbers and expiry dates. It provides a safe and secure payment system to the merchant to accelerate online transactions and increase profitability. Although there is no security check or OTP involved, it doesn’t mean 2D payments are risky. The payment gateway is responsible for keeping data safe between the participants.
With proper encryption methods and security tools, the gateway protects data during checkout and sends it for further processing. Let’s look at how a 2D payment system is a boon for online transactions.
Who Needs a 2D Payment Gateway?
A 2D payment system is most suitable for any local or international merchant regardless of its size, industry, or type. Numerous customers cancel the transaction or abandon the cart if the checkout process is too complex, tedious, or time-consuming. Therefore, many online merchants connect with 2D payment providers to eliminate potential problems. It makes the payment processing as smooth as possible by significantly reducing the hassle of partnering with acquirers. Some of the most sought-after benefits of 2D payment gateways are:
- Fastest transaction approval with one-click payments
- Easier statements online
- Multiple currency support
- Real-time transactions
- Security and reliability
- Complete business assistance
Multiple Payment Options
The 2D payment solution allows merchants to provide multiple payment options to customers. Whether the customers use their credit or debit cards or net banking to make the payment, they can do that without hassle. The payments are genuine, and the gateway is a one-stop solution to make things easier for customers and merchants.
Various Currencies for Global Transactions
Merchants can expand their reach and make their business outstanding by accepting payments in multiple currencies. A 2D payment gateway system supports payments in various currencies to complete global transactions. With foreign currency support, it becomes possible to make a safe way for foreign transactions, enabling international customers to conveniently transfer funds from their accounts to the merchants in their local currency. The merchant gains international income and secures business in the global marketplace. Therefore, supporting transactions in multiple currencies increases business profitability.
Trustworthy payment processors make secured transactions possible through 2D gateways. The merchant can clear its paths from all types of obstructions while looking for an instant payout. It does not allow fraudsters to steal business info, and it can also prevent chargebacks. It makes the gateway secure against any hampers regarding the transaction. The payment processing becomes consistent, enabling the merchant to maintain all transactions.
Since there is no security check or OTP involved, the buyers can complete their transaction with just a few taps. They can finalize their purchase even if they do not have their mobile phone where the OTP will arrive.
When integrated with a robust payment gateway, the 2D payment system processes transactions safely, fast, and effortlessly. It augments the online transaction process and increases business profitability to the merchant’s benefit.