Choosing an electronic payment gateway is important in business, but it should be a payment gateway that fits your needs, is secure and has low fees
An electronic payment gateway is a commercial service provided by e-commerce application service providers, and it allows the use of credit or direct payment cards for e-businesses and retailers over the Internet. The electronic payment gateway may be provided by the bank to its customers, just as it may be provided by a competent financial service provider as a separate service.
The electronic payment gateway facilitates payment transactions by transferring information between the payment gateway (such as a website, mobile phone, or interactive voice response services) and between the contact intermediary processor or the recipient bank.
Whether you are choosing a new online payment service provider, or you are just looking to replace your existing provider, you will need an efficient and versatile product that fits your budget. You definitely don't want a provider who regularly has problems and overloads the support team. In general, your choice of online payment gateway can affect the overall customer experience of your site, as well as the way you receive money from customers. So let's answer: What are the main things you should consider before making the decision to choose a specific provider for your online payment service.
What fits your business needs?
The main difference between the two types of electronic payment gateway, traditional and modern, is the trading account. While the traditional payment gateway requires you to have a business account, so that you can transfer funds and transfer them to your account, the modern payment gateway does not require this. Where modern portals withdraw money directly from the customer's bank account or credit cards, and after verifying their authenticity, they deposit them directly into his account. Although modern payment gateways do not require you to do much in order to use them and obtain money from customers, they often charge you higher transaction fees, which may push customers to choose another site to make the payment, which may lead to less conversions through you. Traditional payment gateways are also more secure, and thus a better option for larger companies. They also charge lower transaction fees. So find out what works for your business first.
What payment methods and currencies would you like the payment gateway to support?
You likely know all the countries to which you sell your services or products, and the currencies that your customers are willing to pay. So, the first thing to check is whether the payment gateway supports alternative payment methods such as SADAD in the Middle East. It only makes sense to choose the payment gateway that makes it easy for customers to complete the payment with the mode that gives them the most satisfaction. Thus, check the payment gateway that provides the best option for you and your customers, in order to enhance your business and achieve your financial goals.
How secure is the payment gateway?
Ecommerce and online businesses that accept online payments face the risk of fraud and cancellations. Both of these risks can harm the business, so it makes sense to choose an online payment provider that provides secure transactions. Fraud is probably the most important factor that should determine the type of online payment gateway you choose for your online business. Fraud is the first thing you need to combat and want to protect your customers against it. Thus, you ensure that your payment gateway is secure. It is very safe. This means that it must at least comply with the PCI data security standard and must be integrated with the XML-based protocol designed to be an additional 3D Secure layer of online credit card transactions. Level 1 of the PCI Data Security Standard means that the gateway has achieved the highest level of security and handled more than 6 million transactions every year.
Aside from implementing these market research tips when choosing the right online payment gateway, one should also look at the fee structures of major payment gateways, make sure there are no hidden fees, and check their transaction failure rates as well.
Conclusion
Your online payment service provider is the "better half" of your online store. Your decision to choose an electronic payment service provider should be based on the needs of the customer, the needs of your business, and in accordance with the general basic security requirements of your website or online business activities. It goes without saying that choosing the right payment gateway can go a long way in helping your business and pushing it forward.
