How to optimise online payment processingJun 09,2023
Just like an orchestra, a great online shopping experience is a result of the coming together of many factors. Unique products, affordable pricing, a...
Choosing the right payment gateway for your e-commerce environment is often the key to constructing a seamless buyer journey. A payment gateway is an e-commerce application provided by a third party that is integrated into your business cloud environment. It facilitates the flow of information to authorize payments in your customer's preferred mode of transaction like a credit or a debit card.
Most payment gateways can handle the following type of transactions:
Here are a few things that you should watch out for while selecting a payment gateway for your website:
Estimating the total cost that you will incur is the most crucial aspect of a payment gateway induction strategy to ensure its viability in the long term. Prices of payment gateway solutions are calculated on the type of your business transactions, sales volume, revenue flows, transaction frequency, and of course, your target markets. While selecting a payment gateway, it is essential to determine how your business model aligns with the product’s fee structure.
Big businesses have elevated customer expectations for all e-Commerce 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.
Different payment gateways run on different security standards. The onus lies on you to choose a product that protects the confidentiality of your customer's data under every circumstance. Choosing a level-1 PCI DSS-compliant vendor has been the industry SOP in availing a secured payment gateway. However, you can look for a vendor with a robust data security culture, offering PCI DSS 3.0 certification, which is just being inducted into the Indian market.
While expanding your e-commerce business beyond borders, you will need a payment gateway that can seamlessly handle payment in multiple currencies. It is essential to provide your customers across geographies the convenience to pay in their local currency without going into the exchange complexities. Ideally, to be future-ready and globally competitive, you should be looking for a payment gateway that can handle transactions in all the major currencies.
It is essential to understand the settlement horizon that your payment processor is offering. Arguably, it should not take me more than T+2 days for the funds to be credited into your account to ensure a steady and competitive cash flow for your business.
Easy System Integration
It is convenient to have your payment gateway plugged into your invoicing or accounting system. Instead of manually keeping track of your transactions, the corresponding invoices will be automatically updated in your books whenever an online payment is completed. Also, look for payment gateways that have hassle-free integration kits and can be quickly integrated into your system.
Responsive Customer Support
It is understandable to face times when transactions fail or payments system develop problems. During such times, your vendor’s customer support team plays a key role in identifying and resolving issues. It is vital to confirm that it will work with you as per the Service Level Agreement and will strive to keep your business downtime at a minimum.
There are several payment gateway options out there but it is crucial to identify and integrate the payment gateway that is ideal for your requirements. It is also important to look at the features and benefits offered by each of them before making a choice.
Worldline Next Gen Payment Gateway provides easy payment gateway integrations with flexible APIs and plugins, 100+ payment modes, a frictionless checkout experience, and a powerful dashboard to give you complete control to access and manage your payments and refunds. Click here to check out the powerful Worldline Next Gen Payment Gateway features that can help you to boost your business online.