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How to choose the right online payment gateway for your ecommerce website?

21.09.2021 08:45 AM
How to choose the right online payment gateway for your ecommerce website?
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How to choose the right online payment gateway for your ecommerce website?
For an online business, choosing an online payment gateway is one of the most important decisions. To do this, a number of factors must be taken into account including customer satisfaction, security, convenience and much more. It is important that your business provides a seamless and simple payment experience to customers, while ensuring the safety and security of their money and data.

Here are some guidelines that will help you choose the right online payment gateway to ensure that your customers get the best service.

Understanding the process

To make the right decision, it is important to understand the process of the online payment gateway system. It is a tool that allows credit card payments and other types of online payments for e-commerce transactions. When a customer enters their credit or debit card information for online payment, the portal encrypts the data and sends it to the payment processor. The payment processor is responsible for sending the request to the customer's bank, which may accept or reject the request. This decision is transmitted back by the payment processor to the payment gateway.

Fees and expenses

Pricing is another important aspect to consider while choosing an online payment gateway. If the fee is charged on a percentage basis, then you need to be careful about the volume of business, because after a certain limit, this fee begins to increase significantly. Different payment gateways may charge different fees and charges. You should note that these fees are not excessive. Some of the most common types of fees are exchange, evaluation, coding, and processing. You should carefully analyze your business to see if you should choose fixed pricing or tiered pricing.

Hosted or integrated

While using a payment gateway, this is another important factor to consider. The hosted payment gateway redirects customers to the payment processor platform for data entry. On the other hand, integrated payment gateways link to your website using the gateway API for online payment processing. Here, customers do not have to leave the store to enter their financial data. However, this option will require you to do the rigorous task of getting integrated payment gateways.

Safety measures

While it is important to provide a fast and seamless experience for your customers, it is also important to ensure that your data and that of your customers are adequately secured. You should look at the technologies used in many online payment gateways. Nowadays, Payment Card Industry Data Security Standard or PCI DSS protocol is the minimum requirement. You should also consider the level of compliance that payment gateways provide. It is also recommended to study the PCI Self-Assessment Questionnaire and complete the Compliance Certification. You should also check if your service provider offers regular software updates to ensure protection from cyber-attacks.

Study support system

An online payment gateway is an important component of an online store. On many occasions, you may need a support system to help resolve payment related issues. Ideally, the online payment gateway should offer different modes of support system including chat service, phone support, and email support. Moreover, your payment gateway should also be able to process different types of payment systems such as credit card, debit card, and debit card among others. If you are engaged in cross-border business, you should be able to process different types of currencies as well.

Choosing the right online payment gateway is not that difficult if you understand your business needs. All you have to do is consider all the factors discussed above before choosing the right provider.
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