Factors to Consider While Choosing Payment Gateway Provider for Your Business

The right payment gateway is an important part of any online store. If you are looking to establish your online business, you know that with so many financial service choices, it is hard to make a choice. A payment gateway handles all monetary transactions that occur on your e-commerce platform in a manner that is secure and makes users trust you. Selecting the right gateway payment services is highly critical. It directly impacts your customers’ trust in you and your business costs. But, are you looking to make a more informed decision? Let us look at what a payment gateway is and the criteria for choosing the right one for your platform. What is a Payment Gateway? A payment gateway is a software application that enables online e-commerce businesses to process monetary payments by securely transferring credit or debit card information from the main website to the card payment network. In short, it allows customers to make digital payments. The details of this transaction are then sent back to the merchant acknowledging that the payment has been processed. This is a long process with multiple components working together, but payment gateway applications work to ensure funds get moved seamlessly and securely within a few moments. There are a few criteria to keep in mind while selecting your payment gateway. Here’s a list of them you can refer to while making your decision: User Experience: A complicated payment process is one of the leading reasons for shopping cart abandonment by shoppers on your platform. They might like the product and choose to buy it. But if the payment gateway is complicated screen monitoring software, they may start by navigating each obstacle but will eventually give up and drop off. While choosing the right payment gateway, user experience makes a huge difference. What is the user experience like on both mobile and web applications? Does the gateway offer on-site payments and the lowest number of redirections? Keeping customers on your platform is key to purchase completion. Fees Payment transactions mean payment fees. However, the types of fees you pay for these transactions will vary from provider to provider. There are three main types of fees you will come across:

• Set up fees
• Transaction fees
• Monthly fees

Some providers charge a membership fee too, while others charge based on your monthly usage. Make sure the provider you choose fits your budget. These fees add up significantly over time, so account for them before choosing a provider. Multiple Currency Transactions: Globalisation and virtual platforms allow customers to reach you from all around the world. However, when it comes to processing different currency payments, there are many complications. You need to be able to process multiple currency transactions while accounting for exchange rates and fluctuations. For some merchants, this means various bank accounts, complying with regulations and even multiple business entities in some cases. If you want global accessibility for your platform, choose a provider that gives you a supportive infrastructure for multi-currency transactions. Recurring Billing: This is a feature that lets you set up an automatic billing cycle for subscription-based customers. It is required by businesses that require a monthly, annual or quarterly billing cycle. Platforms like Netflix are an example of how this feature is used. For this, your payment gateway needs to be integrated with your invoicing software. With the help of multiple programs, these gateway services are cost-effective and ensure the best user experience for your customers. Customer Support: In business, things don’t always go smoothly. In case things go wrong with the server, gateway or your platform, you should be able to get back in control as soon as possible to avoid losing sales. For this, you will need prompt technical support. Getting immediate support during a crisis is invaluable and can save you a lot of losses and stress. Make sure your payment gateway service provider offers 24/7 customer support. Secure Transactions: Security breaches are among the largest and fastest-growing threats to online businesses. A security breach can cause financial harm to your business, but worse, it can damage your online reputation forever. When customers decide to purchase from a website, it is only after thorough consideration and trust. They expect their data to be safe and their money to get transferred to the right party. Your payment gateway must keep updating their security measures to keep you and your customers safe and happy. How to Choose The Right Payment Gateway? There are many key decisions your business will have to take. Thanks to digital transformation, choosing the right payment gateway will always be an important decision. No one payment gateway will be perfect and exactly the way you want it to be. You will have to compare the options available and choose the one that best suits your needs. For businesses that deal with larger transactions, security might be the most important factor. For smaller businesses that are just starting, costs and fees might be more important. Make sure you are clear about which factors concern you most and then look for a gateway that can successfully help you meet your business goals.