12 important factors to consider when choosing a payment gateway provider

12 important factors to consider when choosing a payment gateway provider

Before deciding on an e-commerce payment gateway provider, the following factors should be considered:

1. Select the appropriate payment process.

As your business grows, an e-commerce payment gateway should be able to scale effortlessly. Retailers need to choose the most appropriate payment process for their business and add payment gateways to their website.

The integrated payment form website is used to send information to the secure payment gateway: use this option to send detailed payment information through the secure form. The table contains all the necessary information and is transmitted to the gateway provider via an API call. This may require additional programming, which will increase the overall cost of the payment gateway integration process.

iFrame or Redirect Payments: Customers are either redirected to a securely hosted payment page or need to enter information in a website-embedded iFrame. Developers can use this option as the integration takes less time.

Having an escrow system: This payment gateway option is available for certain types of businesses. The security custody system established on the e-commerce platform, the security custody system on the business platform can deduct funds. For example, if the platform acts as an intermediary for trading operations or another online marketplace (such as a bidding portal), it may be necessary to create a special platform store where trading funds will be securely stored and arbitraged during the trade.

2. Select the correct product.

When selling products and services online, every website needs a best payment gateway for ecommerce provider. Customers are allowed to purchase products or services, and business owners can easily receive these payments. Retailers should consider the suitability of their payment solutions, keeping in mind their security, to choose the right product.

It's also important to find out how to add a payment gateway to a website - that doesn't mean retailers have to do it themselves, they should hire experts to handle this. Choose the best online payment methods for businesses and customers.

3. Make customers feel safe and secure.

Large companies have surpassed the online shopping experience - raising customer expectations for all e-commerce sites. Even if the website is a small business, their customers will expect a high-quality website to run with the safest payment method.

If you sell online, you will directly or indirectly compete with Amazon, Walmart, etc.

For example, some payment gateways allow website owners to customize the entire payment experience to reflect their brand's fonts, logos, and color palette. Some customers are not even aware that they may be temporarily relocated to third-party websites to process their transactions securely.

Ensure payment gateway providers are certified to information security standards such as pCI-DSS. The pCI standard is enforced by card brands but governed by the Payment Card Industry Security Standards Council.

4. Consider cost and service agreement requirements.

Pricing for payment gateways is often based on the type of transaction (online or face-to-face) a business has, and even business sales, revenue consistency, transaction frequency, and the market served.

It is critical to compare the business model with the cost structure of the payment provider or gateway. Some services may require set costs and contracts, or they may charge transaction fees if specific orders and volumes are not met.

5. Make sure the transaction is valid.

According to one survey, more than 25% of customers would abandon a purchase if they were forced to sign up for a purchase account. If using a third-party shopping cart and setting up a registration process within the cart, make sure the retailer can make this an optional factor in allowing visitors to check out.

Similarly, payment gateways should allow retailers to remove unnecessary form fields to simplify the checkout process. Large e-commerce companies want online retailers to increase conversion rates by 50% by eliminating redundancies such as customers entering billing and shipping information, even if the postal address is the same.

6. Easy checkout on all devices.

Studies show that 79% of smartphone users have used their phones to shop online in the past six months. By 2021, 62.24% of people will own a mobile phone, and these numbers are still growing steadily. When website owners evaluate their payment gateway options, they need to ensure that they provide an optimized and adaptive checkout experience for different mobile devices and network types.

7. There are various functions to choose from.

Online payment gateway service providers offer various features according to their business needs. For example, if a retailer offers products and services all over the world, the payment gateway should provide a global solution and accept a variety of credit, debit and currencies based on different countries.

Payment gateways can also affect the efficiency of a website. Be sure to find out if your chosen payment gateway supports e-invoicing, all payment types, customer text/email alerts, smart chargeback management, and more.

8. Simple integration process.

Online payment gateway integration is definitely not a DIY process. Most payment gateways provide detailed instructions for popular e-commerce platforms such as Woocomerce, Shopify, and Magento.

The ideal solution is to choose a payment gateway system that does not affect the user experience of the website due to the slow payment process. Choosing a payment gateway makes it easy and beneficial for customers on the website where they can choose their payment method.

9. Merchant Account.

With online payment gateways, having a merchant account to receive funds is essential.

What is a merchant account? When a customer pays online through the gateway, the money is temporarily transferred to a separate retailer account. This is not the same as an actual bank account.

Cash stored in a merchant account must wait until the customer processes bank approval. After approval, the funds will be transferred to the bank account.

While this may seem like an additional task, business accounts provide additional security and capital management for buyers and sellers. As an alternative, some payment gateways do not require a business account and instead transfer funds directly to the seller's account. In this case, payment gateways can charge higher processing fees.

10. Periodic billing.

Recurring billing allows retailers to set automatic billing cycles for customers, an absolute necessity for companies with monthly payment plans. Subscription-based services, such as Netflix, use a recurring payment model.

In addition, nonprofits find utility in recurring charges, as this feature allows organizations to effortlessly collect funds from recurring donors.

11. Mobile payment.

In the next few years, even in point-of-sale environments, mobile payments will replace credit card purchases. With the help of mobile payments, payment gateway providers can transfer money using their own mobile phones, whether using top branded apps or mobile-optimized websites.

Mobile payments are supported by payment gateways, but optimized for mobile devices like phones, tablets, etc. The rise of digital mobile wallets like Applepay, Google Pay, Samsungpay and others has changed the way customers pay via mobile, and payment gateways are adding support for all major digital wallets.

12.24×7 customer support.

Some payment gateway services limit their support to tickets or email. In this case, the user needs to follow the manual instructions to resolve the issue. If site owners feel more comfortable talking to others rather than emailing, check if the provider offers live technical support, at least during standard business hours, so any technical issues can be resolved quickly.


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