In last few years, e-commerce sector and mobile applications have grown considerably, placing them as the business drivers. While starting an e-commerce store or a mobile application seems ideal and revenue-generating in the booming digital platform, there are several factors associated with your venture that needs to be taken care of appropriately.
One of such aspects is picking the payment solution. When all the transactions are going to be done online, it is imperative that you should assess all the associated dynamics and elements thoroughly.
A payment gateway is the platform that enables your customers to pay through a certain method, with the transaction transferred into your merchant account. There are many payment solutions to choose from but picking the right solution requires a lot of considerations. Here, we discuss how you can find that ideal solution for your e-commerce store:
1. Payment Methods
Customers love to shop from a site where they are provided with different payment methods. Every other customer could prefer paying in a different way. So, it is imperative that your payment solution allows your store to accept payments through multiple ways like credit / debit cards, Skrill, PayPal, gift cards, and other types of 3rd party and electronic payment systems.
2. Products / Service
Different payment solutions are created specific for different products and services and include physical goods, digital services, subscriptions and so. Depending on what you are selling, you must check if the payment solution is adaptable to your store model or not.
3. Safety and Security
When a customer is visiting an online site to buy a product or service, the last thing they want is to see their personal and financial information being compromised which is why security while transacting online holds the top-most concern for the customers. If you want them feel secured paying via any given method on your store or mobile application, then pick a payment solution that can provide high-end data encryption and security features. Make sure that the platform has all the advanced and robust security features, anti-fraud protection and safety certification from the related cyber security authority.
4. Value Added Features
A payment gateway that just processes the payment is way limited in capabilities and may not bode well for an adaptive e-commerce model. Access to tech support 24/7, immediate on-site resolution for any issue, compliance regulations and back-end taxations are some features that make for a quality payment solution service provider. Choose carefully.
5. Payment Gateway Fees
With any service, come the related costs. A payment gateway may include multiple fees, from installation charges to the monthly maintenance and transaction fees, and other associated fees. There may be some hidden costs which you must be wary about. So, research first, consult the service provider, compare different provider’s fees and then decide.
6. Streamlined Integration into the Existing System
Usually, during a financial transaction the customer is sent to a third-party site for entering their card details and then back to the site for completing the transaction. This can be ensured only when the facilitation is robust, and the payment system is seamlessly integrated into your website and technical platform. You also need to consider whether you want off-site or on-site transaction processing and then get the system installed accordingly. PayPal, for example, usually requires the transaction to be done on a third-party source but can enable payment on the business website for a monthly fee.
7. Multiple Transaction Channels
It might be a good idea to look for channel outreach to allow customers to pay through different mediums, including website, mobile application, through transaction links on social media sites and links sent via SMS.
8. Fast, Easy Payment and Checkout Process
The checkout process should be easy across varied devices, as use of mobile and tablets are growing for online purchase. You must also enable guest checkout process as many customers abandon their sales if they are compelled to login. Remove unwanted form fields.
The payment gateway is of high importance for your e-commerce store and mobile application. Finding a payment solution isn’t a rocket science, but you should be concerned of some important factors and conduct proper research before implementation.