Custom manufacturing market places have made shopping for manufacturing components easy. MFG, Xometry, Rapid Direct, Viscous.co, MakersRow have become household names. These online market places gained popularity because of benefits they give to the buyers. Example – verified manufacturer profiles, best software for RFQs, non-dependance on intermediaries. Manufacturers get predictable work orders and international visibility for their products. A buyer and manufacturer can complete the transactions (payments) even in online manufacturing marketplaces with ease via payment gateways. The easy way of doing digital banking (in the form of payments) is also one reason why these online platforms have gained popularity. This blog will focus on the benefits of payment gateways to custom manufacturing marketplaces.
Why have Custom Manufacturing Marketplaces become Popular?
Be it E-Commerce or any custom manufacturing marketplace, they need to give the best shopping experience to customers. Buyers want to seal the deal with manufacturing partners in custom manufacturing marketplaces. During these situations, the manufacturers may ask for an advance payment to start the production. The buyer has to cater to the demands of the clients in case of delivering end products. So, he will want to make a transaction via the payment gateways at custom manufacturing marketplaces.
Importance of Payment Gateways
At present, there are hundreds of custom manufacturing market places vying with each other to grab a share of the market. The one factor they all share in common – is to become the number one preferred online platform for the target audience (buyer). Other requisites are mobile responsiveness, reliable & verified manufacturers on the customer database, the in-demand manufacturing services and more. Yet, the most dominant factor has been efficient payment gateways which help many a custom manufacturing marketplace gain new buyers and retain loyalists in its customer base.
As per industry experts, the online marketplaces with an efficient payment gateway that helped buyers get through their transactions successfully not only found an increase in revenue but also got good online visibility.
When it comes to payment gateways, custom manufacturing marketplaces are spoilt for choices. However, even at the initial stage, it is wise to choose a payment gateway for long term online transactions. If the payment gateways get changed too often, it will lead to deterioration of trust among buyers in their customer base.
Customer Facing Payment Gateways
Please get to know the process of working of payment gateways:
- The customer or buyer has to select the item and then make a move to the check-out page
- He/she may also have to fill the billing as well as shipping details
- He/she needs to select the concerned mode of payment option and then enter the personal details
- The initiated payment gateway then gets an approval (declining) message from the buyer (customer) bank.
- When the concerned website owner or manufacturer gets the approval message, then the shipping process gets initiated.
- The complete amount gets paid by the customer or buyer’s bank directly to payment gateway. Then the merchant’s account gets cleared.
In the entire process, the buyer’s personal data as well the banking information gets encrypted because of the payment gateway software. So, neither the customer/buyer nor the website owner nor the manufacturing company has to worry about any type of security issues.
Set-up Costs will be Minimum
There is a myth that an online payment is a costly affair. Also, only large businesses as well as enterprises can only afford it. However, many start-up companies design an entire set of affordable payment gateways. Even a small manufacturing online business can set payment gateway on its website.
Benefits of Payment Gateways to Custom Manufacturing MarketPlaces
As per a research, buyers who find challenges in completing the payment at the last stage in an app/website will never opt for the same custom manufacturing market place again. A business cannot afford to lose huge number of customers via the same way. There are personalised payment gateways that support every type of payment mode, ranging from UPI, NetBanking, EMI, Debit/Credit card etc. Buyers can make easy transactions via these gateways. In return, the same custom manufacturing marketplace can become one of the most preferred platforms in the market. This is one of the major benefits of payment gateways to custom manufacturing marketplaces.
Payment failure can happen from even the buyer’s side during transactions. They may have typed a number or alphabet wrong, and so the failure in transactions. To stop these errors, there are some payment gateways with a feature called saved instruments. It allows buyers to save their credit/debit card details safely and securely on the online marketplaces. Then, there are the payment gateways with Smart Recommendations and Cascading features. These three payment gateway software solutions when integrated into a custom manufacturing marketplace guarantee success in online transactions. They can also help garner more customers. This point is one of the major benefits of payment gateways to custom manufacturing marketplaces.
The buyer may have sent the payment to the manufacturer. But the duration taken for the transaction to reflect in the manufacturer’s account also assumes importance. However, if the time is less, then the manufacturer can get the amount to start the production soon. Custom manufacturing market places that have established payment gateways with less working time have gained worldwide fame in the last three years.
Want to have a personalised payment gateway that can help boost your custom manufacturing market place? There are reputed companies who have certified payment gateway service design experts in their payrolls. If you are an entrepreneur you can easily reach them via their website or social media platforms. They can design a personalised payment gateway that can work wonders for your custom manufacturing market place.
Hope you have gained enough valuable information on the benefits of payment gateways to custom manufacturing marketplaces. Yes, there are more points, but we have focused on only few. We plan to include them in our next series of blogs.
If you want to know the benefits of automation for manufacturing industry, kindly click this link.