7 Pivotal Things to Consider While Choosing your Payment Gateway Provider
By Sourodip Biswas
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The payments landscape has changed over time because customers are more exposed to newer, efficient, and more seamless payment modes than ever. This is one of the reasons why businesses have to walk with this ever-changing industry to allow their customers to experience the best and fastest services from your end.
For all the business owners, who have established a recognized e-shop or e-commerce website online, payment gateway is one of the critical elements to cope up with because it enables all the currency transactions that took place in your e-commerce site. Now in this coronavirus pandemic to sustain delivery apps, payment gateways are very essential.
Let’s consider some stats,
According to online payment statistics, 82% of the present generation consumers use smartphones for online shopping as they consider it as an easy mode for shopping. It has also mentioned that 80% of the generation is influenced by social media for shopping online.
Hence, now you might have understood why choosing the right payment gateway for your business is important. Choosing a wrong payment method can lead to losing some of your potential customers, and you are definitely not ready for that!
This is why it is essential to monitor your e-commerce store’s payment bottom-line so that you can aim for long-term business, profitability, and success.
Yes, I agreed!
Finding an accurately suitable payment gateway will be time-consuming as it has a huge list of features and things to consider. But before you select your payment method, ask yourself the stated questions for better clarity.
Does the payment gateway support your e-commerce store’s region?
What will be the service cost?
What features do they give?
Does the payment gateway suitable to your e-store?
Hence, to clutter down your process, here are certain important things to consider while selecting a perfect payment gateway for your online business.
Let’s get started!
1) Select an Accurate Payment Gateway
Whenever you are planning to start an e-store, the most important element is to add a payment method. It is a mandatory requirement for every website to adhere because it enables us to buy the service or product via a common payment platform like debit card, credit card, UPI, digital wallets like Paytm, or more. In fact, there are businesses that sell directly to the customers; on the other hand, some businesses have a third party involved in the payment distribution.
Hence, choose a payment gateway that should adapt the changes and embed them easily into any type of business model. This is why it is important to consider that your payment gateway is available for all payment platforms.
2) Keep in Mind the Processing Speed
Is selling the only purpose of businesses? Well, it might not because apart from selling products/services online, there are various matters like the processing time. The speed of money transfers from your customer’s bank account to yours is equally important. It is considered among the distinctive features to offer an end-to-end solution.
For business owners handling e-commerce websites, customer’s experience and satisfaction are a must. Hence, make sure that your customers are not facing low payment to the process by choosing the right type of payment gateway. And to attain high processing speed, cloud transfer can be your helping key. It improves operational efficiency with good workflow for business users.
3) Make your Customers Feel Secure
Keeping yourself in your customer’s shoes, what is the important thing that will come to your mind first? Well, payment security is the answer! As people are inclined to online shopping, it is essential for business owners to offer them an experience of utter safety and security while purchasing online.
Hence, while choosing your payment gateway, make sure your payment mode offers unbeatable security features and also look for a PCI-DSS certificate payment gateway that offers anti-fraud protection.
4) Make Sure you are Aware of the Service & Fees Agreements
With many payment gateway providers available, there are various fees and services related agreements to be followed by the business owners. The pricing of payment gateways is commonly based on types of business transactions, revenue consistency, business sales, frequencies of transactions, etc. it is difficult to judge how your business idea coincides with fee agreements or payment structure of your payment gateway provider.
Hence, the service provider decides the fees or contracts upon the transaction volume carried by the business owners.
5) Merchant Dashboard & Analytics
What will you do if you are not eligible to access/know how your customers are making the purchase? With the help of payment gateways that offer business owners deep details of how their customers are purchasing from their website enables businesses to identify the lope holes and scope of improvement if needed.
This way the business owners will have a clear idea about RFM analysis of potential customers, geographies, and pay modes.
6) Easy Fund Managements & Success Rates
User-drops and failed transactions are one of the reasons why businesses have been picky in selecting a payment gateway. The success of the transaction and seamless and simple processing are the two major factors to consider by any business owner.
They should choose a payment gateway that offers easy management options for payments that include payouts, refunds, and disbursements.
7) Easy & Simple Integration Process
E-stores are always connected with a financial procedure that includes various payment modes. Hence, it is important to integrate payment processing on your business website. Well, in such cases, a payment provider that sends your customers to the 3rd party site to add their credit card information is an ideal solution. And once the transaction is completed, the provider sends your customer back to your online shop.
The Final Words
For choosing the best payment gateway for your online store, make sure to keep your business needs, customer’s requirements, and important security needs in mind.
If you select an accurate payment method for your website, it will increase the longevity, great customer satisfaction, customer’s trust, online recognition, and durability of your business. This way you can make your e-commerce business go a long way!
About the author:- Sourodip Biswas works at Space-O Technologies, a company having expertise in custom software and mobile app development. He believes learning is a treasure that will follow its owner everywhere. His writings have been published on many distinguished sites across the web.