The eCommerce Industry is pretty much in rage these days. Businesses slowly and steadily are gearing up for creating their eCommerce stores like never before. Now can you name me one of the most important aspects of an eCommerce store? It’s the payment gateway! In simple words, how conveniently you offer a secured platform for your end-users to conduct seamless transactions from any point of time and location.
The following post emphasizes how to choose the best payment gateway but before that let us go through why there is a need for a secured payment gateway.
A payment gateway acts as a bridge between you and your clients for financial matters. PayPal, Amazon Pay, 2Checkout, Apple Pay, Square, Stripe are some of the common yet crucial names that you must have come across while reading about payment gateways. Here you don’t need to insert your ATM card as these payment gateways are created in such a way that conducting cardless, cashless transactions becomes a cakewalk.
Further below I would like to mention certain benefits of using payment gateways.
- Acceptance of any debit, credit card or any other payment method
- Reduces fraud, theft and best in regards to security
- Not just secures your financial transactions but also data
- Offers end-to-end encryption
- SSL certified
On and all, without approval from the payment gateway, your transaction won’t be complete. What exactly happens is when you confirm your order, an online transaction takes place. An encrypted data is sent to the processor of the merchant, i.e. Visa, MasterCard, Discover, or American Express. The transaction is either approved or denied and once it is approved within seconds and you are done!
Of course, there is no cookie-cutter solution available here. Every business has different needs so your choice of a payment gateway can never be the same. What happens when you choose an ideal payment gateway?
- You can gain popularity
- Your business becomes more customer-centric
- Payment is done in no time
- Receive multiple payment options
- Easy to set up
- Smooth and seamless experience
Now when you are choosing a payment gateway certain aspects must be kept in mind.
One of the most crucial factors to keep in mind when choosing a payment gateway is that it has to be pretty easy to use. Even non-techies can onboard without any hassle. Some of the easy to use payment gateways are Paypal, Google Pay, Amazon Pay, Paytm, Phone Pe, Razorpay, WhatsApp Pay, etc. Being all-time plug-in support, these payment gateways are pretty much compatible with different eCommerce platforms such as Shopify, Magento, WooCommerce, etc.
One of the major turn off among online customers is that the app is not supporting the payment mode of their choice. Choose a payment gateway that features multiple payment compatibility and supports different modes of payments such as credit cards, debit cards, net banking, EMIs, UPI and more.
Paytm, Google Pay are a few names worth considering when it comes to multiple payment compatibility. In addition to this, do not forget to check the list of the supported cards.
Of course, there is no point in choosing a payment gateway that offers no seamless transaction. Much like a unique purchase experience, customers today are also found considering seamless experience in regards to their financial transactions as well. It’s just a matter of a few clicks and your job is done, all you have to do is wait for your product to get delivered.
Here you must also know that for an initial basis you can choose any payment gateway of your choice but in the end, what’s more, important is your improvisation and come up with a win-win situation for your customers as well as your businesses.
In today’s pandemic time, one shouldn’t neglect customers located overseas. After all, they do contribute a hefty amount in generating revenue. So never neglect the significance of international transactions especially when considering a payment gateway for your eCommerce business.
Lastly, of course, a payment gateway has to be best in regards to customer support. Also, this will kill two birds with one arrow, your customers and your business reputation. Customer support is something that needs to be available 24/7. So choose a payment gateway that offers the best customer support and turns out to be the best partner for your online venture. So this is it! I hope now you will be able to choose an ideal payment gateway for your business.
Article by Matthew S. He is a technical consultant at TatvaSoft.com.