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How to Choose an eCommerce Payment Gateway

June 23, 2020

There is nothing like a secure, quick and easy payment solution that can take place any time anywhere. Online payment service providers offer their services to aid the merchants to run the transactions on their websites. Here are a few considerations on how to choose the right service for you.

Know Your Customers and their Requirements

Customers are making more and more online payments in these days, and they have a variety of options. You need to offer multiple billing and payment methods to keep your customer experience at par with your expectations. It can reduce the time taken for a transaction if you have a number of convenient options to offer.  

Preferences by Customers: Decide the Method

The shopping carts go abandoned if you don’t give attention to the customers’ experience. You need to choose from different methods available for eCommerce payment gateways. In the redirect method, the payment gateway takes the customer to a payment page to complete the transaction. Simplicity is the advantage of this system. A small scalemerchant can incorporate redirect-gateway to their page without any hassles.However, the merchant has less control over the process and the customer will have two steps to complete the payment. Payment off-site option allows front-end transactions, but the actual process behind is through the gateway. The onsite payment method allows the transactions to be done on their own website. Based on your brand-value, size of the business, type of customers, and requirement of the appearance of your website you can choose the method of payment gateway.  

Security Standards of the Providers

You will surely want to work with a PCI compliant online payment service provider. The PCI DSS or Payment Card Industry Data Security Standard is the system of standards that upholdsa security compliance system for the e-world.Before you sign-off on any payment gateway, make sure they maintain PCI compliance. The standards are meant to protect the sensitive data of customer’s payment information. If your service provider is PCI compliant that means you can trust their process of encryption. 

The Reputation of Service Provider 

Your customers would be concerned over the security of their financial data at the checkout. The eCommerce payment gateway you choose should be from reputed online service providers. A sketchy payment gateway will increase the chance of abandoned shopping carts. Focus on large payment gateway providers with established brand value. The brand recognition will work in your favor, highlight the security efforts and encourage the customer to continue shopping. 

Research with your key priorities in your mind before you chooses the provider. Look for the per transaction rate to understand how the choice of the gateway will impact your bottom line. Make sure compliance with security standards. Understand what your customers want.