- 8 November, 2019
Launching an e-commerce business involves making a lot of decisions. One of the most crucial and important decisions you’d have to make would be about choosing the best payment gateway for your business. Choosing the right payment gateway means your business will be able to accept almost every type of payment method. A good payment gateway also allows you to transfer all your data to another system easily. Not only will it provide convenience and feasibility, but also save your business a lot of time and effort since there’s no need to manually input information. You will also be able to expand your customer base and customers are drawn towards services or businesses which let them pay according to their own convenience. Lack of payment options can be a letdown for potential customers.
So What Exactly Makes A ‘Great’ Payment Gateway?
Many people who abandon their loaded carts last minute during the payment stage. This is because they simply don’t see their preferred payment methods. This would result in a lot of losses in sales as well. With so many payment gateways available nowadays, how do you know which one to choose? Depending on what your brand plans on achieving with multiple payment methods, some factors that highlight the capability of any payment gateway.
Security: This one is the most important and also a very obvious factor that every business should emphasize when looking for a payment gateway. No person would be willing to share their financial information with a business that appears shady. Seeing reliable and reputable payment options on your website, customers would feel more comfortable and safe while checking out.
Compatibility: technically, you will have to check how well your current platform would integrate with the gateway to make sure it is compatible and efficiently working in the long run. If the getaway interacts flawlessly with your current platform, then you’re good to go as compatibility is an important factor that is incorporated in every technical and reliable system.
Cost: using third-party tools such as payment gateways, with any service, require you to pay fees for your business. It’s always wise that you do your research on the different fees and costs gateways require before integrating it into your platform. This will save customers from hidden costs as well.
More payment methods: when you offer a wide range of payment methods on your site incorporated through your gateway, customers would come back over and over again because they have the option to choose their payment method. Customers are more inclined towards those brands which offer multiple payment methods. This also aids the flexibility in the system.
For an online business to accept payments, the gateway should be flexible and valuable. It should fulfill the needs of both parties involved, customer and business and it should provide a convenient way of accepting payments without any hidden charges. Customer experience plays a very important role in improving experiences. It’s all about providing the customer with a smooth payment process.
Top Gateway Providers:
Amazon Payments: They encourage their customers to use their Amazon login info to make purchases as it’s simpler and makes shopping so much easier
Authorize.net: perfect for small to medium-sized businesses. Includes mobile payments and checks as well. They also have an advanced fraud detection service for safety measures as well.
PayPal Payments Standard: offers multiple versions of their payment options. They work with all huge online businesses and platforms.