Choosing the right payment gateway for your e-commerce environment is often the key to constructing a seamless buyer journey. And it goes without saying that 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:
Your customers expect a high-quality website that uses the most secure payment methods.Different payment gateways run on different security standards. The onus lies in you to choose a gateway which is 3D secure and compliant with PCI data security standards-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, netbanking, UPI, BNPL, and wallets. Customers tend to abandon their cart if they are unable to find the mode of payment that they seek.
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.
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.
How much does a payment gateway cost?
Payment gateway costs depend on the service provider that one selects. You may pay set-up fees, transaction fees, merchant discount rates and additional fees for things like chargebacks and cancellations.