A payment gateway is a technology that allows you to process transactions on your website or app. It enables your customers to conduct online transactions through different payment modes like net banking, credit cards, debit cards, UPI, or the many online wallets that are available these days. Payment Gateway transmits the payment data to the processor. It authenticates the digital credentials before forwarding the payment details to the payment processor. It acts as a facilitator to connect the payment processor to the merchant account and schemes.

Online transactions take place so smoothly and quickly that one would be surprised to know that there are several components involved for an online payment to be conducted successfully. From clicking on the ‘pay’ button to seeing a ‘transaction successful’ message, your customer’s payment goes through several steps and involves various key players.

A payment transaction involves the key stakeholders:

1. Merchant: The business or any person like you making the sale.
2. Cardholder: Your customer who will purchase on your website.
3. Issuing bank: The financial institution that holds the customer’s account, either a credit card account or a savings account connected to a debit card.
4. Card schemes: The card companies that manage the cards such as RuPay, Visa, Mastercard or American Express.
5. Acquiring bank: The financial institution that holds the merchant’s account.

Choosing the right payment gateway for your e-commerce environment is often the key to constructing a seamless buyer journey. And a smooth checkout experience directly impacts the conversion rate of your customers. That is why you must assess the following elements and pick the right payment gateway for your business:

Security

Your customers expect a high-quality website that uses the most secure payment methods. Different payment gateway providers run on different payment gateway security features and standards. The onus lies in you to choose a gateway which is 3D secure and compliant with PCI data security the highest level of security.

Modes of payment

A payment gateway should provide sufficient choices of payment modes to your customers such as debit and credit cards from leading banks, digital wallets, net banking, UPI, BNPL, and wallets. Customers tend to abandon their cart if they are unable to find the mode of payment that they seek.

Affordability

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.

Multi-currency Support

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 with the convenience of paying in their local currency without going into the regulation 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.

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 existing system.

Our onboarding process is simple. Just by submitting key business details as well as the Promoter / Director PAN card number, organization address proof, business proof and website details, we complete the KYC and allow you to accept payments instantly. All these documents can be submitted online.

Worldline offers comprehensive 100+ payment options for your business. It supports all payment options by default, including all Credit and Debit Cards, UPI, and 50+ Net banking, offers easy EMI options, and supports all major Wallets and PayLater options.