Top Factors to Choose the Best Payment Gateway Provider

Top Factors to Choose the Best Payment Gateway Provider

The modern market has helped the society in countless ways, and its contribution is undeniable. New technologies and market trends have helped different industries in innovating and finding more convenient ways to live. The rise of eCommerce stores can be compromised amidst these new trends, which has helped our lifestyles become more convenient.

An eCommerce platform facilitates numerous benefits, but convenience tops them all. And quite frankly, millenials and Gen Z do not seem to ask for much more. Convenience and smartness seems to their primary needs, and eCommerce stores fulfill them both.


 

But it takes more than keeping convenience as the ultimate goal to build an efficient eCommerce store. From diversity, to seamless UI & UX, to security, there are multiple facets to work on and perfect. Amidst these aspects lies the choice of a payment gateway provider. Choosing the best payment gateway provider for an eCommerce store is pivotal for its success.

The web is filled with questions like how to choose the best payment gateway provider or the factors to check while choosing a payment gateway provider. The given blog will help you get answers for all these answers.

Here are the top factors to consider while choosing a payment gateway provider.

What to Look in a Payment Gateway Provider?

When choosing a payment gateway provider for an eCommerce store, you should ask these questions:

  • How much will the service cost be?

  • What features will I be receiving?

  • Is choosing a merchant account mandatory?

  • Is the provider compatible in your country?

What is an eCommerce Payment Gateway Provider?

You can define a payment gateway as a software that facilitates secure sharing of credit card data from the site to the card provider for a specific eCommerce transaction payment. The data is then returned to the website with the confirmation of the provider.

While an online transaction seems to wrap up instantly, a number of processes take place in the meantime.

How eCommerce Payment Gateways Work?

The purpose behind a payment gateway is to facilitate quick, seamless, secure, and efficient online transactions. To carry out the same, the entire transaction undergoes several steps and here is how it works:

  1. The first step occurs when a user places his order after filling the required card details.

  2. Now the data is encoded by the browser and is shared with the vendor’s web server.

  3. This data is then sent towards the payment processor via the merchant’s bank.

  4. Now the processor shares the data with the card affiliation.

  5. After this, the parent bank gets the approval request, which they either accept or deny.

  6. The approval is then carried towards the merchant and the customer’s gateway.

  7. After getting this reaction, the site transmits the transaction.

  8. After the transaction is completed, it activates clearing transactions.

  9. Finally, the bank debits the amount and the merchant’s bank receives the settlement.

Choosing the Best Payment Gateway Provider

Here is how to choose the best payment gateway provider:

Selecting the Ideal Payment Flow

With time, your eCommerce platform is bound to grow, so your payment gateway must be able to accompany that growth. That is why you need to select the best payment flow for your store.

You can choose an integrated transaction form for sending data towards a safe payment gateway. The practice utilizes a secure form containing every needed data and uses API calls for carrying it all the way to the required gateway provider. However, it can increase your overall cost endeavor.

Your second option involves using redirection or iFrame. This way, your users are either redirected towards a safe, hosted transaction page, or they need to submit their data within iFrame on the site. The approach is ideal for developers as it reduces the integration time.

Selecting the Best Product

A payment gateway provider is pivotal within an eCommerce store as it helps facilitate the transactions. Keeping security the primary goal is the way to go while selecting a payment provider. In case you are unable to integrate it yourself, then do not falter. The web is filled with competent developers capable of doing it at affordable prices.

Establishing a Sense of Security

When you start selling something online, you have started competing against household brands like Walmart and Amazon. In this case, establishing a sense of security is crucial for you.

Your website must be secure, functional, and seamless at every point. Ensure to follow routine security standards such as PCI-DSS. Doing so will help your website compete in the same ballpark as other industry giants.

Check Out Fee and Service Agreement Structure

The cost of a payment gateway heavily depends on the transaction type and business model. So before putting down your thumb on one provider, you should roam through the web looking for the ideal option.

Some providers even charge for setup and contracts while some render transaction fees for specific amounts. So weigh out your option before making the final call.

Focus on Checkout

Merely emphasizing on the website interface and payment functionality can leave you from focusing on another integral function, checkout. Try to simplify the checkout process for every device possible, and see how your consumers grow.

Add Viable Features

You can add numerous features on your website, so it is better to take some time and then decide on what you want to offer.  Choosing a payment gateway can affect your efficiency as well, so make thorough research on making the final cut.

Wrapping Up

Amidst the numerous latest technologies and trends in the modern market, eCommerce has taken the world by storm. Now that numerous businesses are trying to start their eCommerce store, it is crucial that they know how to do it. The blog has mentioned the top factors to consider while choosing a payment gateway server. 

 

Amit Manchanda

About the Author

Lalit Bansal is a founder and CEO of EIY SYS with 14 years of affluent experience in Blockchain, Cryptocurrency, ICO, Digital Marketing, Fintech, and Growth Hacking. An engineer by training and an entrepreneur by profession, his leadership, experience, and connections make him a smart advisor.

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