The following aspects should be taken into account when choosing an eCommerce payment gateway provider, based on the operations and functional needs of the eCommerce business:
1. Select the Correct Payment Flow
The eCommerce payment gateway should be able to scale easily as the firm expands. To connect a payment gateway to a website, merchants must choose the best payment flow for their company.
Using this method, payment information is submitted through a specific form on a website that has an integrated payment form and acts as a secure payment gateway. All necessary data is included in the form, which uses API calls to send it to the gateway provider. The entire cost of the payment gateway integration procedure goes up as a result of the potential need for additional programming.
For payments, clients can either be sent to a safe, hosted payment page or they must enter their information in an iFrame that is integrated on the website. Since this option integrates more quickly, developers can take advantage of it.
Escrow systems: This payment gateway choice is appropriate for some firms. Before the admin authorises the required power, payments can be withheld through a secure escrow system embedded within the eCommerce platform. The traded monies of the two parties will be stored safely and arbitraged while the transaction is taking place, regardless of whether the platform acts as an intermediary in trading activities or acts as an online marketplace.
2. Pick the Right Product
Every website that sells goods and services online needs to have a payment gateway provider. Customers can purchase goods or services while business owners receive money without trouble. Retailers should think about how versatile their payment solution is while keeping its security in mind to get the best option.
It’s also crucial to find out how to add a payment gateway to the website; however, retailers shouldn’t attempt this on their own; rather, they should employ a professional to handle it. Choose the most suitable online payment option for your consumers and your business.
3. Encourage customers to feel secure
Big businesses have elevated customer expectations for all eCommerce websites by going above and above with the online shopping experience. Customers expect high-quality websites that use the most secure payment methods, even if they operate tiny enterprises. They compete either directly or indirectly with retailers like Amazon, Walmart, and others if they are selling online.
For instance, some payment gateways enable website owners to alter the entire payment process to suit the typography, logo, and colour scheme of their company. Some clients are unaware that in order to complete their transactions securely, they may be momentarily transferred to a third-party website.
Verify that the provider of the payment gateway has received certification for adhering to information security standards like PCI-DSS. The Payment Card Industry Security Standards Council is in charge of the PCI Standard, which is imposed by the card companies.
4. Think about the costs and service agreement specifications
Payment gateway costs are frequently determined by the kinds of transactions a company conducts (online or offline), as well as by business sales, revenue consistency, transaction volume, and the markets it serves.
Comparing how the price structure of a payment processor or gateway aligns with the e-commerce business model makes sense. Some services could demand startup fees and contracts, or they might charge transaction fees if a certain order or transaction volume isn’t reached.
5. Transitional Effectiveness
According to a report, more than 25% of buyers will back out of a transaction if they are required to create an account in order to finish it. Make sure that shops can make the enrollment process an optional element that permits a “guest” checkout if the checkout process use a third-party shopping cart with an enrollment procedure embedded within the cart.
In order to make the checkout process simpler, retailers should be able to delete unnecessary form fields using the payment gateway. Large eCommerce companies anticipate that by removing redundant requirements, like asking customers to provide payment and shipping information even when the postal addresses are the same, online shops would increase conversions by up to 50%.
6. Facilitate Checkout on All Devices
According to studies, 62.24% of people will own a mobile phone by 2021, and 79% of smartphone users made an online transaction using their mobile devices in the last six months. These numbers are continually rising. Website owners must offer a flexible checkout process that is geared for various mobile devices and network types as they consider their payment gateway alternatives.
7. Multiple Purposes and Functions
Depending on their demands as a business, online payment gateway service providers offer a variety of capabilities. Consider the scenario where retailers provide their goods and services globally. In that situation, the payment gateway must offer a global solution and support a variety of credit cards, debit cards, and local currencies.
Efficiency of the website is also impacted by payment gateways. Check to see if the payment gateway you’ve chosen supports electronic invoicing, all payment methods, customer text/email reminders, intelligent chargeback management, etc.
8. Simple Integration Procedure
Integration of an online payment gateway is not a DIY task. For integrating with well-known eCommerce platforms like WooCommerce, Shopify, Magento, etc., the majority of payment gateways offer comprehensive instructions. The best course of action is to pick a payment gateway system that doesn’t ruin the user experience of the website by making payments take a long time. Choose a payment gateway that enables clients to pay conveniently and profitably on your website, where they may choose the payment method of their choosing.
9. Customer Account
To receive money via an online payment channel, a merchant account is essential. A merchant account: what is it? It is utilised when clients use a payment gateway to make an online purchase; the funds are momentarily moved to an additional retailer account. In contrast to the current bank account, this is distinct. The money in a merchant account must wait until it receives authorization from the client’s processing bank. The funds are transferred to the bank account following approval.
Although it may seem like an extra job, merchant accounts give customers and sellers an additional level of protection and fund management. Alternately, certain payment gateways transmit funds straight to the seller’s account without the need for a merchant account. Payment gateways may impose a higher processing cost in such circumstances.
10. Billing Cycles
Recurring billing is a must for businesses with monthly payment plans because it enables retailers to set up an automatic billing cycle for their clients. Recurring payments are how subscription-based businesses like Netflix are financed. Additionally, recurring billing has proven useful for non-profits because it makes it simple for them to collect money from consistent donors.
Source: ecommerce payment solution , ecommerce payment gateway