Setting up an online store has never been easier than it is today. Your store can easily be up and running in no time thanks to the fact that there are many platforms and services to help you. However, it is very important that you consider the necessary features you should be integrating upon your site.
One of the very first thing you need to ensure your website to have, is a payment gateway. Your decision will decide how you will be handling payment and how your customers can pay you.
It is 2018, you need one
As a merchant that sells online, you sell things right? To sell it, you need money as a medium of exchange. For money to flow, you need a way or a payment method. That is the essence of a payment gateway, helping you to accept payment.
So what do you need to know when adding a payment gateway to your online business?
- What does your business need?
When adding something to your business, you must first ask yourself, what do you want it to have?
Let’s say that your business sells internationally, it’s only natural that your payment gateway must have options on accepting international payments. International cards like Visa, MasterCard and American Express need to be on the list. They also should be able to accept debit card and online banking payments, due to the fact that you will be dealing with a large domestic customer base too.
- Compatibility of technology
Integrating with a payment gateway means that you are upgrading your technology. It is important that you do the revision on that subject in order to avoid any error.
It is important that you review the Application Program Interface (API) compatibility for technology you have and the one you are looking to acquire. It is like buying furniture for your house, is the furniture suitable for your house? Will it fit well with the structure of your house? As for API, it shall make the process easier.
When integrating with your e-commerce website, you need to make sure they are integratable with one another.
- Payment options
Before anything else, you should know the payment options or methods that your soon-to-be payment gateway is offering. This is crucial because you do not want to integrate with too many payment gateways. It is a smarter move to integrate with a few that have multiple payment options rather than severals. Unless, the payment gateway is providing a specific method that you need and others are not providing it.
Few things to consider:
- Does your business need subscription payment?
- Does your business require tokenization?
- Does your business move at a fast pace (lots of promotions and discount)?
In order to avoid cart abandonment, you need to evaluate these questions carefully and matches them with the payment options the payment gateway is offering. While it is not easy to find one that have all the options you want, but it is worth the effort. You also don’t have to integrate with multiple payment gateways and save cost.
If something goes wrong with the payments, you cannot do so much about it, yet the payment gateway’s supports are the ultimatum.
Support teams are crucial for every payment gateway. Their quality will determine whether the problem will be over quickly or prolonged and subsequently, effecting your business. Truthfully, customers are more annoyed with slow response compared to slow problem-solving.
Whenever the unintended issue occurs, you should be able to contact the payment gateway company right away and they should respond quickly. That is what you need in a payment gateway. A well organized, fast-responding and friendly supports.