According to reports, SnapDeal is going to launch its own payment gateway soon. The company is primarily doing this so that it can make it convenient for its users to simplify their online transaction processes and reduce their cash-on-delivery transactions. The company is thus following in the footsteps of Flipkart, which launched its own payment gateway solution called PayZippy earlier this year.
The gateway will allow Snapdeal customers to pay via their credit/debit cards and save this information for later use. The gateway will save billing/shipping information and will also have in-built analytics features in order to gauge and complete customer transactions quickly. While the gateway is primarily being built for SnapDeal’s own platform, the company will also licence it to third parties.
SnapDeal has been making incremental improvements in its service since it transitioned from deal website to an online marketplace. It launched TrustPay this year in April. This service assures customers a 100% cashback, if the company fails to deliver on its commitment. The payment made by a customer online is held by SnapDeal and only released to sellers when the customer notifies that they have received the product in good condition.
Their own payment gateway will also be convenient for both customers and sellers. This will definitely go one step towards reducing cash on delivery orders and this is good news for sellers as COD creates a lot of strain on resources of an online seller and a marketplace. The only way to reduce COD is to make online transactions very simple. This is why many ecommerce companies in the country are focusing on creating a better payment experience for customers and thus gain customer trust.