Hello Folks,
Equivalent to the number of E-commerce websites or online stores, there was a lack of payment gateway providers. But nowadays, as technology is trending every second the technology, there is a vast increase in online payment gateway providers.
From this point onwards, there is no big challenge to configure an online payment method in your E-commerce business. As reported by research, there are 86% of online users shop performing online payments through credit or debit cards. The figure justifies that an online payment method is mandatory for all E-commerce store owners in this digital world.
The precise definition of a payment gateway can be software representing the secured and fast connection between the customer and the online store owner that includes the payment via online wallets, bank transfer, gift cards, debit cards, and credit cards.
Payment gateway examples include Stripe, HDFC Payment Gateway, PayU, Edge Express Payment Gateway, PayPal, EBS Payment gateway, Braintree, etc.
Check out the detailed list of all the payment gateway in our previous article, Best Payment Gateway in 2021.
Using the online payment gateway, your store’s payment process becomes easygoing and there is no need to integrate the software with hardware devices by assuring security. Just get started with everything in one solution of online payment gateway service for your online store.
Getting started with an online payment gateway, the store owner not only accepts the payments effortlessly, but the management of the transactions and tracking of the sales also becomes straightforward and easy.
Assure yourself with these questions before selecting any payment gateway provider for your online store.
What service do you require?
What are all the features you need, such as security?
Does your country support the payment gateway you select?
Does the merchant account mandatory for your selected gateway?
Let me help you select the payment gateway for your store and a precise understanding of all these questions.
Supports your E-commerce store
Make sure that the payment gateway you select will be integrated into your present e-commerce store site. Verify all kinds of stuff concerning your website service provider.
Do they provide users with preferred payment methods?
Do they support multiple payment gateways?
Does the integration process is via API, or is there a requirement to develop?
Do they offer the SSL certificate?
Easy Integration Process
The process of integrating the online payment gateway in an e-commerce store isn’t easygoing. There are no difficulties in integrating the payment gateway having popular E-commerce platforms such as Magento, WooCommerce, Shopify, etc. The perfect solution for this is to choose the payment gateway that doesn’t mess with the UX of your website, which makes the payment process slow. Choose a payment gateway that is advantageous for your store customers and your website too.
Paperwork and Account Setup
When selecting an online payment gateway provider, verify all the paperwork and business documents to submit to the payment gateway provider. How much time will be taken for the paperwork and account setup?
Assure customers security
Does the provider have Payment Card Industry Data Security Standard (PCI DSS) compliant? This verification is mandatory because the customers’ payment details must be stored independently and secured by third parties.
Does the payment gateway provider utilize the 3D Secure? This needs a one-time code from the customer to authorize the transaction.
What are the scam prevention and fraud detection activities they carry out?
Costs and Fees of payment gateway
When you select a payment gateway, then various third parties include their services.
Therefore, make it clear with the payment gateways before selecting the payment gateway.
- Registration fee
- The fee for setting up the payment gateway
- Monthly subscription fee
- All Transaction fees
- Charge for refunds or charge-backs
- Or any other parameters
The seamless Checkout process on All Devices
According to the marketers, more than 15% of e-commerce sales have been carried out from mobile devices and are constantly increasing. Therefore before selecting the payment gateway, ensure all the checkout processes with different mobile devices and networks.
24×7 Customer Support
Many payment gateways offer their support service to some extent, like tickets or via email. In this case, the customers might require to follow the payment gateway’s manual instructions to fix the issue. Therefore, if you are comfortable chatting with the support person or talking about some problems, then verify the technical support service offers this. Also, check out that the support is available within the standard working hours.
Wrap Up:
With the above insights, now selecting the right payment gateway will be like a piece of cake for you if you have figured out your business requirements. If you carry out this process excellently, you might get an immediate and positive effect on customer satisfaction and revenue.
The best practice to perform this process for any e-commerce store is to Hire Payment Integration experts so you can focus on other priority tasks and let them deal with the technical aspects.
Share the article with your E-commerce Friends via social media platforms.
Happy Reading.