Payment gateways have slowly become the most vital part of the business ecosystem. The modern world of commerce depends on online retailing, selling, and purchasing. To support such a venture, you will need to facilitate a safe and secure mode of multicurrency online payments, and this is where a payment gateway comes into play.
Defining a payment gateway
We can define it as the connection point for the entire payment processing journey for a product, item, or service. A payment gateway connects the shopping cart with the point of sale and authorization of safe and secure payment within a few seconds. Gateway services are, therefore, extremely vital for all the e-commerce and online store platforms.
Following the global Coronavirus pandemic, people are following social distancing protocols. More and more business concerns are moving to the online domain to keep in line with the lockdown protocols. So, it is all the more important to choose the right payment gateway service for your business concern.
The following post carefully lists all you need to keep in mind while choosing the right payment gateway service. Check out payment gateway vs merchant account
Choosing the right payment flow
It is essential to utilize a fully functional payment gateway that can be scaled along with the business’s growth effortlessly. To that end, here are a few key things to consider.
- Precedence for the integrated payment form
Keep in mind that you need to choose a site that allows the filling up of the integrated payment form. It requires additional programming but overall makes for streamlined and highly secure service.
- Payment redirect notice
Through this service, the customers get redirected to the secure payment page hosted by the site. You can integrate the redirect page with the use of iFrame as well, which will save time.
- Secure Escrow system
For services operating as an intermediary to the trading operations, you can install the Escrow system to allow you to withhold funds and payments before the right party grants the admin rights.
Choosing the right service
As stated earlier, a payment gateway service is an online payment mode and extremely useful in the present scenario. Making purchases online is no more an alternative but a necessity. Therefore, the entire process needs to be safe, secure, stable enough to handle the load, and above all, hassle-free, because no everyone is tech-savvy. This is why you should ideally hire an expert to take care of the setting up of the right system when it comes to integrating the right payment gateway. read about Legal document management system
Safety and security for the customers
When it comes to safety and security features, there are various aspects that you need to consider carefully. Keep in mind that customers expect a high-quality website, and if you are cutting corners, you might lose to the overall sales. Keep in mind that your payment gateway service must comply with the industry standard like the PCI-DSS or the Payment Card Industry Security Standards Council.
Always consider the fees and the service agreements
Always keep in mind that the pricing of service depends on the type of business and transaction that your concern performs regularly. The fee is also dependent on business sales, revenue consistency, and the frequency of transactions. Services can even levy a set-up fee and transaction fee, so it is vital to read the fine print before signing on the dotted line.
Make sure that transactions are going through
Here is a top example for you; a survey concluded that 25% of the customers would abandon the entire cart when they are compelled to sign-up for the service before making the purchase. This usually happens when there is a built-in sign-up feature within the cart, making the registration essential for the purchase. However, our experts would like to point out that you can add a guest sign-in/purchase option to ensure that your transactions are going through irrespective of the registration of an account.
Multiple platform friendly set-ups
Keep in mind that the importance of internet and online purchases has grown manifold, and therefore users are hooked on to their tablets, android and iOS devices along with the “good-old” desktops and laptops. This is why it is essential to integrate a system that allows for the same smooth experience when it comes to check-out across all devices and platforms.
Additionally, keep in mind that you need to set-up a merchant account to receive all the payments through an online payment gateway service. Merchant accounts are vital because they add an extra layer of security when it comes to an online transaction at both ends; for the customer and the seller. Also, always go for a service that allows for easy integration into your website, because you wouldn’t want to work with a service that ruins your domain’s UX.
Keep these simple tips in mind while setting up the payment gateway service for your concern. All the best!!!