Every online transaction involves the integration of a seamless and secure payment gateway. The payment gateway directly affects the success rate of online trading. The traditional ways of payments through cheques and other offline channels is lengthy and tiring for the modern tech-savvy customers. This is the reason that payment gateways have gained popularity in recent past.For instance, Paypal and Alipay are one of the mostly used gateways in the tech-hubs like the US and China respectively. Even the emerging economies like India is gearing up for these changes with payment wallets like PayTm. With over eCommerce figures in Spain reaching 24,185 million euros in the past few years, having a featured payment gateway is a must. Redsys is one such platform in Spain that can prevent the customer flow from diverting towards your competitor’s website. So, the very first question that arises is, what exactly is Redsys.
What is Redsys?
Redsys offers a high-quality, secure and flexible payment system for the eCommerce platform. Being a leading national and international reference, Redsys has created a variety of standards and technological-operational solutions for financial institutions and other major industry players, both in Spain, Europe and Latin America.
Key Features of Redsys
Here are some of the features offered by Redsys.
- Redsys has developed a means of payment that has turned out to be a boon for millions of online businesses. Here are some of the major features offered by the gateway.
- The identity platform is simple to use and easy to execute. The simplicity lies in the fact that it does not require any software installation.
- Moreover, it is compatible in multiple stores. There are plugins available that make it a handy platform for Magento, Prestashop, OpenCart and other eCommerce stores. The versatile gateway adapts to the need each store. Not just this, it even allows various types of payment operations like pre-authorizations, sales, returns, and others.
- The security concern is one of the reasons that make online payment not-so-popular among the cardholders even today. The 3D secure methodology ensures compliance by involving an additional validation step for online payment. Even Redsys offers a 3D Secure authentication. The powerful fraud prevention tool can effortlessly minimize dropouts.
- Despite the user-friendly interface, the management module offers full control to the admin. The images on the payment page can be personalized and the transaction can be monitored by the seller. The System manages the flow of the transaction for each chosen payment alternative. Once the owner selects the payment method, the trade only needs to send a web form to the Redsys server with the data of the trade and transaction.
Having discussed all the major features offered by Redsys, listed below are some of the reasons that makes it a must-have for all the online merchants.
Why should you choose Redsys?
The payment extensions offer an array of benefits and advantages to the customers and traders. Check them out.
Benefits of Redsys to the customers
1. Supports payment through all major cards
With applications such as MPOS and virtual POS, Redsys can provide support and service integration. The service certification and attested approval to third parties ensure the correct use of the application. Not just this, earlier debit cards were not allowed for financial transactions online. However, with the introduction of 3-D Secure, banks allow the customers to use all sorts of cards for online payment. Redsys Payments extension is compatible with more than 60 banks, among others: La Caixa, Sabadell, Bankia, ING Direct, and many others. And the virtual POS terminal guarantees the integration of bank card payments into your store.
2. Multi-lingual
The Payment gateway uses the same language that the store is using. As mentioned above, this gateway is supported on the various eCommerce store. This versatility is an addon for the customers as well as for the online traders. Narrowing the language barrier, the payment extension brings the sellers and the buyers on the same platform.
3. Proven technology for secure transaction
3-D Secure is a proven tool to reduce fraudulent in online transactions. Ensuring the ease and security of online payments to the cardholders, Redsys shopping and other transactions convenient for the online shoppers. The transaction includes 3 different parties during the process of payment. The bank that has issued the cars, the merchant to which money is being paid and the network being used like Visa / MasterCard. The payment is at first redirected to the website of the bank that has issued the card to authenticate the transaction. The shoppers are asked to enter either a static or dynamic password to help confirm the identity of the cardholder.
4. Real time notification
The uncertainty in online transactions is something that annoys the consumers the most. The cart abandonment and the bounce rates are a consequence of the unsure payment gateways. The payment extension takes the insecurity off the shoulder of the customers by providing real time notification of the payment success or failure. The users are notified whether the payment was received or declined instantly. Keeping the entire transaction transparent, the gateway makes the entire process seamless for the end-users.
5. Flexible payment methods
The customers are not just notified about the failure of the transaction, they are even given the facility of changing their payment method. In case, the payment fails, the users can change the payment method or try with another credit or debit card.
Every benefit offered to the end user, adds a plus-point to the traders. At the same time, the extension offers some direct benefits to the online merchants as well. These benefits are listed below.
Benefits For the online traders
1. Fast integration
The intelligent 3DSecure authentication is fully configurable and offers a lot of options. The flexible tool is customizable and adapted to mobile devices and tablets, with responsive web design. It requires no software installation and so it can be integrated easily and quickly. Along with easy installations, Redsys offers high availability with a monitored service 24×7 to the merchants. The full control to the administration module facilitates business and online sales management.
2. Liability shift
The major benefit of the payment gateway is liability shift. The merchants can now do their business without carrying the headache of the financial transactions. It offers a shield against all sorts of chargebacks and other such liability. All sorts of disagreements and frauds are taken care of. The best part is that the merchants can even enjoy this benefit when the issuer or the cardholder is not taking part.
3. Increased confidence of the customers
Gaining and retaining the confidence of the customers is the key to run an online business. The payment extension detail all the fee in an upfront manner and keep the entire operating mode transparent. Reducing the risk of fraudulent, the biggest fear of online shoppers, it helps increase the confidence of the buyer. Thus, it can prove to be a big reason for online payments and your eCommerce business to takeoff.
Over to you
In the previous article, we discussed how a payment and shipping page can provide you an edge over your competitors. This blog has compiled some of the points that make a secure payment method like Redsys inevitable for your online businesses. Amongst the countless factors, optimizing the eCommerce store with one-page payment modules for Magento, OpenCart, and PrestaShop is considered as one of the ways to boost the sales. Improvise the situation and find the best solution for your website.
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