The pandemic effect on eCommerce stores is remarkable as it raised the bar, and eCommerce businesses boomed. All online stores need a payment gateway for receiving payments. This step becomes more crucial when you own a startup. You cannot expect your eCommerce store to grow until you adopt a smooth checkout procedure.
Complex checkout processes and payment failures can be reasons your prospects are not turning into customers. Choosing the best Magento payment gateway helps your business avoid any payment failures. However, some tips might help you make a fair decision while planning the best payment gateway for your eCommerce Store.
An overview of payment gateway
When software or mechanism that facilitates payment transactions from a customer to a merchant bank account is known as a payment gateway. It also ensures that you and your customers get notified of any payment failures.
Points to consider when selecting a payment gateway
Let us go over some pointers to help you choose the best payment gateway:
1. Security
When dealing with customer information, security is a top priority. Customers entrust you with sensitive information such as credit card numbers, bank account numbers, and other financial information. It is your responsibility to ensure that such sensitive information is securely stored. Choosing a reputable Magento payment gateway will assist you in accomplishing the same. Furthermore, verify PCI DSS compliance. Such payment gateways invest in fraud detection and screening technology to ensure the security of customer data.
2. Payment methods
Many people associate online payments with only credit or debit cards. However, the scope of these payments has expanded over time to include other payment methods such as net banking, UPI, and digital wallets. With the right payment gateway, you can give your customers the option of selecting from various payment methods. They are more likely to purchase at your store based on their preferred payment method. As a result, it is best to choose a payment gateway that accepts most payment methods for your eCommerce business. Hire Magento 2 developer implementing a secure payment method.
3. Onboarding procedure
The payment gateway onboarding process is critical for any new or existing business. Ideally, business owners do not want to wait longer for the payment gateway integration process to begin accepting payments. The last thing your eCommerce store needs is to wait a month for the payment gateway onboarding process to complete. Your top priority should be to choose a Magento payment gateway with a simple and quick onboarding process. Some payment gateways complete the onboarding process in 1 or 2 days, which will pique your interest.
4. Customer service
When you run an online business, your target customers can buy from you anytime. It also implies that payment-related issues can arise anytime, necessitating immediate assistance from the payment gateway provider. Your Magento payment gateway provider should be available all time and have a quick turnaround time when dealing with payment queries raised by your customers. It is how you can ensure that your customers have a positive overall experience when dealing with your company.
5. Hosted vs. Non-hosted
When looking for payment gateways, you will encounter Hosted and Non-Hosted Gateways. A hosted payment gateway directs your customers to the payment processor's website, where they enter their payment information. A non-hosted one, on the other hand, allows your customers to enter payment information without leaving your website. A hosted platform lowers risk because critical information enters away from your website. Customers will appreciate the convenience of a non-hosted platform because they will not be redirected to another page. Hire a Magento 2 developer to use the accurate gateway for your eCommerce site.
6. Transactional restrictions
You may also come across payment gateways constraints on the number of transactions that are processed in a given month. While this limit may not be a problem for small businesses, it is an unexpected stumbling block for those who process numerous transactions or deal in high-value products. The only point is that you should be aware of these limitations when choosing a payment gateway for your eCommerce business.
Conclusion:
Choosing the best payment gateway for your eCommerce store can be difficult if you don't keep the tips mentioned in mind. Keep sensitive information safe and secure from hackers at all times. For more consideration, consult Magento2 development company for your projects.
