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The human brain has opted for commercialization to advance our consumer satisfaction. Modern tech has arrived as a successive opportunity to expand the business. Today more than lakhs of commercial growth occurs via online sources every day. Many business owners rely on e-commerce websites to fulfill consumer necessity and demand. The online marketing strategies could not gain consumer trust at the initial stage. However, the modern twentieth century has brought ease of payment. Safe and secure payment gateway systems like offshore payment processors are available!
Which payment gateway is suitable for your business? The present computing skills of our human resources have generated several options for making payments. However, many owners think that any randomly chosen payment gateway is fine! But, it turns out to be a big mistake. Hence, careful selection is a must before ending at a conclusion. Let’s dive into the specifications of various payment methods. It will help you select a perfect payment method for your e-commerce store.
Firstly, What are payment gateways?
A payment gateway is a connector between an online store and a payment processor via web/mobile. Thus, it plays a crucial role in the conversion of consumers into sales. A seamless procedure from cart to checkout is a must priority to increase sales. Many payment gateways lack consumer feasibility. Hence, the customer cancels the order. The right payment processing system will provide payment methods as per consumer choice. One must ensure that it avoids adverse checkouts.
Types of payment gateways
There are two types of payment gateways found today. Consider the infographics that will show the pros and cons of each payment processor type. It will help you decide the correct gateway for your business.
1. Hosted Payment Gateways
The particular type of payment method transfers the consumer to the service provider’s platform. For example- Paypal, 2Checkout,etc.
Pros:
- The host network takes care of the security issues. So, the business owner does not need to worry about security responsibilities.
- The business manager does not require to acknowledge the know-how of integration. The setup responsibility is under the payment service provider.
Cons:
- The user interface becomes slow and fails at times. The complications decrease the business conversion rate. Zero control over UX reduces sales through e-commerce websites.
2. Integrated payment gateways
It connects the online shopping store to the server via an API. For example – Stripe, Authorise.net, etc.
Non-hosted payment gateway is another name for this method that facilitates API calls for making direct payments to e-commerce stores.
Pros:
- The payment procedure is seamless and does not redirect the customer outside the website. It provides a smooth user experience that wins the battle among other payment methods.
- They are speedy and responsive that favors a mobile-friendly population.
Cons:
- The security responsibility is under your store. One security breach might risk your brand’s reputation.
- The store architecture might lack the many features of a gateway provider. Thus, custom integration and under maintenance ratio might get you into trouble.
Factors to consider for payment gateway selection
1. Payment security
Consumers need to provide their sensitive financial data for making payments. A business owner must correctly secure consumer data. Fraud detection and screening technology make the payment gateway reliable. It is necessary to double-check the PCI DSS compliance status. Security strength will keep you safe in legal aspects.
2. Integration process
One must prefer a short payment integration method. Earlier, the payment onboarding procedure used to take a month or two. Best payment gateways can make you a merchant within a day or two.
3. Support of payment sources
Earlier, online payment used to involve debit and credit card transactions only. Modernization has widened the payment scope via other sources, like net banking, UPI, and more. You can provide flexibility to customers through various payment options. Thus, choose a payment gateway that offers max payment sources.
4. Customer support
Payment-related issues can arise at any time that requires active support. A reliable payment processor gateway must deal with your queries. Consumers should ensure a satisfactory experience while interacting with your business.
5. Easy integration
The business owner must opt for a payment gateway that is self-integrable. You can opt for a professional developer as well. Make sure that payment gateway documentation is available online with ease. One must check for plugin support and mobile SDKs availability.
6. Pricing
Another aspect of sales management is pricing. Merchant discount rates and various other gateway charges affect payment transactions. Thus, you must compare different payment methods to find out the best possible option. An e-commerce manager must prefer the one that gives maximum value for your investment. Also, one must look out for additional charges :
- Payment gateway purchase fee
- Monthly subscription fee
- Annual maintenance fee
- Hidden charges
Make sure the pricing is convenient for you. Too low charges are often a sign of inept payment infrastructure. Digital payments lead to high success rates. It further causes a high customer retention rate.
7. Limit of transaction
The business owners that deal with high-value products come across a transactional amount limit. An upper limit of payment gateways becomes a hurdle in business growth. However, acknowledgment of these limits is necessary while selecting a payment gateway.
8. Multiple support of currency
Those who want to interact beyond national borders to reach global markets must select a multiple currency exchange system. A gateway system that supports international currencies will allow the target customers to pay in their currency rate. The business owner will receive the amount in their native currency rate during this transactional process. A payment processor with a foreign currency exchange system seems best for use.
9. Support of multiple devices
Modern tech has brought opportunities to shop through multiple devices. One may use websites or mobile apps to make purchases via a laptop or tablet. A flexible payment method that has accessibility over every device ensures customer engagement rate.
10. Payment consolidation
It is necessary to check the payment consolidation summary for maintaining a healthy cash flow. A reliable payment gateway provider helps to achieve these details through a merchant dashboard. It helps in simplifying the accounting and bookkeeping process.
Conclusion
Take baby steps while selecting a payment gateway that is reliable, secure, and easy to go. You will achieve smooth and seamless payments as you narrow down your choices. Review your choice before making the end decision. Do not ignore any point of consideration to satisfy the consumer experience. It’s okay to spend time selecting the best payment gateway. Your business speed will boost at the right pace with a perfect payment gateway system. Decide for your business according to its needs. Ensure every factor and experience safe transactions via the correct payment method.
