Things to Consider before Choosing Payment Gateway Provider

The payments landscape has changed over time because customers are now more exposed to newer, efficient and more seamless payment modes than ever. This is one of the reasons why businesses of all sizes have to walk with this ever-changing industry to allow their customers to experience the best and fastest services from your end. And when you have a website, you also need to think of modes of payment for your customers. 

Choosing the right online payment gateway for your business is one of the most important decisions you would make while setting up your website. And once you are all ready, the right payment gateway that suits your business only grows in importance. To make an informed decision about which gateway to select for your brand, here a few things to keep in mind:

1. Audience-Suited Payment Methods

Most businesses start with a target audience in mind. When you build your website, you need to keep that target audience in mind. Customers of the older generations prefer sticking to conventional methods of payment like credit/debit cards or ‘pay on delivery’. While newer generations are more comfortable making purchases online and freely. Recent years have seen a rise in the use of online wallets and UPI transactions. Hence, select the best payment gateway after careful consideration of your audience. 

2. Transaction Fees

Choosing a payment gateway doesn’t mean you will only pay to the payment gateway provider. If you opt for a merchant account, it might attract an extra cost. Sometimes, your website provider might also charge some extra money to integrate the plug-in to your site. There can be an annual charge on the gateway. Sometimes, getting a paid upgraded version might include more security and easy access. 

3. Locations Supported

Locations can often create troubles for growing businesses. Indian merchants have to get their sites registered to Indian as well as international payment gateways to accept orders from around the world. There might be some payment gateways that allow you to accept payments from around the world, irrespective of their locations. 

4. Security and Fraud Protection Policies

Online security is a major area of concern for everyone. Whichever payment gateway you choose for your business needs to abide by your area’s security and fraud protection policies. Some payment gateways use biometric information to authenticate a transaction so that there is no need to store sensitive data like CVV numbers. This is a strong step you can take towards preventing cybercrime.

5. International Solutions

Most entrepreneurs start-off small but have plans to expand their businesses internationally later. In case you have the same plans, an international payment gateway might attract higher fees and also charge currency conversion tax. Weigh all the pros and cons before finalising a particular choice. 

6. Round-the-clock Technical Support

Some businesses like travelling, dating or even gaming websites require high-risk processors. This means there will be more involvement required from the payment gateway providers. This is why it is always better to protect your business and look for providers with 24*7 technical and customer support.

7. Easy and Compatible Checkout

Marketing research shows that about 15% of all e-commerce sales take place on a mobile device. This figure is increasing steadily. As you evaluate gateway options, make sure that you can provide a checkout experience that is receptive to different mobile devices and network types. 

8. Multiple Features

Online payment gateway providers offer several features with their product and you are allowed to take your pick depending on your business needs. For instance, if you provide your products and services worldwide, your payment gateway should be able to provide a global solution and accept all payment options. Having a payment gateway also impacts your efficiency. Make sure to find out if your chosen payment gateway supports electronic invoicing, all payment types, text/email reminders for customers, etc. 

9. Easy Integration

Online payment gateway integration is definitely not a DIY process. The ideal solution is to choose a payment gateway system that does not botch up your website’s user interface with a slow payment process. You need a payment gateway that makes it easy and beneficial for your customers to make payments on your website where they can select a payment method of their choice. Also, take help from professional software engineers or someone from the payment gateway provider to integrate the gateway into your website. Use Pine Labs offline swipe machine to ensure that you track your stock keeping units for optimal stocking.

To choose the best payment gateway for your online business, ensure that you keep your business needs, customer’s requirements and important security needs in mind. The right payment gateway for you will increase longevity, provide great customer satisfaction, earn your customer’s trust, increase your business’ online recognition and durability. This way you can make your online business go a long way!