How to Choose the Right e-Payment Method

Mobile applications and e-commerce sites have become very popular over the last few decades. e-payments have also gained considerable success, making it easier for vendors, suppliers, and customers to make online payments for services and products. Research shows that more than 86% of online customers make their purchase via debit cards or via credit.

Other vendors prefer making their payment using virtual credit cards because of their convenience, reliability, and speedy transactions.

There are different types of e-payment methods that merchants can choose from. Some of the factors that you need to consider when choosing an e-payment platform include service, cost, features provided, and whether the payment method support by the online country’s store. Let’s have a look at these factors in detail.

Choose the Right Payment Flow

Business people should choose payment methods that can scale effortlessly as their businesses keep on growing. In general, your e-commerce site should include a payment option that lets your customers pay for products and pay directly. You should select the most suitable payment flow and add a good payment method to your website. A good e-commerce site should have the following features.

  • A Redirect or iFrame for payments
  • An integrated payment option to enhance the overall customer’s experience

Choose the Right Products

A payment gateway is required on every e-commerce site. This feature makes it easy for customers to purchase products or services using the common form of payment like electronic checks and credit cards. You should make sure that your payment option is fully adaptable before choosing your products. Security s another factor that you must keep in mind.

Your Customer’s Security

With mobile applications, many customers have now turned to online shopping. There is, therefore, a need to choose a platform that makes the customers feel secure and safe when buying different products, and when they visit your e-commerce site. Whether you are ruing a small or a big business, the experience of your customers should always come first.

A good payment gateway makes it easy for the merchant to customize the payment process to reflect his brand typeface, color palette, and logo. In addition to this, it should provide robust security features like anti-fraud protection.

Service and Fees Agreements

The payment fees depend on revenue consistency, business sales, market served, transaction frequency, and transactions conducted by a business. However, there are some services that require set up fees.

e-commerce illustration

Three Qualities to Look for From a Payment Gateway Service

A payment gateway service provides credit card or debit card authorization on e-commerce transactions. It connects bricks-clicks stores and online retailers to the customers by facilitating the money transfer between them. Basically, it’s like PayPal. But since every country has different banking policies regarding e-commerce trade, sometimes, it can be way more affordable and convenient to use local payment gateway services than the international ones, especially to the business owners.

Choosing the right payment gateway service can be a matter of life or death for retail stores because most transactions today are cashless and online. And here, you’ll learn three qualities to look for from a payment gateway service.

Convenient Service

Convenience is often the most overlooked factor here, but you actually can learn many things about the quality of the gateway provider just by evaluating how they treat their clients. A customer service who’s ready to help your 24/7 is a must-have feature. Online stores’ feature that can’t be found on the traditional brick-and-mortar is its 24/7 service. Your buyers are supposed to be able to make any purchase whenever they want. However, no system is perfect, and you should expect occasional glitches here and then. What’s most important in that scenario is how your gateway provider offers their assistance.

Second, you are the paying client here. If the provider does not prioritize your application or treat you like you are unimportant because of the scale of your business, you’d be better to find another provider that can provide you with more professional service. Your convenience is what you will pay for. And you must stand up for your rights!

World-Class Security

secure transactionSince a payment gateway will have access to your business’ sensitive information, you need to know how to check if their online security is as good as they claim or not. First, look for certifications like Control Case, Odyssey, or I.S. Partners on the payment gateway provider’s page. If there are any quotes on such accreditation, it means that the company’s system has met the international standards for cybersecurity.

Second, investigate the payment gateway service’s history on the Internet. If there were any breaches or fatal errors, there should have been any news or complaints you can Google. Digital traces are eternal, and you should make use of that for your advantage.

Mobility and Flexibility

a purchase keyUnlike in the past where cashless transactions meant paying using a PC or laptop, today, they all happen from smartphones. Hence, you need a payment gateway provider that has a mobile app version. You have to try the user interface on your own so that you can measure how convenient it is for your buyers. Remember that no one likes an overly-complicated process.

Second, the payment gateway service must be compatible with all payment methods internationally. The more flexible your payment feature is, the more customers you can reach globally. And that is the primary point of signing up for a payment gateway service after all.