The customer’s confidence in the eCommerce payment gateway is a key factor in their final decision to purchase a product or service that interests them. If the user isn’t familiar with the payment gateway, or thinks it may have a dubious origin, it’s likely that they’ll abandon their cart and opt for completing their purchase at a competitor’s shop. The payment process should also be as simple and as fast as possible to create added value in the consumer’s shopping experience. For eCommerce businesses, the choice of payment gateway will primarily depend on the expected sales volume based on your pricing strategy. In this article, we’ll explain the other factors you should take into account to choose the best payment system for your eCommerce business.
Integrating the payment gateway into your eCommerce store
The first step is to find out which payment gateways can be integrated with your eCommerce store because not all of them are suitable for some online stores. Research whether or not you need to install a certain plug-in, extension, piece of software. Integrating the payment gateway is usually not complicated for web developers, though.
In the mobile version as well
Given the increasing trend of shopping on mobile devices, this payment gateway must also be able to integrate with the responsive or mobile version of your eCommerce store. Otherwise, the user who’s less used to using a computer to complete their purchases might abandon their shopping cart.
Simplicity and direct payment management
The best payment gateway is the one where the user has to complete fewer steps to complete their transaction. Too many clicks distance the customer from the final purchase. To optimise this process, we recommend learning about the advantages of the APIs that each payment gateway works with. An efficient API (or application programming interface) allows for better and faster payment management. For the user, we can generate greater confidence in the eCommerce store through APIs that facilitate payment without abandoning the eCommerce website.
Characteristics of the service for eCommerce stores
The cost per transaction through a payment gateway
Each payment gateway establishes a series of costs for eCommerce businesses based on the type of transactions that the company carries out. When choosing a payment gateway, you should also consider the gateway’s fees as well as how this can affect the company’s profits or the indirect costs borne by customers. At the same time, some providers may require setup and contract fees or penalties.
Make sure the provider offers 24-hour customer service to respond to any problems or queries from users. Some payment gateways don’t include this and their customers are forced to follow a series of instructions, which are sometimes imprecise, to attempt to resolve problems. This can generate customer mistrust in the brand.
While you’re looking for the best eCommerce payment gateway, make sure that they have a certificate that allows your company to process payments securely. The combination of these factors will allow you to convey the image that your eCommerce business is trustworthy and that your customers’ money will reach its final destination. If you add competitive prices to this, you’ll be able to improve your brand image and increase your sale volume in a short period of time.