payment gateway for an eCommerce Store

The pandemic effect on eCommerce stores is remarkable as it raised the bar and took eCommerce businesses to greater heights. All online stores need a payment gateway for receiving payments. This step becomes more crucial when you own a startup. You cannot expect your eCommerce store to grow until you adopt a smooth checkout procedure. Complex checkout processes and payment failures can be reasons your prospects are not turning into customers.

Choosing the best payment gateway helps your business avoid any payment failures. As simple as it seems, the process is complicated as there are ample options. You must think twice before investing your money in any payment gateway provider company. However, some tips might help you make a fair decision while choosing the best payment gateway for your eCommerce Store.

Before leading you with the tips, let us first understand the basic concept of Payment Gateway.

What is a Payment Gateway?

Payment Gateway is any software or mechanism that facilitates payment transactions from a customer to the merchant bank account. It also ensures you and your customers are notified about any payment failures in case the payment declines, along with the reason.

Tips for Selecting The Best Payment Gateway for Your eCommerce Store

Now that you have understood the basic concept, let us discuss some tips that will help you choose the best payment gateway:

  • Payment Security

    Security is a priority when you are dealing with customer information. You must remember that the customers trust you with sensitive information like their credit card details, bank account details, and other financial data. It becomes your responsibility to ensure that such critical data is securely stored. Opting for a reliable payment gateway helps you do the same. Moreover, you must check for the PCI DSS compliance status. Such payment gateways invest in fraud detection and screening technology, ensuring that customer data is kept safe.

  • Multiple Payment Source Support

    Today, the customers do not only make payments through debit or credit cards. There are plenty of other payment sources available today that you can include on your eCommerce websites, like net banking, UPI, and digital wallets. You will be dealing with different customers having unique payment preferences. The payment gateway you select must provide your customers with almost every trending payment option. If you are dealing with foreign customers, ensure that your payment gateway accepts international payments.

  • Onboarding Process

    For any new or old business, the onboarding process for the payment gateway carries great importance. Business owners ideally don’t want to wait longer for the payment gateway integration process to start accepting payments. The last thing you would need for your eCommerce store is to wait about a month for the payment gateway onboarding process to complete. Your priorities must be selecting a payment gateway having a simple and short onboarding process. You will be intrigued knowing that some payment gateways complete the onboarding process within 1 or 2 days.

  • Customer Support

    You will be dealing with your customers all the time as an eCommerce store allows you to accept orders 24X7 hours. With so many orders flowing through, there are bound to be problems. Such grievances can get quickly sorted with good customer support. Do not forget to look at customer support while choosing a payment gateway for your eCommerce store. You must aim to select a payment gateway provider that offers easy accessibility and have a minimum turnaround time.

  • Hosted v/s Non-Hosted Platforms

    When you start looking for payment gateways, you will come across Hosted and Non-Hosted Gateways. A hosted payment gateway redirects your customers to the payment processor’s page, where they input their payment details. On the other hand, a non-hosted one allows your customers to enter payment details without leaving your website. Owning a hosted platform reduces the risk at your end as critical information is entered away from your website. A Non-hosted platform increases convenience for your customers as they are not getting redirected to another page.

Final Thought

Choosing the best payment gateway for your eCommerce store could be a tough call unless you don’t keep the above tips in mind. Always keep sensitive information safe and secure it from hackers. Make your checkout process as simple as possible and reduce payment failures to a possible extent from your side.

If you are looking for support to handle your payment gateways & eCommerce website, your search ends here.

We, at magePoint, help you efficiently manage your business with the help of Magento. Our magento 2 experts have proficient knowledge and use the latest technology to help you meet your goals.