Choosing a payment gateway for your eCommerce business isn’t a decision to make lightly. The payment gateway is the last thing standing between you and a completed purchase. It can be the deciding factor between customers that buy from you or change their minds at the last minute. So, what should you consider when making your payment gateway selection?
Here are a few criteria for eCommerce companies to follow:
Think About How Customers Want to Buy Goods Online
First and foremost, your online payment gateway plays a role in the customer experience. If it’s too complex for customers to use or doesn’t support their preferred payment methods, they’ll abandon the transaction altogether.
Research shows that 30% of customers prefer to pay with debit cards in 2022, followed closely by e-wallet options. Credit cards took 22% of the vote. What’s more, consumers largely embrace having local payment options even when buying goods from other countries.
For merchants, the biggest priority will be ensuring the payment gateway accepts a variety of payment types, including local options depending on where your customers live.
What’s the Service Cost of the Online Payment Gateway?
Cost isn’t everything, but it is something. Merchants should consider how much a particular gateway is costing them to ensure you can maintain your margins. When comparing your options, you might come across a number of fees: per-transaction fees, setup fees, monthly maintenance fees, support fees, and processing fees, for example.
Our best advice: get a clear idea of what you’re paying for before moving forward with a provider.
How Will the Payment Gateway Be Installed on Your Website?
Many online payment gateways can be installed on your eCommerce website via API key. This is a lot simpler than it used to be. However, you will first need to make sure your payment gateway of choice is compatible with your online shopping cart software.
If you get the “all clear,” you should also find out if you need to set up the gateway yourself or if the setup is handled by your provider. Your web developer should be part of this conversation, as he or she will likely play a role in getting everything up and running.
Does the Payment Gateway Offer Support?
Good customer support is something many eCommerce companies don’t think about until they need it. Ideally, you’ll ask about the level of support from your provider before you sign a contract or run into issues. Ask how much support is included and how you can access it (e.g., web form, live chat, live phone conversation, etc.). Support matters because if you do have a problem, you want it to be resolved as soon as possible to avoid losing sales.
How Will You Get Your Money?
You expect to get paid on every sale. So how long will it take for you to get your funds once the transaction is finalized? What does this process look like? This is a box you absolutely must check before making a payment gateway selection — make sure the provider offers a payment flow you can live with.
What’s your top pick for the best online payment gateway?