Do you want your customers to have a seamless mode of payment for services or products? If so, your business needs to align with the most recent and efficient ways of receiving payments. Thanks to technology, the payment sphere has evolved to allow customers experience a faster and better way to pay. Read on to find out more.
Suppose you have an eCommerce website or e-shop. In that case, a payment gateway is a crucial element to understand as it facilitates every currency transaction online.
In the face of the coronavirus pandemic, an online payment gateway is critical for the sustenance of payment methods.
Statistical facts about online payments
82% of present-day customers prefer to shop digitally using their smartphones – it’s convenient and easy. Again, 80% of consumers in this generation are impacted by social media to make online purchases.
Going by this, you can better understand why the best payment gateway for business is crucial. You will not want to lose potential customers by picking the wrong payment method. For business success, optimum profits, and continuity, it is essential you keep a close watch over your eCommerce shop’s payment solutions.
Getting the right payment gateway may not be as easy as it sounds, as you’ll need to consider several things and features. Before choosing your payment method, there are specific questions you need to answer for good comprehension:
- Is your online store location getting support from the payment gateway?
- How much will the service cost?
- What are the features they offer?
- How suitable is the payment gateway to your e-shop?
To streamline the entire process of choosing the perfect payment gateway for your e-store, there are some essential things to put into consideration:
- Opt. for an accurate payment gateway: If you’re making plans to set up an e-shop, an essential component you should bring in is a payment method. This is a mandatory requirement for all websites as it permits the purchase of goods and services on a common payment platform such as UPI, credit card, debit card, digital wallets such as Google Pay or Samsung Pay, etc. Some businesses sell directly to customers, while some involve third parties in the payment channel.
Select a payment gateway that’s flexible enough to fit into any business model type. Also, for all payment platforms, let your chosen payment gateway be available.
- Consider the processing speed: Apart from selling products and services digitally, processing time is also essential. How fast does money move from customers’ accounts into yours? This is a unique feature that supports the end-to-end solution.
Customer satisfaction and experience are mandatory for your eCommerce business. So, keep them happy by choosing a fast-processing payment gateway. Cloud processing can improve your processing speed, improve workflow, and efficiency of operation for the business.
- Create security for customers: Think of yourself as the customer and provide the needed protection for their payment. Online shopping is the new norm so, ensure customers don’t face any threat while on your platform.
Check that your payment gateway provides the best security features. Some offer anti-fraud protection, like the PCI-DSS certificate payment gateway. Choose wisely!
- Acquaint yourself with service and fees agreements: Business owners seeking payment gateways must be aware of and follow certain agreements binding on fees and services. Business sales determine the cost of a payment gateway, business transaction type, how frequent transactions occur, consistency of revenue, and others. Measuring how your business idea matches your payment gateway provider’s fees agreement is not easy.
So, the provider will decide the fees or contracts following the number of business transactions you perform.
- Merchant dashboard and analytics: You will want to know how your customers are behaving online when it comes to purchases. Payment gateways provide comprehensive details of this vital information. And with this, you can detect areas of the business that aren’t doing well and improve.
Again, business owners can better understand RFM analysis of potential clients, method of payments, and geographical location.
- Simplicity in management and success rates: Business owners are demanding over payment gateways due to transaction failure and reduced users. A suitable payment mode should be hassle-free and straightforward to operate. These are all crucial factors to be considered.
When choosing a payment gateway, go for one that makes disbursements, refunds, and pay-outs easy to manage.
- Seamless integration: It’s not uncommon to find e-shops connected to financial procedures covering several payment modes. So, you must integrate the process of payment into your business website. The best solution is to have a provider that refers your customers to a third-party site to provide their credit card details, facilitate the transaction, and return them to your e-store.
Your business needs, the requirements of customers, and security needs should be borne in mind when selecting the right eCommerce payment gateway.
When you opt for the best payment mode for your business, you’ll satisfy customers greatly, earn their trust and loyalty, be recognized, and grow.