Published on December 5th, 2019 | by Sunit Nandi0
Top Things to Consider When Choosing Your Payment Gateway for eCommerce Store
Once you’ve decided to enter the eCommerce business and established the right strategy, it is time to choose your payment gateway. It is one of the most important things and eCommerce business cannot be established if there isn’t one.
This type of online business is very popular among entrepreneurs just because it has a lot of potentials, and can be as fun as watching the Super Bowl trends if done properly. It should also be one of your first steps before even building your eCommerce website just because it could be affected by the platform you’ve chosen or had some country restrictions.
So, in order to avoid wasting your time by building an eCommerce website that cannot be infused with the right payment gateway, you should do your research.
In this article, we will go through some of the top things you need to consider before choosing one.
It is obvious that safety should be your number one priority. You cannot establish a successful eCommerce business with a payment gateway that people develop trust issues. This can ruin your whole idea and deflect customers from your website no matter what products you have. You should try to make it similar to big eCommerce businesses like Amazon, where people buy things easily.
You should also make sure your platform provides the right security features like PCI-DSS certification as anti-fraud protection.
2. Establish Good Payment Flow
Customers should go through the checkout process without putting any effort. The good payment flow is key for transforming conversions into customers. This means that you should simplify the process as much as possible. Building a good customer experience while online shopping is the key to success and the only way you can do that is by making them feel safe with fewer steps as possible. People nowadays like to buy things with few clicks, so don’t try to overcomplicate things by asking unnecessary questions.
Third-party checkout might be an issue for your eCommerce business just because people do not like to go to another website where they put their sensitive information and they do not have the time to do that. You should also include a guest checkout for those ones who do not want to register to your website in order to buy the product.
3. Be Aware of Fees and Service Agreement Wants
Every payment gateway has different fees for each country, which is why you have to calculate them and choose the most profitable one. There are a lot of regulations when it comes to registering to some payment gateway such as transaction fees, transaction volume, setup fees and contracts, withdrawal, return fees and etc. This means that you should carefully read all the contract regulations before signing to the payment gateway and include the fees into the margin of your products.
4. Make Sure to Create Responsive Checkout
When you are building your eCommerce store, focusing on the responsiveness of your website is the best way to attract customers. It is the same thing with the checkout. People are going to access it from different devices, so make sure you create a pleasant experience for all of them.
5. Include Multiple Features
It is always good to add multiple transaction methods for your customers. By adding different service providers like PayPal, Visa, Master, American Express and etc. you will reach out to a much broader audience and make the process much easier. You should also consider accepting different currencies depending on the product and market that you plan to go for.
6. Easy Integration
It is important to know that some payment gateways are a nightmare to integrate them on your website. This can lead to many mistakes and eventually, your financial system will not function properly. The easiest way is to send the customer to the third-party provider where the transaction will be finished and send them back to your shop, but we know that complicating the process will lead to more abandoned carts. Fortunately, there are eCommerce platforms that will integrate any payment gateway to your website with a few clicks.
These are some of the things you should consider when you are choosing your payment gateway for your eCommerce store. This step is essential for the future of your business so try to get it right.