Due to this move towards additional payment methods, payment solution providers are now positioning themselves to handle these additional payment types. MyGate, a payment processor, has positioned itself as a single point of entry for online merchants wanting to gain access to the array of payment options available in the market today. This provides merchants with one integration point allowing them to manage all forms of payments through MyGate`s Web Console.
The Web Console effectively is the merchant`s most important tool in managing all aspects of the payment process including transaction management, transaction reporting, bank reconciliation, payment page configuration, notification and fraud alerts. Each payment option is given its own unique management tools within the Web Console.
Glen Ross, MyGate National Sales Manager, says: “Online merchants want to expand their sales to a variety of target markets and are looking to us to deliver innovative payment mechanisms. We are constantly integrating into new payment options that give our merchants the ability to access these previously untapped markets.”
In a market where the percentage of credit card holders to population is low, merchants have had to change from the traditional thinking in order to grow sales. Some of the advantages of alternative payment solutions include a reduction in fraud, a more secure payment process, lower cost per transaction and ease of integration. The main disadvantage is that most of these additional payment options are only able to be used by the South African consumer which still limits global online transaction sales.