eCommerce websites and applications have enjoyed massive success in recent years. As a result, the online payments sector has been expanding rapidly. Today, accepting payments is no longer the daunting task it was a decade years ago.
If you are an online merchant, you can give your customers the option to pay for your products conveniently with their payment method of choice. All you need is to integrate a suitable payment gateway into your website or app.
That said, finding the right payment gateway for your business can be a thoroughly involving process. The list of providers is as extensive as the services they offer. Fortunately, you can save yourself some time by starting with the factors below.
1.The Payment Flow
Payment gateways offer three main payment flow options: direct-form integration, redirected checkouts, and escrow systems. The present and future needs of your business must guide the payment flow you choose.
- Direct-form integration offers a better shopping experience since the customer does not need to leave your site to finish the purchase. However, it requires additional programming, which increases the overall cost of the payment gateway.
- Redirected checkouts redirect the customer to a secure page hosted by your payment services provider. Although they undermine the shopping experience, they are easier and cheaper to integrate.
- Escrow systems withhold customer funds before the right authority can give the go-ahead. For instance, if you run a bidding portal, you might need an on-platform escrow system to hold funds safely before a bidder wins and collects them.
As more and more buyers embrace online shopping, cybersecurity is becoming crucial for eCommerce. Regardless of the size of your business, you must invest in protecting your customers’ data.
When selecting a payment gateway, therefore, ensure the platform you choose offers robust security features. A PCI-DSS certification is a sure way to judge a provider’s reliability in fraud prevention.
Payment processing prices are based on several factors, including the type of transactions you conduct, your sales, transaction frequency, revenue consistency and the markets you serve.
When choosing a gateway, it is crucial to compare your business model with the payment provider’s fee structure. Some services may require setup fees, while others might attract charges if the minimum allowable number of transactions is not met. Therefore, only pay for services that are aligned with your needs.
According to statistics, mobile devices account for approximately 40 per cent of all eCommerce purchases. As you evaluate your gateway options, ensure the service you choose can provide a checkout experience that is adaptable to different devices, including smartphones and tablets.
Payment processing platforms sit right between your customers and your store. A technical problem with your gateway can, therefore, have numerous adverse effects, including cart abandonment and delayed payments.
Signing up for a payment gateway with a company that offers 24-hour live support can save the trouble of trying to fix problems yourself. You will rest easier if you know your payment provider is at your beck and call, whenever you need them.
The power is in your hands!
When you choose a suitable gateway and then execute it correctly, it can have an immediate and profound impact on your customers’ experience, cash flow and profitability. Do proper research and consider the factors above carefully to better your chances of success.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He has used his expertise to develop reviews like Worldpay Reviews UK for many top merchant account providers in the country. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.