If you own an online store, you will most likely require a suitable payment method to process and authenticate the transactions of your potential customers. Previously, merchants were responsible for collecting money in order to make payments, and they had to keep a physical and competitive record of such transactions.
Nowadays, everyone expects to shop on online platforms; adding a payment gateway may appear complex and difficult, but it is a necessary step for making payments online. eCommerce service providers must provide a secure, convenient, and accessible method for accepting credit cards, debit cards, bitcoin, cryptocurrency, and vice versa.
Payment gateways are service providers that help you make online transaction processing simple and secure for both sellers and merchants. Some WordPress plugins and WooCommerce extensions integrate multiple aspects with Square and Stripe for WordPress Plugin and WooCommerce Extensions.
So, in this article, we’ll discuss the factors to consider when comparing payment gateways for eCommerce stores:
The cost and fees are the most important factors to consider when evaluating a payment gateway. There are three kinds of fees: setup, transaction, and monthly. Some of them may charge membership fees as well. Always double-check all costs and fees; even identically charged back items can have multiple costs that vary depending on the service provider.
Before deciding on a payment gateway for your eCommerce platform, consider your budget, expected sales, and ROI. Such information and specifics will be required to comprehend the costs, profit margins, and sizes.
Metrics for Safety and Security
Another compelling reason to use a payment gateway is the safety and security metrics. Potential customers expect security when providing credit card information; choose a payment gateway that is compliant with common security concerns such as PCI DSS.
The security breach puts your company and its potential customers at risk.
A good payment gateway will protect your eCommerce transactions from hackers, spies, spammers, and other bad actors.
24/7 Customer Service
Always ensure that your payment gateway provides customer support 24 hours a day, seven days a week. Is there a frequently asked question (FAQ) page where you can get answers? Are there any forms to fill out, or will you speak with someone on the phone?
All of these questions are critical when looking for the best payment gateway online for your business. Customer service is not only important for potential customers, but you will also require assistance with technical customer service. As an arbitrator, you must examine and evaluate all aspects that will provide backlog support to your destined customers, including backlog policies and specific payment gateways. Other resources will only pay back instantly and add to the total if research and investigation are not conducted.
User Experience and Usability
After putting in a lot of time and effort to generate leads for your eCommerce store, you don’t have to ignore poor usability and user experience. At the moment, you must convert visitors into long-term customers, which will allow you to make the purchasing process simple, quick, and secure. Here are some of the most common reasons for shopping cart abandonment:
- Filling out multiple forms that are linked by fields
- Making several account requests
- Mobile devices do not support payment.
- fewer payment methods are available
- The page takes approximately 3 seconds to load.
Make sure your payment gateway is compatible with all mobile devices and offers multiple payment options to your potential customers.
Redundant Billing Options
You should choose the consequences of recurring billing to save time and money. In addition, your payment gateway should be integrated with the software used to generate invoices and send instant bills.
For example, the Magento 2 payment gateway supports recurring payments. You should schedule a consultation with experienced Magento developers for more information.
The concentration of the Audience
Always make certain that your target audience is aware that you receive the best payment for your online store. If your potential customers are younger, they will most likely buy online and use credit or debit cards. Regardless of age, some people prefer electronic checks or cash payments on delivery patterns.
You should think about all of the supported currencies and courtiers. When dealing with international customers, you should accept a variety of credit and debit cards.
Options For Integration
In this market segment, a wide range of payment systems are available. If you don’t want to alienate specific potential customers from shopping on your website, it’s better to provide them with multiple payment options so they can choose the best one for their needs. In this regard, APIs are critical because they make it easier than ever for these various third-party solutions to collaborate.
The ease with which integration can be integrated with your eCommerce platform is an important feature. Did you know that the payment gateway provides an excellent toolkit for software developers to integrate the two systems? A payment gateway with an easy integration process can save you time and money while providing your customers with more payment options that meet their needs and preferences.
In a nutshell, payment gateways enable technopreneurs to enter new global market segments by bridging gaps and developing multiple customer conveniences. So, by providing important roles and evaluation criteria, the information above will assist you in selecting a good payment gateway for your eCommerce store.