Today, the craze of eCommerce website has made the revolution in the Online Market where customer’s trust of your site is essential, no matter how great your eCommerce store may look and functional, accomplishing success in your online endeavor mostly depends on how well your products are being sold to your customer. To build and enduring trust of your customer, a Payment gateway is one of the potential tools that helps your customer about your trustworthiness.
In essence, a payment gateway is an eCommerce service which allows merchants to accept payments via debit/credit card and other forms of Internet transactions securely via your website. Remember, if payment gateway on your eCommerce store isn’t set up in the proper manner, you could yield loss of orders placed on your online store. It means you’ll feel a significant fall in sales because of unsatisfied customers. Realizing right and secured payment gateway, however, would be a fundamental ensuring long-term success of your eCommerce business.
Let’s discuss, what exactly is the payment gateway? How does it work? What should you consider while choosing one that best fits your website? What options are out there?
The bottom lines depend on it!!
Introduction to Payment Gateway
Payment Gateway serves a bridge between an eCommerce website and the bank that processes a customer’s credit/debit card payment. The principal function of the payment gateway is to securely transmit the consumer’s confidential credit/debit card and bank account data to the issuing bank and get a response from it concerning whether the transaction is succeeded or failed.
So, why use payment gateway with your eCommerce website?
In today’s digital world, gateway saves times and work, rather manually performing such payment process. They also offer flexible options on the type of payment to the customer can use. And its true, customers likely to abandon their cart because of lack payment options.
What to consider while choosing a payment gateway?
With right payment gateway, it’s a win… win… win…
But, How do you know which one is the best? Well here are some factors which you should keep in mind while evaluating various payment gateways.
It’s a no-brainer, though the customer is not going to just fork over sensitive financial information to sites that look cool. You want a payment gateway which is popular and provides secure checkout experiences to your customers.
Representing security signage is Very powerful — more than 80 percent of customers feel safer marking logos of trustworthy payment options on a website.
Like with most of the services, there are charges associated to use third-party tools like payment gateways. For transactions processed on behalf of your eCommerce business, you’ll need to pay fees — so determine your gateway’s costs and study before integrating it into your site so you’re not pushed with surprise fees.
Certain charges include transaction, statement, chargeback, merchant account fees, and likely more — such as fees to customers for using a certain payment method as customers do not like hidden costs so study the fine print.
Accepted Payment Methods
In reality, It is more likely to get customer’s attention to make their purchase through providing the variety of choices to make the payment. By outfitting your site with the payment gateway that incorporates a worldwide variety of payment methods.
Use of analytics on your website would eventually help you to identify the countries from where your customers are most. Preferred payment options may differ by country.
Of course, a major factor is how well your gateway would be integrated with your website — both from a technical and design viewpoint. If it demands an over-abundance of messy methods to consolidate easily into your existing structure, you might need to think again your choice.
Nobody gets time for that.
While several gateways can be customized to match your site’s feel, you want to make sure your gateway is compatible with your website. Don’t make your customers’ buying experiences shaking with inconsistent components.
Some payment gateways allow customers to perform a transaction within the checkout processes of the website. Some gateways provide APIs that can be integrated directly into your site, others redirect visitors to third-party sites. Whatever you choose, recognize what will provide the best user experience to your customer –
if customers believe on your site, they might not tend the alternate diversion.