The eCommerce sector today is growing at the speed of the light. Blame it on the recent technological inventions or the people’s changing tastes; the online marketplace is the next big thing nowadays. If we look closely, one of the prime reasons for the online marketplace’s rocket speed growth is the availability of goods and easy integration of the payment gateway.
According to recent research by the analyst, over 80% of people make online purchases through debit cards, credit cards, and net banking. Due to the popularity of these types of internet-based payments, payment gateways are also becoming the gamut of discussion.
What Is A Payment Gateway?
A payment gateway is a type of interface which connects both the end customer and the banks. The software successfully helps the payment process securely with the customer’s preferred mode of input. Due to the successful amalgamation of eCommerce integration and payment gateways, electronic payments, which were a far-fetched dream before some years, have now become a reality. Even for small businesses who are all set to venture into this big online marketing world, payment gateways are a blessing in disguise for the owners.
7 Factors To Consider Before Selecting A Payment Gateway for Ecommerce
As with any business, it is very important to choose an eCommerce payment gateway; you have to get a brief idea about the different factors mentioned below:
1.Choosing An Appropriate Payment Flow:
Every online business taking shape today needs to have a secured payment gateway to have space for redirect payments and an escrow system. An escrow system within eCommerce helps in holding funds before the admin grants authority. This helps the two parties’ payment to remain in a safe and secure place while the deal is in progress.
2.Choosing The Correct Product:
Choosing the correct product is another important factor to consider for a payment gateway. It helps figure out to add products that are adaptable to the payment solution offered along with keeping the security in mind.
3.Let Your Customers Feel Safe:
One of the important things about online payments is that customers opting for it should feel safe. Therefore, even if you are running a small business, try to keep your website encrypted, which will help in a secure payment process and, in turn, let you earn the trust of customers.
4.Consider the set-up fees while integrating a payment gateway:
While setting up a payment gateway, always keep in mind the set-up fees and contracts in order to meet the transaction volumes. This will help your business to scale-up to the sales and transaction frequency served in the market.
5. Make sure that the checkout feature is installed in all devices:
If recent market research is to be considered, then a checkout experience is a must. Always remember to have a proper checkout feature that is receptive to all devices.
One of the ideal ways of botching up your website’s user experience is by having a payment gateway that doesn’t slow down your page. In this way, more and more customers will gravitate towards your site and make it popular than ever.
Mobile payments are an integral part of today’s online business. Therefore, in order to make sure that customers stay satisfied in the long run, they have a payment gateway that supports all mobile payments.
For every business operating online today, selecting and integrating a payment gateway is a necessity. Therefore, whenever you aim for one, keep all these factors in mind and then do it in the right way to see more footfalls in a stipulated period of time.