Features You Should Look For In a Payment Gateway When You Select One For Your Online Business
A payment gateway is an essential requirement for your online business as it helps you receive payments from online transactions. The essence of an online business is allowing customers the freedom to pay the way they want.
Multiple payment options through credit cards, debit cards, online banking, and digital wallets need to be provided for the convenience of customers. The payment gateway can help do this. If you are looking for a payment gateway for your online business, this article will tell you all that you need to look for when selecting a payment gateway.
A payment gateway helps your customers pay online easily and securely
Features Of A Payment Gateway
A payment gateway is a service that enables your customers to transact online and make payments. The gateway has to protect the data transmitted through encryption. It needs to verify the data of the card or other payment options and authenticate it with the bank or paying agency.
The gateway should then process the payment, complete the transaction, and display the results. A payment gateway is a must for all online businesses. If you want to use one, then you need to understand what features a gateway needs to have. It helps you select the best gateway for use. Some of the important features include:
One of the most important requirements of a payment gateway is that the transaction and data must be secure. It is very important, as even a single security breach can damage your business reputation and lead to lawsuits.
Payment gateways need to be compliant with the norms set by the PCI Security Standard Council. Following this standard ensures your customers will go ahead with the transaction confidently.
The entire transaction, from completion of the order to payment and confirmation, needs to be done seamlessly and without any complications. A lengthy process with too many steps can frustrate a customer who may even give up midway. It also helps to streamline the checkout process and ensures the customer has a great experience.
There are different payment methods available when you make a transaction online. The top three being e-wallets, credit cards, and debit cards. You need to offer all the top methods for the convenience of your customers. Choose a gateway that allows multiple options.
For providing their services, the payment gateway charges a transaction fee. Compare the fees charged by different gateways before deciding. Do not go by rate alone, look at the rate charged and services offered. A rate of 2.9% of the transaction with 30c per transaction is the standard norm.
The Shopify Payment Gateway
Shopify’s payment gateway allows you to manage payment transactions easily
Shopify is a well-known platform for creating online stores. Shopify has its own payment gateway that has been created with a leading provider, Stripe. Shopify users need not worry about how to add the gateway because it is already integrated with their Shopify store.
It is easy to start using this gateway. Unlike other gateways, customers are not taken to external websites during the payment process.
Multiple payment options are offered. The gateway is PCI compliant and supports 3D secure checkouts. Payment tracking is easy for the store through the dashboard. However, it must be noted that Shopify Payments works only on the Shopify platform. It is available in 11 countries.
Amazon is the top online retailer in the world. Amazon Pay offers a payment gateway that can be used by online businesses for their payment transactions. Their experience in this business and brand name are the biggest strengths of this gateway.
It is offered in 16 countries. Customers can use Amazon Pay and make payments through their Amazon account. You are not directed to a third party site when you use this gateway, allowing the store to retain control.
The process to sign up is quite complicated and can be a pain. Moreover, the gateway does not support PayPal payments.
Amazon Pay allows users to pay through their Amazon account
PayPal is the market leader when it comes to payment gateways. They offer two options, PayPal standard, and PayPal pro. The standard version is available in 203 countries. It is very easy to set up the PayPal gateway on your online store and is also highly secure and reliable.
When users click on it, they are redirected to the PayPal website, where the actual payment takes place. The Pro version is available in few countries and offers a number of customizations, including retaining control during payment.
PayPal offers two different plans for online stores