Sales, Sales, Sales – As a small business or website owner, you’ve got them in your sights.
When is involved, you want your customers’ shopping experience on your site to be as seamless and positive as possible – including the most important, checkout experience?
It is a given that you have invested time to create a beautiful website and buy quality web hosting. But have you really thought through your checkout process? If it’s simple and orderly (not to mention, secure), you’ll invite customers, well, show you the money.
Admit it You thought we were going to Tom Cruise, didn’t we?
So, what is the key to a positive purchasing experience? A solid payment gateway, a third-party application that provides a tool for processing payments from sales.
Let’s discuss: What exactly is a payment gateway? How does it work? How should you go about choosing the best one for your site? What are the options? We will answer all those questions and many more
An Introduction to Payment Gateways
Did you know -96% of Americans shop online (with a forecast of 224 million digital shoppers in the U.S. in 2019), so they, like you, are familiar with the early stages of the e-commerce shopping experience.
It’s second nature, like signing your name or tying shoes: browse, pick a product, add to cart, checkout.
But insert your credit card number into your customers and you get paid? How is the purchase processed? Well, for that, you can credit (see what we did there?) Payment Gateway.
These gateways operate between the services, processing the input information provided at checkout, and providing e-commerce and online retailers with the approval or fulfillment facility. They are also used in brick-mortar installations.
So why use a payment gateway?
Well, at the outset, they are responsible for the complex tasks of purchasing: encrypting (i.e., securing) sensitive information – such as credit card payments – and helping you meet certain standards for online data protection, ensuring secure transactions between you and your customers.
Also, gateways save you time and work, eliminating the need to manually input the information received at your end. They also provide flexibility in the types of payments customers can use. And flexibility is good – it increases the likelihood of sales by increasing the availability for different types of payment customers.
What should be considered when choosing a payment gateway
With the right payment gateway, it’s a win, win, win.
But do you know how to find “one”?
Well, when third-party tools are involved, you want to evaluate each one’s unique features and make a choice based on the needs and capabilities of your online store. Here are five significant things to consider
Security
It’s not a wise one, but people aren’t just going to fork up an e-commerce store for sensitive financial information that looks shady. You want a payment gateway that is respectable and provides a secure checkout experience for your customers.
And note: displaying security signs is strong – more than 80% of consumers feel safe seeing the logos of trusted payment options on a website.
After all, use only one payment gateway that handles the fine data of your customers with care. If you do, you are more likely to be around them.
Cost
Like almost any service, fees are added using third-party tools like payment gateways. You’ll have to pay a transaction fee for your business – so pay attention to your gateway costs and do your research before you integrate it into your site so you don’t get a surprise fee.
These fees may include transactions, statements, chargebacks, merchant account fees, and possibly more – such as customer fees for using a particular payment method. And not surprisingly, customers don’t like hidden costs so read the fine print.
Payment method accepted
The reality is, the easier it is for customers to shop, the more likely they are to do so. By arranging your site with a payment gateway that incorporates a variety of payment methods, you’re increasing the scope of your sales – 60% of regular online shoppers say they can shop if they can’t use their preferred payment method.
Use your site analysis to notice which countries buyers are visiting your e-commerce website the preferred payment way may vary by country
Consistency
Of course, an important consideration is how integrated your gateway will be with your current platform – both technically and design-wise. If it takes an extra number of messy techniques to smoothly incorporate into your existing structure, you may want to reconsider your choice.
No one had time for this.
And while many gateways’ stripes for example can be customized to match the feel of your site, you want to make sure your gateway tools are compatible with your brand. Don’t confuse your customers ’purchasing experiences with inconsistent elements.
Also, it’s a safety issue: 70% of study participants said they would feel more comfortable shopping from a business that offers multiple payment methods. Chew it.
Location of payment
Some payment gateways allow customers to complete a transaction during the checkout process on the website, others take users to another site to finish their purchase. Some gateways provide an API that integrates directly into your site, others route visitors to third-party sites. Whatever you choose, consider what will provide the best user experience for your customers – if customers trust your site, they may not feel the slightest deviation.
There are twelve important things to consider when choosing a payment gateway provider
Select an appropriate payment flow
As your business grows, your eCommerce payment gateway should be capable to scale spontaneously. To add a payment gateway to a website you need to select the most appropriate payment flow for your business.
A site with an integrated payment by is used to send information to a sure payment gateway. With this alternative, payment details are sent by a secure form. The form contains all the necessary information and sends it to the gateway provider via an API call. This may need extra programming and then, increment the total cost of the payment gateway integration process.
Re-direct instructions for iframes or payments: Customers are redirected to a secure, hosted payment page, or enter their information in an embedded iframe on their website. Developers can use this option because it takes less time to integrate.
Having an escrow system: This payment gateway option is suitable for certain types of business. A secure escrow system built into your e-commerce platform can freeze funds before giving the administrator the right authority. For example, if your platform acts as an intermediary in trading operations, or as another type of online marketplace (like a bidding portal), you may need to create a dedicated on-platform store where both parties can securely trade funds during the contract process. Will be saved and arbitrated.
Choosing the right product
When it comes to selling products and services online, every website needs a payment gateway provider. It allows customers to purchase a product or service, while business owners receive these payments hassle-free. In order to select the correct product, you should consider how appropriate your payment solution is, keeping your security in mind.
Finding out how to add a payment gateway to your website is also very important – this doesn’t mean you have to do it yourself; you have to hire an expert to take care of it. Choose the best online payment method for your business and for your customers.
Make your customers feel safe and secure
Big companies have taken the online shopping experience to the top and beyond – raising customer expectations from all eCommerce websites. Even if you are running a small business, your customers will expect a high-quality webpage that runs on the most secure by alternative payment
If you sell online, you are directly or indirectly competing with Amazon, Walmart, etc.
Here example, sometimes payment gateways accept you to customize the entire payment experience to reflect your brand’s type face, logo, and color palette. Some customers may not even realize that they may be temporarily redirected to a third-party webpage to process their trading securely.
Make sure your payment gateway provider is certified to follow data security standards, such as PCI-DSS. Compulsory by the PCI Standard Card brand but governed by the Payment Card Industry Security Standards Council.
Consider the fee and service contract requirements
Pricing for payment gateways is typically based on the type of transaction that a business has (online or in-person), even based on business sales, revenue continuity, frequency of transactions, and served markets.
It is very important to compare how the business model matches the payment provider or the fee structure of the gateway. Some services may require setup fees and contracts, or they may charge a transaction fee if a certain order and transaction amount are not met.
Ensure efficient transactions
According to a survey conducted, more than 25 percent of customers will leave a purchase to complete it if they are forced to register for an account. If your checkout system uses a third-party purchases cart that has a scheduling system in the cart, make sure you can create it as a guest factor that allows “guest” checkout.
Likewise, your payment gateway will enable you to delete unpopular form fields for an easy checkout activity. Large e-commerce businesses expect the online retailers to increase conversions by up to 60% by eliminating redundancy, as customers want to enter both billing and marketing information, even if the postal address remains the same.
Make checkout easy on all devices
Marketers believe that in the last 2-3 years about 15 percent of e-commerce sales have occurred on a mobile device and this number is steadily increasing. When you evaluate your payment gateway alternative, make sure you can give a work checkout experience that is acceptable for a variety of phone and network types.
Choose from multiple features
Online payment gateway service providers offer different features depending on the needs of your business. For example, if you want to deliver your products and services worldwide, your payment gateway will provide a global solution and accept several credit cards, debit cards, and currencies based on different countries.
Payment gateways affect your efficiency. Make sure your selected payment gateway supports electronic invoicing, all payment types, text/email reminders for customers, smart chargeback management, etc.
Easy integration process
Online payment gateway integration is certainly not a DIY process. Maximum payment gateways supply complete instructions on how to integrate with liked eCommerce platforms such as WooCommerce, Shopify.
The model solution is to pick a payment gateway stupe that does not batch your website’s UX with a slow payment option. Choose a payment gateway that makes it easy and beneficial for your customers to make payments on your webpage where they can choose the payment system of their option
Merchant account
Having a merchant account is very important to get funds through an online payment gateway.
What is a merchant account? It is used when customers make an online payment through a payment gateway; The money is temporarily transferred to a separate retailer account. This is different from your original bank account.
The cash deposited in a merchant account will have to wait until the processing bank approves the customer. After consent, the cash is transferred to your bank account.
While this may seem like an extra task, merchant accounts provide an additional level of security and fund management for both the seller and the buyer. As another, some payment gateways do not need a merchant account, and cash is transferred directly to the seller’s account. In such cases, the payment gateway may charge a higher processing fee.
Repeated billing
Recurring billing lets you set up an automated billing cycle for your customers, making it an absolute necessity for companies with a monthly payment plan. Subscription-based services like Netflix and also other app run on a recurring payment model.
Moreover, nonprofits have developed the service of recurring billing, as this functionality enables organizations to consistently take up funds by regular contributors.
Mobile payment
ECommerce Checkout on Mobile Devices | Payment gateway provider
In the coming years, mobile payments will replace credit card purchases, even in a point-of-sale environment. Payment gateway providers, with the help of phone payments, enable shoppers to shift cash using their mobile phones, through top branded apps or mobile-optimized sites.
Mobile payments are driven by payment gateways but are optimized for mobile devices like phones and tablets. The rise of digital mobile wallets such as Apple Pay, Google Pay, Samsung Pay, etc. has changed the way customers pay via mobile, and payment gateways are adding support for all major digital wallets.
Customer support
Several payment gateway services limit their support for tickets or emails. In this situation, users need to follow the manual instructions to fix a problem. If you feel more comfortable talking to a person than sending an email, check that the provider provides live technical support, at least within standard working hours so that you can quickly resolve any technical issues
10 Most Popular Online Payments
1 PayPal payment
Well, you should easily recognize PayPal, which has the status of an e-commerce veteran and is one of the most widely accepted digital payment methods for North American retailers.
Key features
PayPal has proven success: Gateway boasts up to 50% checkout conversion for those who use it. What’s more, they offer counterfeit protection, live support, and extensive cart adjustments it works with all major shopping carts and e-commerce platforms.
The scale of your business, your high-traffic hotshot, or growing local business. Also, they offer multiple versions of their payment solutions, such as PayPal Payments Pro, PayPal Express Checkout, and Braintree.
In 15 minutes, you add a simple PayPal button to your site. With that extra time, you can focus on more sales or taking a much-needed break.
2 Amazon Payment
The e-commerce giant provides a reliable and familiar way for your customers to submit payments to your site.
Key features
Overcome the curvature of learning for the checkout process and pull from the technical strength of an established platform. In 2016, Amazon reported that it had 310 million active customer accounts; By allowing customers to use their current Amazon login information, Amazon Payment gives shoppers an easy, familiar way to shop.
Integration with your webpage is API-driven, definition it’s easy to customize Amazon payments to the existing peep and feel of your site. Often, this is as simple as adding a free plugin. Also, transactions are completed on your site.
Amazon Payments is a leader in responsiveness. It’s available across all devices – and mobile capabilities are critical for users; In the last six months, 2% of smartphone users have made online purchases using their mobile devices.
3 We pay
WePay is a platform payment company that prides itself on meeting the unique needs of your site or e-biz and it’s free to set up.
Key features
Got unique requests from buyers? WePay is equipped to handle complex payment requests, such as many providers or crowdfunding campaigns, and works for sites of various sizes.
Suitable for internal customers as well as e-shops, Wipe provides a helpful support center for businesses using the gateway.
Hello, future! WePay offers modern payment options like Apple Pay and Android Pay.
4 Authorize.net
Designed for small to medium-sized businesses, the payment service at Authorize.net can help you grow your business with flexible and reliable payment options.
Key features
With the exception of a comprehensive list of acceptable payment options – including checks and mobile payments – the service meets the business’s unique sales needs such as repeat or subscription billing.
Provides customers a positive and secure shopping experience from the site, including a verified security label, in-site ordering, simplified PCI compliance, and a custom checkout page. Also, they have an Advanced Fraud Detection Suite, a free security service. Score!
Got a question? Or three? Authorize.net provides full support including an online portal, toll-free phone support, online chat, e-ticket response system, and email contact.
5 2 Checkout
With customizable options for both freshman and senior businesses, 2 Checkout’s services include extensively customized hosted (in-site) checkouts and easy site integration, which keeps your checkout experience seamless across brands.
Key features
Don’t miss out on user experience opportunities. Whether you choose standard or in-line setups, Checkout 2 allows you to demo the customer’s shopping experience with a variety of settings so you can experience how the gateway works before you use it.
Set up your business as a worldwide moneymaker in 15 other languages and 87 currencies. More public payments = much growth.
Provides an easily included payment API so that credit card processing can be embedded directly into your site. Accessible documentation resources make customizing your site easy and convenient.
6. Dwolla
Consider it Tesla of payment gateways. Meet new service providers (and disruptors) in payment gateway technology: Money-Mover Tool Dwolla. As a bank transfer solution, merchants within Douala can easily accept bank payments with additional e-business-mind features such as shopping cart plugins and website integration. It has already been used by investment company Wonder and sneaker-selling app Goat.
Key features
Double is simple and removes common fees from gateway infrastructure and the service offers day-to-day and next-day transactions for ACH payments. So, if you are looking for the latest bank verification and transfer options, look no further.
Simple API integration that reliably measures your needs and provides a positive user experience, lets you track your app activity, search transaction information, manage customers, and view core business insights within your dashboard. Key information and functionality in just a few simple clicks.
Do bola says security is their DNA. So instead of relying solely on ‘All Gateways’ for sensitive data, deliver your online payment processing needs to a platform that values security through rigorous monitoring, robust cryptography and constant payments.
7. Stripe
Designed specifically for e-commerce, Stripe offers extensive functionality regardless of what your business sells and loads a resume with high-end customers like Pinterest, Lyft, Slack, and OpenTable.
Key features
Stripe has the best applications of modern-day e-commerce payment solutions: secure, customizable, quick and easy setup. Also, extras will win you over, such as allowing customers to purchase products directly from a tweet or saving card information for one-click checkout.
Stripe’s Sigma service allows businesses to easily see sales data and analysis in real-time, providing insights that help you refine and improve operations for efficiency and growth.
E-businesses need to think globally: International retail e-commerce sales are expected to reach 5 5.5 trillion by 2021. One more time for the people behind? 4.5 trillion! With more customers across the border, your business needs to think about new payment types. Fortunately, Stripe transcends traditional thematic payment types, providing the ability to accept business options – but increasingly more common – forms, such as Alipay, ACH, and Bitcoin. Get your tea-ching! From any country
8. WorldPay
WorldPay is a comprehensive, UK-based (but global) service that provides universal payment solutions for businesses of all sizes. Also, you can pay on the go or opt for the monthly payment option.
Key features
As a new business, you’ve got a lot on your plate: meetings, marketing, minutes. WorldPay offers what you didn’t know payment services including automatic billing and card updates, customizable loyalty cards, card-on-file support, and simplified backend settlement.
Ideally, your business will never stay the same. As growth grows, WorldPay focuses on the future of your enterprise through expert advice and insights and personalized reporting of your personal business. Also, they have decorated their site with helpful content.
Never grieve for lost customers who abandon sales for their personal payment type. As its name implies, WorldPay is widely accepted (think: “and,” “no / or” features) and accepts full acceptance of payment options – more than 300 ways to pay – such as all major card and mobile wallet methods.
9. Merchant e-solution
Merchant e-Solution is a unified platform that provides no-face solutions for online, mobile or brick-and-mortar payment solutions.
Key features
Not all buyers are the same. Not in neighboring countries or at the neighboring tables of Starbucks. Merchant e-solutions allow businesses to create customized payment experiences by region, country, language, business, or sales channel, making it easy to deliver a winning checkout experience to your customers wherever they do e-shopping.
Overwhelmed with the thought of starting with a payment gateway? You are not alone. Fortunately, the site provides personalized advice during your setup to help you get things started and get the lowest possible exchange rate (a customer service thumbs up!), With 24-7 support available.
You don’t need a computer science engineering to integrate merchant e-solutions with your e-commerce site. Customize the site’s APIs quickly and easily (regardless of your programming language) in their new developer suite, which provides sample code. Easy as raspberry pie!
10. Trade simplification
“Keep it simple, fool” applies to a lot of things – including payment gateways. Simplify the trade, a MasterCard entity, to make it easier for your business to accept payments. With online, in-app and personalized options, you can easily run your business e-commerce tasks and equip it with your unique features.
Key features
That means your gateway needs to be flexible to meet the needs of different types of buyers. Whether your customers want to pay via Master Pass, Android, or Apple Pay or are purchasing items faster on the way to work, simple commerce supplies can make this happen (and instead, make your customers happy).
For your coders, simply commerce developer-friendly. Integration between programming languages (Ruby, PHP, Python, and Java, to name a few) is easy to incorporate, and software development kits for iOS and Android use are also accessible. On their site, you can see sample code and access engineering support.
Trade is protected only by a name you know – MasterCard – so it’s easy to believe they will protect your transactions. And as an important factor in the success of e-commerce initiatives, you will want reliable security for your store.
Note: Now that you’ve seen a host of options, you need to compare. What payment do you need?