How to Choose the Right Payment Gateway for Your Company
posted on 1 January 2020
Once a troublesome process, managing transactions with customers have now become easier thanks to the presence of payment gateway providers. As the times progress, the power of purchase has kept up with digitization, and payment platforms have acted as bridges for both ecommerce and traditional retailers.
In 2018, Statista reported that worldwide ecommerce sales grew to 22.8% compared to 2017, which emphasizes the persistent boom of online retail and the equally increasing need for payment gateway providers to make transactions smoother and easier.
Meanwhile, Smallbizgenius collected data and found that 14.1% of worldwide retail sales were made through the internet. They also predicted that there will be 2.1 billion virtual consumers around the world by 2021---a growing market where online payment gateways are necessary.
However, with the plethora of payment gateways available on the market, we understand it can be difficult to choose the right one for your company. To help you pick the proper payment gateway, here is a list of features you should look out for when incorporating your newest software.
1. Transaction safety
Security is an integral component of an online payment gateway, since sensitive data like credit card numbers need to be safeguarded against any scams and fraudulent parties. When looking amongst payment gateway providers, you need to verify their legitimacy to carry out transactions while protecting your customers. Usually, a good payment gateway uses 128-bit and SSL industry standard encryption systems, which are more or less impregnable. Additionally, an online payment gateway also needs to be able to follow the policies and security standards set by credit card associations in order for the payments to be processed seamlessly.
Transaction security must be the first thing on your mind in your selection process. Ensuring safe transactions subdue customer suspicions and boost consumer growth, which warrant a win for you and your business.
2. Swift and smooth payment links
Incorporating the best payment gateway to your organization’s transaction system requires time-consuming solutions, which include payment links for businesses. When making your purchase, consider a payment platform that lets you accomplish and share payments in a matter of seconds without the need for coding skills or further training. After all, you’re getting an online payment gateway to save time and promote efficiency within your enterprise, so these ready-to-go payment links are definitely a must.
3. Variety of payment methods
The easier for your customers to make their purchase, the more they are likely to jump in and make the acquisition. When you outfit your company’s site with a payment gateway that accepts a broad variety of payment methods, you are widening your sales and boosting your income. Through your site’s analytics, you can observe which preferred payment methods your shoppers use and utilize that information to find a perfect payment gateway for your company.
4. Compatible integrations
The best payment gateway offers varied integrations to your payment links both from a technical and design perspective. If it takes an abundance of chaotic tricks to smoothly incorporate the software to your enterprise’s existing structure, you might want to reconsider your choice.
Although many payment gateway providers can be easily customized to go with the vibe of your website, you have to make sure that your gateway tool will coexist with your brand. This guarantees that consumer purchasing experiences do not clash with mismatched elements.
5. Social media sharing
In the digital realm where you can quickly reach a sea of possible customers, you need to sell ceaselessly and operate your organization anywhere around the globe. This can be accomplished by accessing various social media sites to share your payment page. This is a powerful way to earn more sales and spread the word about your ecommerce store, since using social media is one of the most popular activities on the internet.
As of 2018, Statista estimated and listed that 2.65 billion individuals were actively on social media across the globe. This number is expected to rise to nearly 3.1 billion in 2021, as social network access consistently increases worldwide with the figures standing at 45% as of January 2019.
With more and more people going online and signing up across social media sites, having a path to them is crucial in staying updated as an internet retailer.
Making the decision
Picking an online payment gateway which suits the needs of every business is challenging. For maintaining your reputation online and for effectively managing your brand, choose the payment gateway that aligns with your organization’s goals and will work best for your company. Conduct your careful research and consider contributing elements such as technology, innovation and most importantly, payment security. Select your software using the perspective of your customers without sacrificing your enterprise’s requisites.
When deciding, you might want to check out Payrequest. Our platform enables businesses to get paid quickly and directly by creating payment links and integrating with Stripe and Mollie.