The digital revolution has changed the way things work in this world. Shopping has become much easier and convenient – thanks to the e-commerce websites. If you have a business and want to go online, then you must surely have a payment gateway that eases the financial transactions with your customers. What are the things that have to be considered while choosing a payment gateway? Here is a list of those essentials that need to be taken into consideration before choosing the perfect payment gateway solutions for your business.
- Security: The topmost priority thing in choosing the right payment gateway solutions is the security it provides. The payment gateway should be absolutely secure for both the parties involved i.e. the customer and you. Take proper IT support and be sure that digital security is given high priority with data encryption and PCI compliance to avoid any chances of fraud. The Payment Card Industry Data Security Standards (PCI DSS) ensure that all the information collected from the customers is stored securely to reduce the risks and frauds associated with online payments.
- Adaptability: You need to check if the payment gateway can adapt to your business specific needs and how much time is required to complete the process and start initiating the transactions.
- Integration: Integration of your payment gateway is also a crucial element and IT consulting firms can help you a great deal in selecting the best integration option. There are three integration options – API, Hosted Checkout and Hybrid. All these options have their own benefits and there is a possibility of choosing one option at the start and later on change to other if circumstances need.
- Type: You have to choose the type of payment gateway you would require. The Classic one that requires a merchant account or the Modern one that does not require a merchant account. There are advantages and disadvantages for both the types and you will need a little IT support to understand these matters.
- Fee: Like all other things, payment gateway solutions also come with a fee. There will be some explicit charges and some implicit charges that need to be clarified before entering into a contract. The various charges include set up fee, monthly fee, registration fee, processing fee, the transaction fee for successful and denied transactions and any other charges that depend on different situations. You should also ensure that your payments are cleared quickly for a decent cash flow for your business that will help you in settling your suppliers’ payments.
- Mobile optimization: With changing times, more people are using their smartphones for online shopping. Hence, it makes sense to make your payment gateway optimized for mobile payments. This will increase the reach of your business as it does not restrict a customer from shopping for the need of a computer.