How to Choose the Right Payment Gateway?

How to Choose the Right Payment Gateway?

‬If you are having an online store, you need to have a payment gateway for sales to actually happen. Selecting the right payment gateway is mandatory so that your customers can make payment easily and swiftly. With so many options available these days, selecting the one that is best for you might take a little time and effort.

What Is a Payment Gateway?

A payment gateway is an application that facilitates the payments from customers. It verifies the customer’s information, draws fund from the customer card or bank account, validates it and then deposits into your account.Image result for How to Choose the Right Payment Gateway?

Types of Payment Gateways

Earlier, there used to be more of classic payment gateways that required merchant account, but the modern payment gateway for tech support‬‬ is different. These gateways are easy to set up, easy to operate and virtually hassle free. It is easy to integrate these modern gateways with your online store for quick payments.

These modern gateways can be hosted or the integrated ones. In the hosted gateways, customers are redirected to the payment processor’s platform where they input their payment details. This provider is responsible for all PCI compliance and data security.

An integrated payment gateway, on the other hand, connects to your eCommerce website via the gateway’s provided API. The best part here is that the customer never leaves your website even for the making the payment. The downside, however, is that you have to take care of securing the card or bank details of the customer. Also, it is a little difficult to setup as compared to the hosted gateway.

Compare Price

Once you have decided which payment gateway you will go for, start comparing prices. All gateways have fees, which can be either on monthly usage or per-transaction fees. Depending upon the volume of your business, you should decide which option of fees you should go for. If you sell high-value goods, it’s better to go for monthly fees as with even 1% per transaction fee it will come up to a huge cost in this case.

Always see a demo of how they will appear to your customers and what all information they will ask for. Seeing a demo will also make you aware of how the whole process will work in your store.

Categories: Technology

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