What You Should Consider Before Selecting the Payment Gateway?

Though you offer a good user interface and features in your website or app if the payment experience is not good then your shopper might lose trust in you and the sales can decrease considerably. The payment gateway plays an important role in the buying journey of customers. The best payment gateway should be fast, smooth, and ensures the security of your shopper. Let’s discuss this in detail below.

Effortless Integration

Make sure the payment gateway is simple and check whether the customer support is good or not. The integration process involves a lot of technical processes. If you are stuck anywhere with the process you can get it resolved with the help of customer support. 

Make Payment Safe and Secure

Big brands have taken the online buying experience to the next level – raising the buyer experience. Regardless of whether you are maintaining an independent company on the web, the purchaser will expect secure installment alternatives.

Make sure your payment gateway provider is genuine and certified for security standards like PCI-DSS. PCI is generally administered by the Payment Card Industry Security Standards Council. If you are certified by such security standards you will gain the trust of your customers. 

Review Fees and Agreement Requirements

Pricing is commonly based on the type of transaction you are making. It’s important to compare the business model with the payment provider, or a gateway’s fee structure. Few services require setup charges or they may charge tuition fees if a certain transaction volume isn’t met. 

Makes Checkout Easy on All Devices

According to the research, 82% of internet users in the US have used a mobile device to shop online. And the overall figure is still rising. Make sure to provide the working checkout across all mobile devices and networks.

Multiple Features to Choose from 

Payment gateway providers offer several features, depending on your business requirements. For example, if you are selling products at the global level, then your gateway provider should offer the global solution. This is because you can accept debit and credit cards all over the world based on different currencies. 

Merchant Account

A merchant account is used when buyers make an online payment through a payment gateway; for now, the money is stored in the merchant account.

The amount stored in the merchant account has to be kept until it gets approved by the customer’s bank. After the approval, the money is then transferred to your bank account. Merchant account works like a security layer between the buyer and seller. In some gateways, there is no merchant account; the money directly goes to the seller’s account. In such a case, the gateway provider might charge higher processing fees. 

24X7 Support

Several payment gateway providers limit their support to tickets or emails. In such a situation, a user needs to follow the manual instructions to fix a problem. If you feel more comfortable talking in person, you can also have it. Some providers offer live technical support, at least within standard working hours, for quickly resolving the problem.