How to Choose the Best Payment Gateway for Small Business

If you own a travel company, you know the importance of collecting payments online. Choosing the best payment gateway for travel businesses is crucial since people make bookings with https://www.xcritical.in/blog/payment-processors-for-forex-business/ a large amount of money. With so many payment gateways out there, you could get confused. PayU offers users more than 250 local payments and multi-currency payment options.

• Ensure the gateway offers 24/7 customer support with minimal turnaround time for issue resolution, reflecting the importance of accessibility and quality service.
• The type of payment gateway you choose can have a bearing on the above.
• Consider the number of steps required to get to the payment confirmation page, if there are too many steps, a consumer may drop off.

Since your e-commerce business caters to the needs of buyers from wide-range customer reach, electronic payment is non-negotiable. That said, customers’ payment goes through a list of processes before it is deposited into your account. Primary, among other wishes of an e-commerce store owner, should be the provision of a quick, safe, and easy-to-use payment platform. Look at how these smart businesses are using our landing pages to collect payments effortlessly. With the Instamojo online store, you can also enjoy a live chat feature that helps you collect leads. You can use the store to sell your merchandise, like tees, mugs or anything you know customers will want to buy.

Fees and costs:

After the research is thoroughly done you can choose handpicked payment options to integrate into your online store. As a merchant, you can monitor all the transactions pertaining to your online store in the merchant dashboard. A payment gateway that is being put to use should have an agile merchant dashboard where the merchants can easily track the sales and orders of their online store. Look for a seamless and intuitive checkout process that minimizes friction for your customers. A complicated or lengthy checkout process can lead to cart abandonment.

You should also make sure that the payment gateway aggregator you choose is compatible with your shopping cart and payment processor. Instamojo enables all kinds of online payments – net banking, UPI, debit/credit cards, digital wallets like PayTm and NEFT, RTGS and IMPS transactions too. Worldpay offers merchants a comprehensive package that allows them accept pays from customers. The UK-based global service allows you choose between their monthly or pay-as-you-go payment options. Interestingly, they give buyers over 300 options to make payments. Stripe online payment gateway provider ranks among the leaders in online payment services.

Also, if an account type or account owner has a higher risk of money laundering or terrorist funding, then it’s subject to enhanced due diligence (EDD) in Canada. Having more number of options in payments, not only increase the trust of our customers but also give us the access to buyers using different types of payment options. The greatest advantage of such payment gateway is that the offsite provider is solely responsible for any PCI compliance and data security. But, this type of processors is not very popular in a few countries of the world. This makes it difficult for us to understand what the users think of this type of gateways.

It allows you to accept credit cards and other electronic payments as long as your store has a near-field communication (NFC) terminal. When operating an eCommerce store, ensuring a seamless shopping experience for customers is essential to increase sales. The right payment gateway can help you achieve that by securing transactions and simplifying the checkout process. More and more businesses are looking for ways to take advantage of the online world when it comes to selling their products and services. In order to do this, you need to have a payment gateway that will allow you to take payments from your customers. However, with so many different payment gateway aggregators out there, it can be difficult to choose the right one for your business.

To stay competitive in today’s digital age, your business needs to have an online presence. There isn’t anything like a perfect product or service while considering anything, even during the consideration of the Payment Gateways. The different gateways are suitable for different people based on the use case, the demand, the budget, and other factors. The above-mentioned key considerations are the best suited to help you make the right decision while choosing a Payment Gateway.

Ensure that the chosen Payment Gateway for the website can detect any suspicious behaviours before completing any transaction. This is beneficial for your company as well as for your customers. Choosing a secure Payment Gateway eradicates several risks and thus ensures reduced processing charges. It also helps to eliminate the chances of human error and improve reporting visibility.

According to Statista’s report Mobile Payment Usage in the US, in 2018 only 15.4% of mobile payment customers utilised designated e-wallets such as PayPal or Google Pay. Payment Gateway mainly assures the secure transfer of the money even from the Bank account for the payment portal of the merchant. Hence, to make the correct payment gateway choice, here are 5 parameters that startup founders and developers should consider. We have already pre-negotiated with all the gateways to provide you with the best settlement period at no additional cost. Consumer will start paying once they have couple of positive transactions with you.

A payment gateway is a service that authorizes credit card payments for both online and offline businesses. For eCommerce sites, it also ensures a secure payment flow by encrypting the customer’s financial information before transferring it to the merchant’s account. This is because most payment gateways charge a flat rate per transaction or a percentage of each transaction amount. There might https://www.xcritical.in/ also be additional fees that you have to pay based on where your customers are located or what type of method they use to make payments (e.g., credit card vs PayPal). Some gateway aggregators only support credit and debit cards, while others also allow for ACH payments, PayPal, and other options. Choose an aggregator that supports the payment methods you want to offer your customers.

Customer Experience

There are a few payment gateways with a time-consuming onboard process that takes almost a month to approve your merchant account. Sometimes you might have to submit a long list of business proofs or physical documents. Now if you are new to the e-commerce business, this delay might affect your sales volume. Choose a payment gateway that has fast onboard services like almost takes less than a week to approve the merchant account.

The gateway sends the details to the bank to verify the payment. If the payment is approved, the gateway sends a message back to complete the transaction. Still, it might be challenging to make the right and trustworthy choice at times. Apart from checking the Payment Gateway charges and comparing them, there are several other factors to consider while choosing a Payment Gateway for websites.

Types of cards – Visa and MasterCard are most commonly used, but it is recommended to look out first. By using this form you agree that your personal data would be processed in accordance with our Privacy Policy. Building and nurturing customer relationships is crucial for any eCommerce business. In the age of internet, you will still come across businesses, which do not value their relationship with a consumer. Review the purchasing funnel on Payment Gateways website or ask them to show you the demo. Do not choose the one you come across for the first time, you must invest time to choose the one which suits your requirement.