If you are in the process of setting up your eCommerce store, then congratulations; you are on your way to a laser-focused advanced website. This online platform will interact with your customer and offers them online assistance with your products.
However,as you would`ve already known by now, setting up an eCommerce store isn’t easy; you need to make tough decisions,payment processing being the most significant one.
This blog will highlight the importance of an online payment solution gateway and will help you select the best of the rest.
Before we move forward, let’s understand the basics and how you can start up with your merchant account online?
If you want to set up your eCommerce store, you will first need to set up a merchant account and a payment gateway. A merchant account is where the payment will be deposited, and the funds will be temporarily kept, while a payment gateway includes the mode of payments to process like credit and debit cards, etc.
Setting up a merchant account for your eCommerce site will usually take 3 to week, so it is better to plan your timeline accordingly, so nothing slows you down.
There is a catch in setting up your merchant account. Many payment gateways like PayPal and Stripe provide a merchant account, so if you are willing to go there way, it would be one less decision to worry and one less hassle to get your online store up and running.
Now you know the basics, let’s jump into facts, here are five reasons why you need a reliable online payment solution.
The growing e-commerce boom shows no sign of slowing down, as per Statista, the eCommerce retail sales will reach a total of $5 trillion by 2021. The internet has made consumers more conformable buying and products and services. A good payment service provider is inevitable in such times where opportunity is at maximum. Choose the best PSP (online payment service provider), which allows customers to shop in whatever manner they like.
Manual payments are considered something which happened in the past; today, faster alternatives are taking on the world. Online payments are a better option since they are instantons, and merchants can easily check if the transaction has been made or not.
Digitizing the payment process not only reduces the manual effort for merchants but also keeps a record of every deposit in the account. With online payment solutions, these things happen automatically, which saves time and energy so you can utilize them more effectively.
Since there are so many payment methods available, including credit, debit, mobile wallets, and more, as a merchant, it is in your advantage to offer your customers a variety of options. Payment service providers accept a variety of payment methods y single or multiple integrations. Also, an online payment solutions provider takes care of the management and tracking of all payments using their online web-based platform.
Security is the firstconcern that pops up in every merchant’s mind when they think of going global. Also, consumers are conscious about their payments and data online. Merchants use a webpage that is hosted by the payment service providers, which keeps them satisfied that their data is protected.
Online payment services offer variable tools that reduce the chance of fraud and theft. There isan immense number of detection tools that incorporate:
Now you know how important it is to have an online payment service installed, now let us help you choose the best online payment service provider by highlighting some qualities only the best own.
How to choose the top online payment solution?
The fees and charges differ, which makes it harder to figure out which will perfectly suit your business. For instance, some payment gateways charge initial sign up fees, and some don’t. It is important to note how the costs break down before committing to the service.
One big difference between modern and classic online merchant payment solutions is that modern payment doesn’t require you to set up a merchant account. They are easy to set up but charge more than classic payment gateways. PayPal and EmpirePaytechcan be considered modern gateways, and Authorize.net is a fine example of a classic payment gateway.
Before finalizing the PSP, make sure you note how many types of credit and debit cards the service provider accepts. More the number of accepted payments, the more the chance of you getting more conversions. Also, if you wish to go international, make sure the payment service provider supports it, as only a few do it.
It gives you the ability to set up a payment that reoccurs after a specific period. Although not all businesses need to worry about it, if you think your business would need such recurring payments, then you should look for this feature before finalizing your online payment service provider.
A hosted payment directs a customer away from your website to complete the final payment; a good example is of PayPal, which directs customers to PayPal in order to complete the transaction. At first, it is recommended that merchants should not choose a hosted payment, which adds another step for the consumer before they finally pay the amount.
It is an obvious concern when it comes to processing transactions. Although all online payment servicing companies boast that their security is top-notch, however, only a few pass the test. Before you fall into their false claims, look for a payment gateway, which is 1PCI DSS compliant. Also, for further assurance, ask if they have CVV2 and verification and encryption standards.
The list above shows a fraction of online payment gateways for eCommerce. Although selecting a payment gateway can be a tough choice, but you should never consider this decision as a roadblock in setting up your new online store.
Whether you are handling your eCommerce store yourself or are teaming up with an agency, it is better to have an understanding of the online payment processing landscape to leverage the maximum potential of the online platform.