A payment gateway is required for you to accept payment from your customers when they place an order on your website. It can be thought of as similar to a point of sale system that is available in retail stores. A payment gateway completes a payment transaction as it authorizes the payment. It is the most important component of e-commerce. First, it sends the payment information from the website to the payment network. Then, after processing the payment, it returns the complete transaction detail back to the website to show the transaction has been successful.
Factors To Consider Before Choosing A Payment Gateway Provider
There are many payment gateways available today which can make it confusing for you to select the right one. However, not all of them are perfect for your specific type of online business and your goals. When you are looking for the right provider to help you set up a payment gateway, there are four factors that you should think about before you choose one.
Should Fit Your Budget
The payment gateway should be within your budget. You don’t want to spend more than you can afford. It is a good idea to look for one that has competitive pricing, yet provides great features at the same time. However, you should know that getting a cheap payment gateway that provides limited capabilities might affect your business in a negative way. You can try to find the right balance to be on the safe side.
The payment gateway should fit your budget.
Security Of Payment Information Is Essential
You should ensure that the payment gateway has the ability to authorize secure transactions when customers are purchasing from your online store. When your customer enters their payment details, the payment gateway should be able to securely send the data via the network. In order to ensure that the payment gateway is secure, you need to look for PCI compliance. This is mandatory when you want your customers to be worry-free when paying for their orders on your website.
Should Accept Major Cards And Must Have Integration Options
The payment gateway you choose should have the ability to accept payments from all the major debit and credit cards. There should be integration options available so that you can integrate the payment gateway with shopping carts. Remember, the payment gateway should be easily usable by mobile users too. You want your customers to have a positive experience of purchasing from your store.
Payment gateway should enable customers to pay in many ways.
Must Have Ability To Accept International Orders
Do you want to be able to sell your products from your online business both locally and internationally? Then remember to look for a payment gateway that enables you to accept international payments. You might have customers from the other side of the globe. You should enable to easily buy your products from your online store. This can help drive your sales higher. Which is why it is an important component of a payment gateway.
Which Is The Best Payment Gateway Provider?
Shopify Payments is one of the best payment gateways that exist today. Shopify Payments provides you with over 100 integrations which is one of the highest numbers of integrations provided by a payment gateway at present. It makes it easy for you to set up since you can do so instantly. You can start accepting credit cards in minutes! You can even accept local payment method which provides your customers the ability to pay however they feel comfortable. When you choose Shopify Payments, you can save on the transaction fees, which is a huge bonus.
The benefit of using Shopify Payments is you get to easily manage the orders paid by customers. Everything is displayed for you in the Shopify plugins dashboard. It shows you the balance that you have and the payment schedule as well. Shopify Payments payment gateway enables you to get instant alerts on your email so you are always aware of the payments that are made. The payment gateway provides speedy checkout for customers. This ensures that they are able to make purchases through your online store easily.
Shopify enables you to manage orders with ease from the dashboard.
Your online Shopify store can do really well with Shopify Payments since the pricing is highly competitive. Shopify is a Level 1 PCI Compliant. This ensures all the payment details and all the transactions occur in a secure network. Shopify ensures transactions are able to take place smoothly and risk-free as it regularly analyses and manages any potential risk.
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