There might be many factors having a direct or indirect influence on an online store, like the way it functions, how it looks and the type of products or services it has for the customers. However, what matters the most in case of eCommerce stores is how well the services you offer and the products you give are being sold to potential customers.
You would have the best quality products with a user-friendly website to get them purchased from, but if in any way the payment gateway is not taken care of, you might end up with a bunch of unsatisfied customers. It, therefore, is necessary to invest in a proper payment gateway option that reassures the customers of your trustworthiness which will boost up the eCommerce store in no time.
Before we talk about how gateways add value to online stores and services, let us find out what actually is a payment gateway and what are some of the top ones consider for your business.
Payment Gateway services are online solutions that tend to enable merchants to get money through credit cards and other forms of online transactions for e-businesses, bricks, online retailers and traditional brick and mortar.
It facilitates payment transactions by the transfer of data between a website, mobile phone or another interactive invoice response service and an acquiring bank. If the setup of the payment gateway is not correct, many problems can occur, such as:
There will be a substantial drop in your sales as a result of unsatisfied customers and the brand image can be at risk immediately. However, if you choose eCommerce payment processing solutions, then it undoubtedly can add great value to your ecommerce store.
Payment gateways can offer a lot for advantages to your eCommerce business and some of these benefits are:
If you are wondering how the purchases on your eCommerce store can be made convenient for both you and your customers,an online payment solution is just what you need.
It will act as a hub connecting every element involved in an online transaction. When the potential customers place orders on your e-store, the financial gateway will start encrypting the credit card data and requesting authorization from the payment processor.
After that, it links your bank to the customer’s bank and get authorization for the amount to be received. In the end, authorization details are sent to the payment gateway by the processor, which will alert potential customers, along with your business that the sale has commenced. This way there is no need to organize cluttered data while managing coordination, as the entire job is done by the online payment gateway.
Data security unquestionably is at the top of mind for not only the customers but for the business owners these days. We often hear about data breaching making headlines which makes the need for payment gateways more than ever before.
When using a payment gateway, your potential customers can rest be assured that their information is safe because the data is encrypted at different stages throughout the process. You can fully be satisfied and at peace knowing your customers are protected as every gateway through which money is transferred is required to be PCI Level 1 compliant ALWAYS!
It will also help you save money and there is no need to update software and offer an affordable way of keeping financial records and online transactions.
If you are running an online store for which the products and services are to be delivered internationally, payment gateways with multicurrency features can help users make purchases without you worrying about the exchange rates. This will, in turn, increase your potential customers in nothing flat and as a result, you will be able to generate more sales.
By simply opening a merchant account with any online gateway service provider, you will be able to process transactions directly from your online business. You can also integrate it with the shopping carts and gift card eCommerce solution. No doubt the setup process can be a little daunting and lengthy but it is all worth it, as the potential customers can make safe clearances without needing to leave your website. As a result, there will be an increase in conversions and the credibility of your online business is enhanced.
Now that you know how significant can a payment gateway be to your online business, the next thing to keep in mind is choosing the right service provider. Here is what to filter out the best eCommerce payment solution for your e-store:
Make sure the online payment processor you choose, guarantees network uptime of 99.99 percent or higher as you do not want the potential customers to have issues while buying your services and products from your website.
Keep in mind to choose a payment processing solution that works with different shopping card software, CRM systems, and processors. There are merchant service providers that have their own gateways and in such a situation, the MSP will restrict features you are accessing.
When going for a payment processing solution, also keep in mind to look for one that is easy to learn and use. Does it generate reports quickly? If yes, how?
The fact that the world of eCommerce is getting competitive with every passing day and without using the best online payment processing solution for your eCommerce store, there is no way to stand out and apart in the market.
Which one are you thinking to go for, and why? Let us know in the comment section below!