Decoding the right success metrics for a Payment Gateway

When customers come to your e-commerce website or mobile app, they expect a quick, hassle free experience. This is more so when they have to make online payment! The smoother the payment experience, the better it is for the customer experience and business. Transaction success rate is perhaps the biggest point of anxiety for customers and plays a critical role in building trust and love for your brand and service. Low transaction success rates not only impact the revenue but also leaves the customer frustrated impacting both first trials and repeat orders.

The success rate of a Payment Gateway is typically evaluated on a daily basis. This includes bank related errors, user abandonment, user related errors such as insufficient balances and other factors.

Key Metrics to Measure the Success Rate of a Payment Gateway

There are some key metrics that are commonly used to measure the success rate of a Payment Gateway. Let’s take a closer look at them.

Conversion rates:

One of the most important metrics is the total number of successful conversions over all attempted transactions. While the closer it is to 100% the better, this would also slightly vary for different sectors and use cases. It will also help to know which payment modes (credit cards, debit card, UPI) are doing better and aiding the conversions.

Uptime, Reliability and Scalability:

A Payment Gateway that is available and operational for the majority of the time is critical to ensure there is no loss of sales or poor customer experience. Ability to handle large scale transactions with dynamic routing also ensures good uptime.

Security and Fraud Prevention:

Payments related data is highly confidential and customers these days are very obsessive about it. Ability of a Payment Gateway to detect and block fraudulent transactions is a huge plus. PhonePe Payment Gateway for example adheres to ISO 27001 and PCI DSS compliance, data encryptions and internal audits. It also covers trust and safety capabilities ensuring 100% secure transactions.

Integration and Developer support:

The ability to set up various plugins effortlessly and integration for all platforms like e-commerce websites and mobile apps not only saves time but also provides ease of evaluation. PhonePe Payment Gateway offers no code plug and play solutions for businesses to get started.

Refund volumes

Whenever a transaction fails or is disputed, a refund needs to be initiated. Ability to handle refunds effortlessly is crucial.

What can businesses do?

While you go about choosing the right Payment Gateway which has most of the above features, there are some things you can do to optimize it further.

While selecting the right Payment Gateway is a good start, there are multiple things businesses can do to get the payment experience right.

Smooth and Easy Checkout: Simple and intuitive UI while a big plus, the ability to offer autofill capabilities saves time. Also providing an option for customers to share feedback can help identify errors.

Guest checkout: This allows customers the option to make the online purchase without the need to create an account. Customers can enter basic details like shipping address, billing details and breeze through the transaction.

Exhaustive payment methods: The more payment methods for customers, the better. Credit cards, debit cards, net banking and UPI are some options. Ability to give a Cash on Delivery (COD) is another added advantage.

Use of saved payment information: Some customers hate to key in their payment details again and again for every transaction. Giving them the option of saving card details for faster checkout improves customer experience.

What does PhonePe PG do differently?

There is a reason PhonePe PG is emerging as the most preferred option for small and medium businesses. PhonePe as India’s most trusted digital payment platform has built a seamless infrastructure that powers many use cases for customers from payments to recharges and even Insurance. This proven expertise now extends to the payment gateway business so be assured we got your back on this.

1. Seamless integration: The Payment Gateway not only ensures seamless integration with various payment methods but also has robust security measures to safeguard both businesses and customers from potential fraud breaches.
2. Comprehensive solutions like QC lite and one-click checkout: It also offers several features like a one-click checkout experience, QC lite that auto-selects the most preferred payment option on PhonePe and the option for customers to opt for digital payments for Cash on Delivery (COD) orders. It also offers customers the option to scan & pay by using any UPI app to complete the transaction thereby generating better conversions.
3. Easy onboarding: It ensures a seamless onboarding experience and gives access to dashboards and regular reports. This not only helps you to make an informed business decision but gives a clear picture of the business and its performance.
4. Built for scale and compliant : The platform has also been built to handle high scale transactions with dynamic routing and 100% uptime. Also, free yourself from the burden of regulatory compliance. PhonePe PG is PCI DSS compliant and offers data encryption, internal audits, and FRA capabilities, ensuring 100% secure transactions.
5. Best success rates in the industry: Most importantly it has one of the best industry success rates in the industry. This we are able to do by proactively detecting downtimes and blocking transactions that have a low chance of success. It evaluates success rates at various levels from UPI transactions, Bank, network and even payment instruments like UPI, cards, wallet etc ensuring a higher success rate.

Success Story: Zupee & PhonePe PG’s Powerful Combination

Partnering with the PhonePe Payment Gateway ensures reliability for Zupee, India’s leading gaming platform resulting in industry-leading transaction success rates. This it does by proactively detecting downtimes and real-time health-tracking capabilities. This partnership aligns with Zupee’s commitment to provide all its users with a trustworthy and hassle-free payment experience, thereby enriching their gaming experience. For Zupee that has a 95% market share in the casual and board games category, this is a huge competitive advantage.

“Unbeatable processing time on transactions, quick service”

Conclusion

The decision of choosing the right Payment Gateway is very critical to power your business in the right direction. While high success rates is something every PG claims, it’s important to evaluate it against the right metrics that matter for your business.

PS: PhonePe PG is currently offering a free onboarding experience with no hidden charges, setup fees or annual maintenance fees. Sign up here to get started!