Economy

Factors to keep in mind while choosing a payment gateway for an eCommerce store

Ecommerce payment gateway systems are the lifeblood of online businesses. It offers a convenient way to accept online payments across a variety of payment modes and even allows sellers to sell goods to international consumers. 

It won’t be wrong to say that without a payment gateway system in place, it would be nearly impossible to run and expand a business as traditional modes of accepting payments via cheques, demand drafts, etc. are not practical in the case of eCommerce sites.

Business owners must have a payment gateway system integrated with their online store if they want to flourish in a world where the competition is tough, and the attention span of users is falling by the day. So, unless an online store offers them a superior user experience along with easy online payment options; the business isn’t likely to last long.

So, what should a business owner look for in a payment gateway platform before opting to implement it on their eCommerce site? Well, allow us to break it down for you!

Stability and Reliability 

First and foremost, the gateway must offer stability and should be reliable when it comes to day-to-day operations. You don’t want to invest in a payment gateway system that isn’t stable and faces frequent server downtime as that would have a serious negative impact on the business. 

Therefore, do your research and run a thorough comparison of all the payment gateway service providers before choosing one of them for your online eCommerce site.

Payment Options 

Check if the gateway provider offers multiple payment options. Just accepting credit/debit cards, and net banking payments isn’t good enough. Remember, we are living in a world where the average consumer is younger and prefers making payments using new-age options such as UPI, digital wallet, prepaid vouchers, etc. 

Moreover, upcoming payment options via platforms like WhatsApp, Facebook, Instagram, etc. are likely to catch up in the future. So, choose a payment gateway provider that is future-ready, so that you don’t have to go back to the drawing board.

Security

Unless the platform offers robust security features that protect valuable financial data from prying eyes; customers are less likely to transact due to the fear of becoming victims of cyber fraud. 

Basics such as PCI DSS compliance, along with features such as tokenization, data encryption, and safe storage of financial data of the customers is a must. So, keep a lookout if the payment gateway is compliant with these security features. 

Businesses can be held liable in case of a data leak, and that could pose a serious threat to their reputation, as well as expose it to lawsuits. Therefore, always choose the most secure payment gateway service provider.

Selling to International customers

Even if you are only selling to domestic consumers today, you may feel the need to expand the business beyond home shores once you scale up. However, not all payment gateways accept international payments, as there are a lot of compliances and requirements. 

Choose a payment gateway service provider that offers you the option to enable the ability to accept international payments whenever you want to expand your business. 

There is no point in settling for a service provider that lacks this option since if you decide to expand in the future. You will need to go through the whole process of choosing a payment gateway that can handle international transactions.

Transaction Handling Capabilities

Once the business grows, the payment gateway system should be able to handle multiple simultaneous transactions without any lags.

 If the system isn’t capable, then the number of cart abandonments would increase, and acquiring and retaining customers would become difficult, as people would simply move to other sites in case payments fail repeatedly. 

Therefore, choose a reliable service provider to ensure that transactions can through smoothly regardless of the number of people transacting and the time of day.

Customization Options 

Customizing the payment page by showcasing the brand’s logo, fonts, and colors can be a great way to brand it. It will result in a higher brand recall by differentiating it from the competition. Check with the service provider if they offer this feature or not.

There are multiple online payment platforms out there and choosing one can be quite confusing if you don’t know what things to look out for. 

However, the points that we discussed so far can go a long way in helping business owners choose a payment gateway service provider. Make sure to choose one that can offer the feature set, security, and other benefits that can make it future-ready.

All in all, here’s a summary of everything that the payment gateway system must be able to do:

  • Should be stable and reliable in day-to-day operations
  • Offer enhanced security features to protect valuable financial data
  • Offer multiple payment options including upcoming ones to make it future proof
  • Give you the option to accept international payments
  • Should be able to handle multiple transactions at the same time without lags or glitches
  • Offer customization options for branding purposes

Look for these points when choosing a payment gateway service provider to get the maximum benefit for your business. 

As you scale and grow, your payment gateway system must be able to keep pace with the business so that can keep acquiring and retaining customers by giving them the best possible online buying experience.

In the end, just remember that the competition is tough and every decision that’s made has an impact on the business. 

So, choose your payment gateway service provider carefully, if you want to invest your money in the right place!

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