Top 10 aspects to consider when selecting payment gateway
A payment gateway is an online service that ensure the secure and efficient transfer of payment between a buyer and a seller in eCommerce website and mobile applications. These gateways serve to bridge the gap between customers and businesses, ensuring that transactions take place safely and securely over the internet.
You can compare multiple payment gateway providers online and select the best one for you. Selecting a payment gateway is an difficult consideration for your business because it affects both your online sales transactions and the customer experience. The payment gateway provider you choose should match up with your business model, goals, and customers.
When selecting a payment gateway for your eCommerce business, you must carefully evaluate and consider a list of key elements and factors that can have a significant impact on your business operations and customer experience.
1. Service charge
Each payment gateway provider takes a percentage for each online transaction that passes through their gateway. The fees associated with these transactions may differ depending on the provider you select and the total volume of your online sales transactions. Consider the various pricing structures provided by different providers. Some providers may even offer volume-based pricing options, which could result in lower costs for businesses that process a high volume of transactions. As a result, thoroughly researching and comparing the various pricing options offered by different providers is critical to ensuring that you choose the most cost-effective solution for your business needs.
2. Security
One of the most important aspects of a payment gateway is the safe and secure transactions it provides to buyers, giving them peace of mind. Payment gateways must implement robust security measures to protect buyers’ sensitive account or card information from potential threats or unauthorised access. As a result, it is critical to ensure that the chosen payment gateway follows and complies with the most stringent data security protocols and standards available. Buyers can be confident that their transactions are consistently secure, resulting in worry-free and seamless online shopping experiences.
3. Easy to integrate
When selecting a Payment Gateway for your eCommerce site, it is critical that the one you choose is not only user-friendly, but also easy to integrate and seamless. The integration process should go smoothly because it can significantly improve your online store’s overall efficiency and functionality, resulting in a more satisfying shopping experience for your customers.
4. Pricing
When selecting a payment gateway, it is essential to consider pricing. Different payment gateways provide a variety of subscription options, including monthly and annual plans. In addition to subscription fees, some providers may charge for the initial configuration of your payment gateway. Before selecting a payment gateway provider, you should carefully consider your transaction volume, business budget, and goals.
5. Support
Customer support is an important consideration when selecting a payment gateway provider. It is critical that they provide you with a variety of support channels that match your preferences and needs. Take the time to thoroughly explore their website and read customer reviews to learn more about the quality of their customer service.
6. Types of payments allowed
Payment gateway providers generally offer a different payment method to accommodate buyers’ preferences when they make purchases on your eCommerce website. It is critical to ensure that these providers provide all payment options that meet your target customers’ needs and preferences. Failure to provide a preferred payment method can result in not only losing the immediate sale but also negatively impacting the customer relationship in the long run.
7. Payment time
When you receive payments from customers, it’s important to note that these funds won’t be immediately deposited into your merchant account. Instead, payment gateway providers typically hold these payments for a designated period of time before they are eventually deposited into your business merchant account. The length of this payment holding period can vary depending on the specific payment gateway provider you have chosen for your business. It’s essential to consider this aspect when selecting a payment gateway provider, as it may range from anywhere between one day to as long as seven days or even more. By understanding and taking this into account, you can make a well-informed decision that suits the needs of your business.
8. Maximum payment limit
Few payment gateway providers have a maximum amount limit for their transactions; however, a few providers may not have a limit or may be able to customise the maximum limit. It’s important to keep this aspect in mind because setting a lower maximum limit could potentially lead to a loss in sales and potential buyers. Ensure that the payment gateway provider allows you to set a maximum payment limit based on the prices of your goods, services and your business transaction volume.
9. Check out experience
Customers are the ones who will spend the most time on your eCommerce website or mobile application to purchase and complete payment. Therefore, it is of utmost importance to provide them with the best possible experience. For this reason, make sure you carefully choose a payment gateway provider that offers a simple and intuitive user interface. Additionally, ensure that the payment process is streamlined and concise, guaranteeing your customers an effortless and pleasant checkout experience that minimises any potential frustration.
10. Gateway Types
Hosted and non-hosted payment gateways are the two types of payment gateways. While non-hosted payment gateways assist customers in completing their payments within your eCommerce website, hosted payment gateways direct customers to the payment provider’s website to complete their transaction.
Non-hosted gateways can provide a better experience for your customers because the entire payment process is completed within your eCommerce website. However, hosted gateways reduce the risk of storing sensitive customer information on your website but provide a less optimal customer experience when compared to non-hosted gateways. Both hosted and non-hosted payment gateways have their advantages and disadvantages. Make sure you understand both types of payment gateways before deciding on the best option for your business.
I hope you find the article mentioned above to be helpful and informative for your needs.Choosing the payment gateway that best meets your company’s needs is critical to your online business. Selecting the payment gateway after the considerations of the above mentioned aspects will significantly help you to choose the better payment gateway provider for you.