Technically Speaking, A payment gateway is merchant support provided by an online service provider that allows credit card or direct payments processing for all kinds of Business. As we know that every Business entity around the world needs to secure payment method, but with various options for financial support for e-commerce Business, it becomes a daunting task to choose them. Not only they have to think about technical complexities of setting up a new platform, but also have to consider about customer’s convenience.
According to a new market research report published by Credence Research the global Online Payment Gateways Market was valued at USD13.50 Bn. in 2017 and is set to demonstrate CAGR of 9.4% during the forecast period from 2018 to 2026.
Here in this Weblog, we will describe a number of diverse techniques while choosing an online Payment Gateway those supports the unique requirements for your website, which makes your company grow and keep money transferring into your account safely:
1) Choose Payment Gateways with Lower Costs and Fees
If your Organization is new in the market, then you have to analyze over the Costs and Fees that incurred with Payment Gateway Integration to Web Platform. Sometimes it happens you get better features in a particular Gateway but contains greater cost. On the other hand, Some Platforms come up with zero set up costs and monthly payments but consists of higher fees for chargebacks. At this point in time, it would be beneficial for you to consider a Payment Gateway Provider that doesn’t charge Additional Fees for other sorts of Transactions that doesn’t fit your pocket.
2) Select the Good One that Matches Your Business Requirement
First of all, you are required to make a decision whether you need Classic Payment Gateway set up or Modern. If we talk about Classic Payment Gateway Solution, then it requires you to apply for a direct merchant account. While if we talk about Modern Payment Gateways, then they will make you enable to exploit all services without any application process. In addition to this, they are easy to set up and send your clients offsite to make a payment.
3) Check Encryption Standards for Secured Payment Information
While Integration, you have to pay heed on Encryption and Security Standards of Payment Gateway. It will enable you to identify suspicious actions before it moves ahead in the payment process for a transaction because you know that your Payment Gateway Provider managing all sensitive records of customer’s transactions. What if Data is theft during the process, your organization’s image is on a stake, especially when you are handling the large volume of payments.
4) Ensuring Compatibility with Your Internet Applications
Because of programming complexities and issues, some payment gateways don’t integrate with the intended website. At this point in time, you need to opt for such a payment gateway that could be compatible with your e-commerce platform when it comes to maximizing user base. Similarly, it may support other business functions such as built-in invoicing features for streamlining the payment process that reduce your dependency on other financial management Platform.
5) Reporting Functions that Accelerate Your Decision Making
While Choosing a Payment Gateway Platform for your website, you are needed to have one that could perform some specific Business Functions with Reporting Features. With the help of them, you can review transaction activities and chargebacks of all payments. Furthermore, on the basis of the detailed analysis, you would be able to make a decision for the Fee that incurred while using the payment platform. In this same way, you can manage your commission if you act as a Reseller.
Now it can safely be said that if you observe closely to evolving trends for payment technologies, you won’t get a perfect Payment Solution that fits your all Business Requirement. For Some People, Security matters most, while for some others it may be the charges. But, however, as a Startup or established corporate entity, if you pay careful heed to the above considerations, you can make the best of Payment Gateway, before Integration. And as a Leading Software Development Company, Coding Brains has vast experience in Payment Solution Platform.
So, if you are catering to any line of Business and need any support regarding complete Payment Gateway Integration or other Offshore IT Consulting Services, you can visit us at https://codingbrains.com.