9 Factors to Consider While Choosing a Payment Gateway Provider

The internet is teeming with tons of eCommerce websites and with it, a host of payment providers. It’s no longer a challenge for eCommerce businesses to set up shop online and attach a payment gateway. Setting up an online shop nowadays is faster and easier compared to setting up a brick-and-mortar store.

Customers nowadays are more inclined to make online purchases via payment gateways compared to walking into a store and making a conventional purchase. The pandemic has made online commerce the go-to option to make purchases of any kind- you can buy anything off the internet.

If you are setting up an online service, including a secured and safe payment processing option is crucial - you can hit the ground running and on your way to make your sales.

When choosing a payment gateway, you want a process that is secure and provides an interface that allows your customers to feel safe when making their purchases plus makes it easy to make their payment whether by using their bank account, debit or credit card, gift card or digital wallets.

If you are in the process of searching for a payment gateway provider, here are some factors to guide you in choosing the right one:

● Pick a scalable payment option

Your payment gateway choice should be scalable. As your business grows, you want the gateway system to scale along with it, without causing disruptions. Here are three payment flows that you can choose for your business:

A site with an integrated payment form: this option allows payment details to be sent through a secure form. All information passes through API calls and it helps boost the overall payment gateway integration process.
Using iFrame: The iFrame process redirects customers to a secure payment page. This option takes less time to integrate into a website.
Using an Escrow system: This option suits specific businesses. It is a built-in eCommerce platform that is a popular option for online marketplaces. Escrow systems offer the robustness of a dedicated platform to trade funds between two parties safely and securely.

● Choose the correct solution for your product/service

If you are selling things online-whether it's a product or service, a payment gateway is an essential item on a website. It provides the owner a hassle-free system to sell and get paid, and it gives customers the ease of fulfilling their transaction of a product or service. Your payment solution should be adaptable to the kind of product or service you provide- should you include forms? Is there a space to add discount codes or add quantities of products? All of these elements are crucial in making the payment process smooth on both ends.

● Use a safe and secure option

This is crucial as it is the number one factor customers look into when making a purchase online. How secure is my information? How safe is this transaction? Whether you run a small business or a big company, a high-quality website requires a high-quality payment processor. Adding a secure payment option is essential and make sure your option is certified with information security standards such as PCI-DSS. PCI Standard is mandated by the card brands but administered by the Payment Card Industry Security Standards Council.

● Customizable look and feel

This may not be extremely important but having the ability to change your look and feel of your payment gateway to reflect your brand is another element that adds credibility to your business. Go for a payment processor that allows you to change some aspects of the interface such as logo, color palette, and typeface.

● Fees and service agreements

When choosing payment gateways, it is useful to compare plans and fee structure. This is because the pricing for each gateway is based on the type of transactions you conduct. The fee structure will give you details on the setup fees, contracts, and transaction fees involved when you sign up. These details are needed to ensure that you do not go over budget when planning and operating your online store.

● Easy checkout on all devices

Mobile devices are the ruling device when it comes to online transactions. Making your site and payment gateway compatible and easily available on all kinds of devices offers flexibility for your customers. Flexibility can be anything from a laptop, iPad, mobile phone, or desktop computer. It is essential to provide a smooth and uninterrupted checkout process to avoid buyer dropout.

● Offers various features

Apart from scalability, your payment gateway should come with different features that you can add on as your business grows. These features must be easy to add on such as extending your product and service to different parts of the world, accepting different kinds of payment methods, in different curries, and so on. Payment gateways that provide electronic invoicing, email reminders, and smart chargebacks are also useful add-ons in the future.

● You can easily integrate it

Integration requires detailed instructions depending on the platform. Your ideal choice should be a payment gateway system that does not affect your website’s UX design or slow down the payment process. You want a payment gateway that makes it easy for customers to use and also a payment gateway that is easy for you to understand, use and troubleshoot.

● Offers 24/7 customer support

Speaking of troubleshooting, you also want a payment gateway that comes with stellar customer service. Whether it's sending an email, calling them, or chatting online with customer support, this is a crucial aspect of choosing a payment gateway. You want good service because if there are any problems with your system such as debit card decline codes, you can contact support and walk through troubleshooting these concerns and resolve them easily.

These factors are some of the most crucial points you need to take into consideration when selecting a payment gateway. The price point is not the only factor when it comes to payment gateways. Do your research by comparing the benefits, services, and features of your top three choices of payment gateways. It will help you zero in on the appropriate gateway for your eCommerce needs.