Payment Gateways When you share $$$, you want your customers’ buying experience on your site to be as smooth and positive as possible – which includes, at its core, the checkout experience.
Payment Gateways
Admittedly, you invested time creating a beautiful website and buying quality web hosting, but have you really thought through your checkout process? If it’s simple and streamlined (not to mention safe), you’ll invite clients to show you money.
So what is the key to a positive buying experience? Powerful Payment Gateway, a third-party application that provides an easy-to-use tool for processing payments from sales.
Let’s discuss: What exactly is a payment gateway? How it works? How should you choose what best suits your site? What options are there? We’ll answer all of these questions (and more).
Your final plan depends on it!
Payment Gateways
It is very important to be aware of the basic steps of your e-commerce shopping experience.
It’s second nature, like signing your name or tying your shoes: Browse, choose a product, add to cart, hit checkout.
But what happens between your customers entering their credit card numbers and getting paid? How are purchases processed? Well so you can credit (see what we did there?) payment gateways.
These portals act as intermediary services, processing the entered information provided during checkout and facilitating the authorization or fulfillment of payments made to electronic companies and online retailers.
So why use a payment gateway?
Well for starters, they take charge of the tough buying tasks: encrypting (ie securing) sensitive information – such as credit card payments – and helping you meet certain data security standards online, ensuring secure transactions between you and your customer.
In addition, the portals save you time and labor, eliminating the need to manually enter information received from you. They also offer flexibility in the types of payments customers can use, and the flexibility is good – they increase the potential for sales by expanding customer access through a variety of different payment types.
Fact: Customers are more likely to abandon their carts due to a lack of payment options.
What to consider when choosing a payment gateway with the right payment gateway.
Well when third-party tools are included, you want to evaluate the individual features of each and choose based on the needs and capabilities of your online store. There are a few key factors to consider among them:
protection
It’s a no-brainer, but people aren’t going to just offload sensitive financial information to a seemingly suspicious e-commerce store, you want a reputable payment gateway that provides secure payment experiences for your customers.
Note: Displaying security banners is a powerful thing – over 80% of consumers feel safe seeing the logos of trusted payment options on a website.
Above all use only a payment gateway that handles your customers’ exact data carefully, if you do that they are more likely to continue working.
cost
As with almost any service, there are fees associated with using third-party tools such as payment gateways, you will have to pay transaction fees for your business – so be aware of your gateway costs and do your research before integrating it into your site so you don’t run into surprise fees.
These charged fees can include transaction fees, statement, chargeback, merchant account fees, and more likely such as fees for customers to use a particular payment method, and it’s no surprise that customers don’t like hidden costs, so read the fine details.