10 factors to help you choose the right payment gateway provider. Source: unsplash.com
Online payment gateways are the norm these days- for any website or e-commerce solution. Anything you’re planning to sell online requires an online payment gateway – it is the prerequisite for any professional website.
Setting up your gateway is a hassle, and why would you do that when you already have plenty of payment providers available to choose from. Engaging the services of an online payment provider enables you to accept several types of electronic payments easily, integrate them easily into your website and offer different kinds of payment methods for your users all over the world. They set up and run all the required software, connections, hardware and security so that you have an all-in-one solution to give and receive payments online.
For many businesses, especially small or non-profit companies, getting a secure online payment gateway means easy solutions for billing and invoicing purposes, in-person and online payments.
Before signing up for a provider, there are some questions you’d need to ask yourself to determine the kind/type of solution that best fits your business needs. Here are some of those questions:
● What is your budget for payment solutions?
● What are the essential features you need?
● Do you need to have a merchant account to chose a gateway?
● Can the solution provider support online payments in the countries you operate in?
Here are some facts to help you choose an appropriate payment gateway provider:
1. Determine an appropriate payment flow
As your business grows, your choice of payment gateway should scale along with that growth. The appropriate payment flow must be able to install into your websites seamlessly. Some of the features you need to consider for your payment system is:
● An integrated payment form: Security is a must, and with an integrated payment form, the payment system will be able to send information securely. It contains all the required information, ensuring that details pass through API calls securely and safely.
● iFrame: Users are usually directed to a secure, hosted payment page or must enter their info in an embedded iFrame on the website.
● An Escrow system: This feature is secure and is built within an eCommerce payment solution.
2. Choosing the correct product
A payment gateway provider is required on every website that you sell goods or services on. Your payment solution should be adaptable to these needs and changing product lines. Adaptability is critical in choosing your payment gateway.
3. Make your customers feel safe and secure
Customers expect a high-quality website whether you’re a small company or you are a non-profit. So it matters that you have a payment gateway that is reliable, easy to use, but above all, safe and secure. Payment systems have become highly sophisticated at a very reasonable price, so choosing one that fits reliability and security is essential.
4. Customization options
How much can you customize your payment solutions? Some payment gateways allow you to customize the entire payment experience to fit your brand’s logo, color, typeface and color palette. You need consistency so that your customers feel a sense of security, even if the payment system directs them to a third-party site to process transactions safely.
5. Certification
Yes, there’s plenty of payment providers to choose from, but who’s legit and who isn’t? The best thing you can do for your business is to ensure that the providers you work with are certified if their job or line requires them to have certification. When it comes to payment solution providers, make sure they are approved for the things like PCI-DSS. The credit card brands mandate the PCI Standard, administered by the Payment Card Industry Security Standards Council.
6. Easy and fast checkout
Statistics on cart abandonment show that at least 25% of customers will abandon a shopping cart if they are required to register for a full account with the business to complete an order. This feature is a nuisance for many buyers, whose main objective is to complete an order quickly and quickly without unnecessary bells and whistles. If your payment provider does come with an enrollment procedure, make sure that you give it as an option for your users. Do not make it compulsory.
7. Easy checkout on all devices
It’s not a surprise that mobile use has been increasing in the past 2-3 years. Even today, almost 50% of shoppers buy online than they do in physical stores via their mobile devices. Your payment gateway provider needs to ensure that the payment process is mobile-friendly on all kinds of mobile devices and network types.
8. Multiple features
How feature-rich is your payment solution? What kind of features are available, and what is helpful for your business? How many payment methods can users use to make payments to purchase your products and services? Do they get an email confirmation? Is there cart reminders given to them? These features are excellent but make sure that your providers provide the flexibility to pick and choose what you need for your business.
9. Easy integration process
Another critical aspect of payment solutions is making it easy to integrate into the various eCommerce platforms. These solutions shouldn’t botch your existing UX to integrate it into the site or require you to overhaul your system entirely. Look for solutions that provide payment gateways that make it easy, affordable and straightforward for businesses to integrate into their websites with no monthly fees, binding contracts and commitments, unless you’re happy.
10. Recurring billing
For small businesses and non-profits especially, there’s no room to spend frivolously. You need to ensure you are billed the correct amount you signed up for, and if the provider provides a recurring billing function, it’ll help you set up an automatic billing cycle, so it’s easier for you to track your expenses. Moreover, non-profits have found utility in recurring billing, as this functionality enables organizations to consistently collect funds from regular contributors.
Having a well-designed website with a payment platform that is seamless and easy to integrate and use solves a lot of problems for your growing business.
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