Payment Gateway: 7 Things to Consider Before Making a Choice

Last Updated:
December 9, 2022
Kay Nicole

Payment Gateway: 7 Things to Consider Before Making a Choice

Payment gateways are used for transferring customer payment information to the seller’s bank account, making sure the consumer has enough funds to complete a purchase. By facilitating transactions through secured channels, these solutions can ensure streamlined business operations and support the growth and success of any business. But to reap these benefits, the payment gateway you select has to be effective, reliable, and suitable to your company’s needs. With that in mind, here are some important things you should consider before choosing the right payment gateway:

Consider gateways types

There are various payment gateway types you might want to consider, all coming with their own advantages and challenges, and being suitable for different businesses. Redirect payment gateways, for example, will take customers to a different payment page to complete transactions. This is easier for companies as payment gateways handle transactions, but it’s an added step in the buyer journey. Front-end checkout, on the other hand, will handle the checkout on your website, but the payment processing will happen in the backend. On-site payment gateways are another option, handling entire checkout processes on your website. This comes with great transaction control, but also more complexity and responsibility, which is why it’s usually used by larger businesses.

Think about the pricing

The pricing of payment gateways will differ according to the business model, the types of payments you accept, and the amounts you receive during certain periods. Before selecting a solution, consider the amounts you handle regularly, and then do some research and get several quotes to see what you can expect from different payment gateway options. If you’re just setting up a business, keep in mind you’ll likely need to pay for setup fees. In most cases, ongoing costs will need to be paid as well, such as flat transaction fees, merchant discount rates, support and security, and similar expenses.

Prioritize excellent security

When choosing a payment gateway, security is arguably one of the most important considerations. You simply have to opt for a solution that will keep both customer and business data safe, since unsecured gateways could have quite a negative impact on your reputation, business operations, and ultimately sales. The ideal solution should have a robust security system in place, one that is constantly updated with new security measures for greater protection. Factors such as email confirmations for transactions and two-factor authentication for logins can be quite effective additional layers of security.

Consider additional features

Security and pricing often aren’t strong enough factors to help you make the right decision. If you need some more help deciding which payment gateway to use, additional information can allow you to make a more suitable choice. For instance, you could consider factors such as the ease of use of the payment gateway, as well as its support for mobile devices. Aspects like supporting multiple currencies and accepting different types of cards and payment methods will also be important. If you provide subscription-based services, choosing a payment gateway that allows recurring billing will be vital as well.

Focus on scalable options

Flexibility is another essential consideration, as you likely need a payment gateway solution that could easily scale as your business grows. For example, you could integrate a payment form on your website for sending customer data to a secure payment gateway, thus ensuring a streamlined user experience. You might also decide to redirect consumers to a hosted payment page. This is often a more affordable solution that’s also simpler to integrate, being a great option for small businesses. Escrow systems are another solution that securely withholds funds before granting authority, and might be suitable for certain types of companies.

Ensure good customer support

Most online websites will provide their services 24/7, meaning that any payment issues or downtime could result in significant losses. That is exactly why exceptional customer support is so essential when it comes to payment gateway providers. Reliable support that’s available at all times will allow you to resolve any issues as soon as they arise, prevent downtime, and keep your processes running to improve customer experiences and increase sales. The best providers will offer several communication channels for reaching them if something ever goes wrong.

Strive for easy integration

Before you finally decide on a payment gateway, aim to learn more about the solution. Find out how well it can integrate into your existing website structure. Opt for a payment gateway solution that is ready for seamless integration, while simultaneously supporting all user requirements. This will allow you to avoid any issues early on. Plus, can prevent future integration concerns in case your payment needs ever change.

By streamlining transactions between customers and businesses, payment gateways can support the success of any website. Use the advice mentioned above to select the best solution for your needs, and instantly experience new growth opportunities.

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