We recently conducted independent and anonymous market research to understand our clients and how best we can serve ecommerce merchants who are using our online payment methods. Here are some of the responses and insights we gained into what our competitors and clients think of us and are looking for in a payment gateway.
The feedback from the expert and customer interviews confirmed the fact that there is currently very limited differentiation in the market place in terms of value added services, and that this is an area where PayGate could differentiate their offering.
A payment gateway competitor interviewed explained the current market place in the following way: “It’s horribly commoditised; we all offer pretty much the same products. The difference is in the value added services: that’s where PayGate is offering a lot of value added services, whereas we don’t. I think this is going to be a core trend – the difference being in added value services, not in the core services.”
A current merchant customer also identified this as one of PayGate’s greatest potential strengths: “It is a grudge layer between us and the bank, so if there’s any value add there that would be desirable – don’t want transactions to fail, get an error message back that is fairly ugly and not very useful, want to feel like a useful interface between us and bank not just a messenger relaying messages and not adding understanding.” “I think customers… when they come into the game, have no clue how it all works but …as they learn about how ecommerce works, they will come to appreciate them.”
“PayGate has been in the game so long, will protect them . . because this game – it’s about money, and when it comes to money you want someone you can trust, and trust usually comes with those who have been in the industry. Trust is something you earn and PayGate has that. You can’t really try differentiate on product offering – we’ve all got the same widget.”
Interestingly, a consistent observation regarding PayGate that came through in the expert interviews is that one thing that really sets PayGate apart from their competitors is the excellent service that they provide to customers.
Their strength is “their quick personal service…. You get the sense that reliability and service is important… rather than fancy features and hard core sales. Another merchant said their strength is “fast and efficient customer service. Their response times are very good and fast. When we’ve experienced a few bugs, and have fired off emails for them to check their systems, their response time was very fast…”
Several interviewees (across the board) also mention that they appreciate the personal contact or interaction . . this underscores the perception of PayGate being a “service company”.
“People make a business – so PayGate is up there with best when it comes to service. The customer feedback I’ve had has always been good: PayGate know what they’re talking about, they come from heart, deal with their business with passion, and can handle things under pressure.”
So to sum it up, PayGate payment gateway has built their business on trust, reliability and service, which sets them apart from other service providers in the industry.
PayGate make online payments which is a “necessity” the most pleasant possible experience for merchants, giving them a competitive edge with continuous availability and diverse online payment methods.