All About Payment Gateway
The constant attempts to shift to digitization since the last few years managed to create a gap in the market that hindered the flow of money between consumers and businesses. While on one side the demand and popularity of e-commerce businesses were reaching new heights, the availability of fund transfer methods seemed to be limited.
The traditional method of exchanging money for a product or service in hand is no longer feasible and convenient for all. A payment gateway ensures the flow of money from the consumers to the businesses and vice versa smoothly, all through online mediums. It is the technology that gathers the payment information along with money from the customers and facilitates easy money transfers between the two. Click here to know more about it.
How To Integrate Payment Gateway On Your E-Commerce Site?
When you decide to integrate a payment gateway on your e-commerce site, there are a few details to double-check before finalizing one.
- Choose the Type- The first thing to decide is the type of payment gateway you want to incorporate. The two options are either a hosted payment gateway or an integrated payment gateway.
- In an integrated payment gateway system, the business or e-commerce website is directly connected to a payment gateway to provide a seamless transaction experience for the customers. With an integrated payment gateway, the customer does not have to navigate away from the landing page to make the final payment and the information of the customer in regards to card details is easier to collect and collate.
- With a hosted payment gateway, the customers are redirected to the payment medium page or platform. For instance, with the hosted payment gateway, the customer might land up on the bank page or the payment method they choose for money transactions to the e-commerce platform.
- Choose the payment gateway platform- The next thing to do, once you decide between an integrated or hosted payment gateway, is to finalize a platform you want to use. There are multiple payment gateway providers today that offer a wide variety of services along with a well-connected payment gateway for your e-commerce site. Some of the key services include multi currency payment ability, direct account creation with popular payment applications like PayPal, Paytm, and many more.
- Choose the payment gateway service provider- Once you decide the payment platform you want to incorporate as your payment gateway, you need to just follow the required procedure as per the payment service provider you select. Almost all service providers for payment gateway integration ensure they offer increased flexibility to the website owners. However, all you need to do to be confident in any provider is to ensure that the chosen one is well trusted and offers the following, in the form of guarantee and assurance.
- Constant customer support with 24 x 7 availability
- Availability of multiple currency support during payments and transactions
- The cost charged from the payment service provider
- Proposed setting up costs and other features
- Contract duration
- If safety and security are being offered to you
- Flexibility to switch between platforms- The last thing to double-check before finalizing which provider and which payment gateway to integrate on your e-commerce site is the availability of switching between different payment gateways through the same provider, as that reduces the overall burden and gives you more options to explore.
Whenever you decide to integrate a payment gateway into your e-commerce site, it is very important to understand the kind of customer experience you wish to highlight on your website. If you add one too many steps in the payment gateway process, the chances of customers leaving midway increases. However, always remember to choose secure methods and a reliable payment gateway provider to eliminate any potential frauds or customer dissatisfaction issues.