What do you understand by payment gateway?
By authorizing the transfer of funds between the customer and the merchant, payment gateways play a key role in online transactions. A top payment gateway is required by any online retailer that takes payments online.
A payment gateway refers to a software that communicates securely between an eCommerce website and the chosen payment method of a customer, which can be their bank account, credit card, debit card, gift card, or any online wallet.
There are two key forms, hosted and integrated, of payment gateways.
Hosted payment gateways (for example, PayPal) redirect customers from checkout to payment completion. The advantage here for retailers is that the gateway is accountable for the protection of the transaction and the data of the customer. One potential downside is that it can hurt conversion rates, as it takes customers away from the site. The consumer may not expect this or may not have faith in the gateway.
Integrated payment gateways use the API of the gateway such that the gateway is inside the checkout of the website, so clients do not need to be routed to complete transactions elsewhere. This should help with conversion rates, but it also makes transaction protection and consumer data liable for the platform.
If you’re trying to figure out which is the best online payment gateway, consider the following factors mentioned:
Choose an acceptable flow of payments
Your eCommerce payment gateway should be able to scale along seamlessly as your company expands. To add a payment gateway to a website, you need to choose the most suitable payment flow for your company. A portal with an integrated payment form used to send information to a secure payment gateway: With this option, payment details are submitted through a secure form.
The form holds all the details needed and passes it through API calls to the gateway provider. This will require additional programming and thereby increase the total cost of the integration phase of the payment gateway.
Selecting the best product
A payment gateway provider on any website is needed when it comes to selling goods and services online. This encourages clients to purchase a product or service, while business owners collect these payments without any hassle. You should consider the adaptability of your payment solution while keeping its protection in mind in order to find the appropriate product.
Simplify checkout on all platforms
In the past 2-3 years marketers assume that approximately 15 percent of e-commerce transactions have occurred on a mobile device, and that number is steadily growing. Make sure you can have a working checkout experience that is sensitive to various mobile devices and network styles while you assess your payment gateway choices.
Customer Service 24/7
Several payment gateway services restrict tickets, or emails, to their assistance. Users need to follow manual guidance in this situation to address a problem. Instead of sending emails, if you feel more comfortable talking to a person, check if the provider provides live technical support at least during normal working hours, so that you can fix any technical problems quickly.