With the rate of online purchases increasing each day, businesses need to think of payment options beyond cash. Along with cash payment, you also need to facilitate debit or credit card transactions at your offline store and e-commerce portal. With the rising competition, the more options of payment you have, the better your business is going to perform. That is why, a payment gateway is a necessity for a company that witnesses transactions on a day-to-day basis. Payment gateway software facilitates easy & secure online payments. It authorises the transaction between a merchant and a customer.
Top 7 Tips to Choose the Right Payment Gateway
Selecting the right payment gateway software is important and you should never be complacent while making that decision. We have listed down seven tips that can help you choose the right payment gateway.
Supports Your Business Model
It is extremely important to make sure that the software you have chosen, supports your business, its products and its services. It is useless to go through the whole compliance process and get rejected in the end. You should always have a look at the specifications and pre-requirements of the payment gateway. Most of the vendors have a list on their company website regarding the functions and businesses their software support.
Caring about the security of your customers’ details should be an absolute priority to your business. You don’t want your customers to worry about their financial information leaking online. A secure transaction would encourage your customers to buy from you again. Ensure that the online payment gateway that you are selecting has a PCI DSS (Payment Card Industry Data Security Standard) compliance. This feature is important if you accept credit cards. Your payment gateway should also have an SSL 128 Bit encryption to provide high level protection against security breaches. Digital signature would only allow an authentic user to access the system. The last layer of security is restricting dynamic IP. This would deny the access to an account if any different IP is used other than the one desired.
Types of Gateways
There are two types of payment gateways available: Hosted payment gateway and integrated payment gateway. Hosted payment gateways are the ones which redirects customers to the software company’s platform, to put their payment information. This is an efficient method of transaction but the customers might get confused and not trust the new platform. On the contrary, the integrated payment gateway is integrated within your system. Here, the customers will not have to leave your website to enter their payment details on any third-party platform.
If your selected payment gateway takes too much time to process the payment, or asks too details, your customers are likely to look for alternative options. Ensure that your payment gateway software runs smoothly on both mobile and desktop devices, accepting all major debit and credit cards. Also, ensure that you reduce the payment process to a few simple steps and promote faster payment.
The technology that your payment gateway is using should be flexible. A robust gateway which only gives you limited option of integration, is not what you should look for. Choose a payment gateway solution that can be updated with changing market demands and customer expectations. The technology should be easy and user friendly for the customers to use as well.
Try focusing on the real cost, which helps increase the conversion rate and the profit margin. Sometimes, software applications with relatively lower prices are just there to attract clients. There are hidden costs attached which you are unable to see in the first go. You should know each and every feature of the payment gateway software and have a thorough understanding of what you are paying for. Also, be prepared to negotiate your prices.
After Sales Support
In case things go south, the after sales support comes in handy. No software can guarantee you a 100% error free tenure. There are chances that your payment gateway can hang, crash or even shut down. In such unfortunate cases, if the vendor does not provide you with the required support, you are bound to lose business. They will no longer trust your brand, and you might eventually face a substantial downfall. So, be sure that your payment gateway vendor provides a genuine after sales support that can fix the problem right on spot.
It is indeed a big decision to choose the right electronic payment system for your business. Choosing popular software applications like PayU Money or PayPal, might result in higher transaction charges. Alternatively, you can have a look at these payment gateway software applications which are affordable and have great features as well. Ultimately, you should choose a software that suits your business.