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Scared of losing your potential customers at checkout? Does it make you question your inherent systems and processes? Want to know why customers, who were so eager to make the purchase, left so suddenly?
Inadequate online payment choices could be a reason for the increased abandonment. People who don’t find their payment mode on your website may leave you for competition. Moreover, if they believe the gateway isn’t secure, they won’t complete the transaction.
Selecting the ideal online payment processing app for recurring invoices is crucial for your eCommerce site. It will brand you as a reliable and credible shopping solution to the users.
The landscape has grown competitive and complex. Choosing one from the diverse players requires a detailed understanding of your purpose, target market and goals. You must navigate different factors like security, compatibility and reach to find the perfect solution for your eCommerce site.
This article will take you through the deciding factors and popular payment gateways to help you make a fitting selection.
What is a Payment Gateway?
You must understand the payment gateway and its components to make the right selection.
A payment gateway is a virtual bridge that connects the customer’s chosen payment method with the merchant’s payment account. With this gateway, you can ensure a smooth ride for your assets that too without hiccups.
These gateways are designed to protect the data and transactions via encrypted transmissions. That’s why your users will confidently share their transaction information with your website.
The Key Components
Encryption is core to your payment gateways. It can safeguard your data from threats and vulnerabilities. You might have noticed several gateways that come with an advanced level of encryption preventing unauthorized entry.
The payment processor is the facilitator of the transactions. Your processor will communicate with the banks on behalf of the client to confirm fund availability and authorise the transaction,
API: The API connects the client’s website or application with the payment gateway seamlessly. You can easily add payment methods to your website and ensure quicker checkouts.
The virtual terminal is where the clients will process the transactions manually. This is important if your customers place orders via phone or mail.
Security Protocols: This is one of the most important elements of your payment gateway. It should be compliant with PCI DSS for risk mitigation. This compliance can ensure adherence to standard payment practices.
Online Payment Gateway Selection Considerations
You must consider several factors when choosing the payment gateway for your business. It is crucial to analyse the payment gateways from experience and security perspectives before finalising them. You must consider these top 10 factors before making the final selection.
#1 Security
You cannot move ahead without prioritising the security aspects. Your customer’s trust in your business depends on this factor.
You must look for a payment gateway that prioritises encryption and tokenization.
It should have high standards and relevant best practices to implement security protocols.
Adherence to PCI DSS standards is a must for the payment gateway. This would help protect your sensitive data and reduce data breaches.
When you keep security at the core of your selection criteria, you can ensure a highly transparent and secure solution.
#2 Compatibility
If the best payment gateways are not compatible with your website, they may not help you with smooth checkouts. You must check if the gateways can seamlessly connect with your existing systems and transfer the data.
An incompatible system results in technical and usability issues. You will notice a decline in the customer’s experience, which translates into lost sales for business.
Look at the integration options offered by the payment gateway.
Test the integration options and see how they fit into your site
Make sure to look for options (plugins, APIs) that can easily align the gateway with your platform.
#3 Accepted Payment Methods
Your user may abandon the cart if they don’t find their desired payment method on your website or application. Offering diverse payment methods can improve the experience and result in completed transactions.
Look for gateways that embrace traditional payment methods- credit cards, net banking
Consider gateways that extend digital wallets and new-age payment methods
Ensure they cover all the user-preferred payment modes
Look for flexibility in payment method additions while customizing
#4 Fees and Pricing
Each payment gateway has a predefined fee structure that includes the transaction fee and additional costs.
Few payment gateways offer a flat-fee model.
Some gateways extend a percentage-based model.
There are a few others that include both pricing structures
Evaluate your business to understand the transaction volume and average transaction cost when selecting the pricing model
Avoid the hidden fees by evaluating the cost breakup.
#5 Global Reach
The digital world has blurred the geographical boundaries. This has helped your business expand into newer territories and embrace every opportunity. It is equally important for your payment gateways to widen their reach.
Choose a gateway that extends the multi-currency feature.
It should easily convert foreign currencies to deliver an excellent experience.
They must streamline international payments and make way for secure transactions
#6 User Experience
A smooth user experience will lure your customers to your business website. It can improve retention. You can ensure a seamless experience at the checkout by simplifying the process. The payment gateway plays a crucial role in ensuring simplified checkouts.
Look for a usable and inclusive interface
Evaluate the gateway for simplified transactions
A negative experience equals a lost conversion opportunity. You should strive hard to improve the user’s experience.