Whether your business is based online or you operate an ecommerce store as an extension of your physical location, a payment gateway is necessary to authorize payments and send the information on to your payment processor. Use these questions to guide you to the right solution for virtual payment processing.
Is the gateway third party or integrated?
External payment gateways hosted by third parties can be convenient solutions for startups and small businesses. At checkout, customers are either brought to the provider’s site or presented with a pop-up window to enter payment details. They are then redirected to your site once payment is complete.
Customers trust the security of popular payment gateways, but these solutions don’t offer much in the way of customization. An integrated payment solution secured with an SSL certificate and encryption may be a better choice for maintaining continuity and building brand recognition.
Can you trust the performance?
Lag time between submitting payment information and moving on to the next step of checkout can lead to abandoned carts. Payment gateway providers should be able to guarantee fast performance even during high-traffic times (such as holiday sales) so that your ecommerce platform can handle more orders without crashing.
Avoid platforms sensitive to small errors or anomalies in payment data. If your gateway has a tendency to flag customer information or refuse to authorize payment for inconsequential reasons, many of your customers may become frustrated and decide not to complete their transactions.
Does it have robust features?
Having access to a payment gateway for virtual payment processing is enough for many businesses. However, if your company is growing or you have diverse product and service offerings, you need a gateway with additional features. After all, gateways can support numerous payment structures and marketing options, including:
- Subscription services.
- Recurring product orders.
- Loyalty programs.
- Coupon codes.
- Landing page integration.
Look for a solution with the features most relevant to your business model.
Customer data portability is a significant concern in the event you need to switch payment gateway providers. You should be able to transfer data to your new gateway to preserve contacts, billing information, and transaction histories. Without this feature, you’ll lose critical business records and customers will no longer have access to account or order information.
It should be easy to set up your payment gateway and start receiving payments when you find the most convenient and appropriate option for your ecommerce store. With a reliable payment solution in place, you’ll have the tools to support a successful online sales strategy and provide customers with a better shopping experience!