Payments are as crucial as selling any product. Businesses may not grow if this part of integration is unstable, so this is our quick guide for all your payment related worries.
Whether you have a small start-up or a huge well-settled business, payments play a pivotal role. Payments not only tell you about the profits you make by selling your products(or services) but also the sales, revenue, consumer conversions and gives you the continuous motivation to keep on doing better with your business. It is critical to think about the integral solution which provides seamless payments to their consumers. You can definitely host your own payment solution through some API’s, but for an ideal business, more the options are more the consumer conversion rates would be. For this, we have many one-stop solution payment gateways which fulfill all your payment related queries. There are so many vendors available in the market for them, however before choosing any of them for your eCommerce platform, below things are to be kept in mind.
Transaction Fees: First and foremost step is to compare all kinds of transaction fees like initial setup fees, per transaction fee, monthly/yearly maintenance charges these payment gateways charge. Each has their own charges and definitely you don’t want to lose out all your profits to them.
Hosted or Integrated solutions: One of the largest US-based payment solution PayPal provides both Hosted and Integrated payment solutions (at an additional charge). Hosted solutions are one in which the consumer will be re-directed to their payment gateway where the businesses will have less control over the consumer data and hence the less risk involved in it. Integrated solutions are the one where consumers can complete transactions on your website itself without navigating to some other platform and businesses can have more control over consumer data.
Types of payment methods: Ideally, a good payment gateway shouldn’t restrict its businesses or their consumers in choosing between different modes of payment. Perhaps best payment method is one which allows Debit, Credit, Online banking and all other modes of payments acceptable.
Swift processing: Any interferes while the processing of transaction can lead to a very bad consumer experience and often spoils your consumer conversion rate. So while selecting these payment gateway solutions, watch out for average per transaction time. Also, it is worth to enquirer about the time taken for that money to reach your account after a successful transaction.
Mobile Optimized: There are tons of cash flows happening every day through that tiny device. As websites are optimized, all the payment gateways should be optimized for mobile. They provide enhanced features for mobile like one-click buy through inbuilt NFC chips, Integration of multiple mobile wallets, authentication through fingerprint scanner and such other exemplary methods.
Customer Experience and Sales numbers: In some integrated payment gateways, consumers are supposed to leave merchant’s website and redirected back once the transaction is completed. Some consumers may feel the process to be cumbersome which might directly impact on consumer’s conversion.
On the counterpart when you have a hosted payment gateway for your eCommerce, it allows you more control over the consumer’s data. Data regarding how the transactions being made, transaction time, transaction cost rate which tells about when the buyers purchase certain products without any second thought and at what rate they don’t.
Cyber Crime or Fraud protection: Last but most important, Cyber Crime is increasing day-to-day and protecting your website and your consumer’s data should be the priority. Before choosing any payment gateways make sure to learn about what kind of encryption they provide to the data that is being fetched from your eCommerce. No business would like to fall prey to any Cyber Crime and even if it occurs, the responsibility should be equally held by both merchant and payment gateway solution provider.