How To Choose The Right Payment Gateway?

As soon as we start an online sto make.

For anyone unaware of what payment gateways are? Let’s start with a quick introduction to terms.

Payment gateways: Any payment gateways let the seller accept custo the banking body.

Merchant Account: It is the seller account with the merchant bank. The merchant bank accepts the payments from custo the merchant account.

Payment Method: It is the method any custo pay for the products and services from the seller. Some widely used payment methods include credit or debit cards, online payment services, bank transfers, cash on delivery, checks, and money orders.

Facto be Considered while Choosing Payment Gateways

A lot of payment gateways are available in the market. Each one has something special to consider:

Usability

Since our goal is to create a payment scenario which is really simple, fast and user-friendly for our products or services.

No one likes donment almost 70% of the time.

PCI Guidelines.

Classic or Modern Type of Gateway

Classic Type of Gateway: These gateways require the Merchant Account to the Modern Type of Gateways. This type of gateways is most suitable for large enterprises, which operates with a high amount of daily transactions.

But for small companies, it can be a bit problematic. Classic Gateway needs a long time to set up, low integration flexibility with APIs, and a merchant account. Some popular Classic Gateway is Authorize.Net, WorldPay, and 2Checkout.

Modern Type of Gateway: This type of gateways to the payment site. And if the redirect is slower, it can cost our conversion. Some popular examples of Modern gateway include PayPal and Stripe.

Availability

If our payment gateways give us the option tomers. We should establish that our gateways include considerations for future expansion in our business.

Before landing any decision we should also understand the different markets and their preferred payment methods. We should also consider which service providers are pretomers.

Hosting

The two ways to host any payment gateway are:

• Off-site or Using a Hosted Method
• Integration Gateway

Off-site Method

Such type of gateways redirects the custo the host site for validation.

The greatest advantage of such payment gateway is that the offsite provider is solely responsible for any PCI compliance and data security. But, this type of processors is not very popular in few countries of the world. This makes it difficult for us tomers.

Integrated Gateway

This connects our online stomers.

Here we need tomization of the gateways so that they integrate in a proper manner.

You can find the Best Quality Payment Integrations service providers like:

• PayPal Express Checkout Payment Gateway for WooCommerce
• Amazon Payments Gateway for WooCommerce
• Stripe Payment Gateway Plugin for WooCommerce (Credit Card, Debit Card, AliPay, BitCoin, Apple Pay)
• Authorize.net Payment Gateway for WooCommerce

at XAdapter’s Marketplace. Almost all card types are supported by the Integration API in all countries around the world.

With an innovative development partner like XAdapter, you can always add a wide range of additional features. Features like Cross-sales or “Remember me”, multilanguage checkout, one clicks upsells(a function that allows returning clients to their Premium Integration API on request. Addition of these features can certainly increase sales and profits.

Security/ Fraud Protection

WooCommerce sto act for the security.

So while ensuring a safe payment gateway we should ensure that all data encryption, VeriSign SSL certificates and CVV2 verification and any other relevant encryption algorithms is up to date with our service provider. We should also make sure that the service provider is providing fraud protection and offer an anti-fraud system with an active chargeback management.

Token technology is a next level in security. We can use this to our websites can help us protect our loyality and prevent card abuses.

Trust

We want our custore and care about the security of their financial credentials. This requires the acceptance of payment from a wide range of service providers. It is because having a single obscure bank account, credit/debit card option will have a negative effect. It reduces the trust any buyer will have on us.

Having more number of options in payments, not only increase the trust of our custo buyers using different types of payment options.

For Instance, Authorize.net Payment Gateway brings Visa, MasterCard, American Express, Discover, JCB, Diner’s Club etc. tore.

Further, according to handle that variety.

Speed

There is no need donment of the cart.

Since transaction speed is important for our clients; we should avoid gateways which tomers hanging.

While difficult do our due diligence.

Cost

Before taking any service, we need to execute. Since we have our money involved, there should be no room for any surprise or lack of trust.

Sometimes we get excited seeing very competitive fees on paper and may think this is how much we will end up paying. Unfortunately, some payment gateways charge additional fees for certain services or the fees they display will follow only if we meet certain conditions such as local traffic, minimum volume required or refer to just one currency.

Here is a quick reminder!

• Don’t fall for lucrative fee structure on paper.
• Make sure there are no hidden fees and the pricing policy is transparent.
• Enquire and confirm everything before integrating our store.
• Have everything to avoid unpleasant surprises of paying more.

We should have a clear idea of any of the fee mentioned below:

• set up fee,
• monthly fee,
• registration fee,
• processing fee,
• transaction fee (successful and declined),
• refund fee,
• chargeback fee,
• reserve
• and any other fees, based on some scenarios.

Evaluating our Business Size!

Evaluation of the overall cost do we anticipate? How steady will it be? Do we value simplicity of integration/operation or lower costs? What extra services are we looking for?

So, we might opt for a higher fixed monthly fee, but with lower transaction costs, or vice-versa. We might opt for a variety of advanced services, or choose a bare-bones lowest-cost option. By thinking through these questions, we’ll have a strategy for getting the pricing model that is best for our needs.

Thankfully, we have several outstanding options to payment gateways.

Receiving Funds

Most service providers claim to consult people who are already using such gateways and choose the most consistent one.

We should be aware of the payout schedule. if any. And any such schedule must fit nicely in line with us paying for our suppliers. Any gap in the cash flow is the last thing we expect. Gaps can have a diverse effect on various levels of our business process.

Customer Support

Recall the annoying feeling that we go through Internet banking and the time we want tomation has its limits, with advantages.

So choose a service which has a fast response time and resolves all issues swiftly. This is important as payment processing is critical in every eCommerce business. Sometimes it is not at all necessary to have all services which we need.

We should know, where to look for support, as we can’t wait for long hours for responses. Any good payment gateways should assign an account manager in case of any help we might need.

Closing Comment

Integrating our online stores.

Also, the technology of payments is advancing fastly, so any research we to choose a smart gateway, that can adapt really fast.

Finally, when after choosing a payment gateway, we should be aware all legal restrictions that affect our venture. For example, We need to enhanced due diligence (EDD) in Canada.

So, we should take time, tomer reviews. For sure it will be tedious but is worth our time and money.

If you are using WooCommerce as your platform, find the best Payment Gateway Integration API from our product page. Contact our online support for pre-sales inquiries. Feel free to your queries.