How to choose the right payment gateway for your business.
When you start online business it is always important to choose right payment gateway. Right Payment Gateway makes it easy for customers to pay for the products or services via the web or mobile app. Here you will find some top tips to help you choose the right payment gateway for your business.
Consider Pricing: The first step on any business’ list is finding the best price for a payment gateway. There are several costs you need to consider here. First consider the purchasing price of the gateway, if there is one. Free gateways are awesome, but they may have higher fees. Some payment gateways offer a fee per transaction and others offer a fixed number of transactions per month for a flat monthly fee. you should try to find a gateway that has reasonable fee.
Modern Or Classic: A Classic gateway is best for the business which operates on the bigger scale because per-transaction fees for classic gateways are often lower than modern ones but there are plenty of hassles in deploying the Classic Gateway. It takes so much time to set up, it also requires some amount of technical knowledge because the same needs to be integrated with API and requires a merchant account. On the other hand Modern Payment Gateway does not require a merchant account.
Hosted Or Integrated:
Hosted gateways redirect your customers to the payment processor’s platform to input their payment information and if customers aren’t familiar with the processor it will hurt the conversion rate So you’ll need to know how your audience feels about a hosted gateway before choosing one.Hosted gateways are easy to set up and are fantastic for new stores if you choose one users trust.
Integrated Gateway connects the eCommerce site with the gateway’s pre-delivered API. The biggest advantage of this is that customers never have to leave your store to input payment information and submit orders but it also makes you responsible for securely storing cardholder data and complying with your country’s rules and regulations, including the PCI Security Standards. There is one more thing you should keep in mind before choosing an Integrated Payment Gateway is that it should support your E Commerce platform.
Support For payment methods: Make sure you understand which payment methods people in your target market like to use and choose a payment gateway with support for those methods. If your website doesn’t accept your customer’s preferred payment method, you will lose sales.
One of the most important aspect to consider for choosing a payment gateway is security. Make sure that the payment gateway is compliant with the Payment Card Industry Data Security Standard (PCI DSS). This confirms they have achieved the highest level in card data protection. Ensure they have the advanced solutions to protect your card payments and minimize fraudulent transactions.
Online shopping is a 24/7 experience Your provider should offer you an immediate support whenever you need it. Email support is not enough while choosing a payment gateway make sure it offers you a 24/7 phone support in a reasonable cost.