By If you are running an online business then you probably need a gateway to accept payment. Choosing the right gateway may be confusing but there are so many different things to consider. Even though there are so many options available, your choice is very important.
What Is A Payment Gateway?
A payment gateway is a way for you to accept customer payments on your website.
Choosing the right payment gateway is imperative for several reasons:
- Costly lost sales
If your payment gateway doesn’t seem to work competently or look professional, people will not even consider continuing with their purchases, costing you sales.
- Customer confidence
As a business owner, you want customers to feel like you’re an authentic business, which means you need to accept widely used forms of payment methods.
When you only accept a single, obscure type of credit card, people may be suspicious of your business.
- Conversion rates
Customers like having an easy check out experience that user-friendly and fast, otherwise they will simply not purchase anything. As a business owner, your payment gateway should be fast, effective, and able to handle a variety of transactions.
- Cost
At the moment, payment gateway companies aren’t providing their services out of the goodness of their hearts so it must be paid for. They also need to make money, and they charge a variety of fees. Some charge an initial signup fee plus a transaction fee, while others are free and only charge a transaction fee. When choosing your gateway, you want to evaluate the overall cost to your business. Don’t be too quick to go with the cheapest available option.
You have several excellent options to choose from when it comes to payment gateways. Let’s look at a few of them:
- PayPal – PayPal is known as alternative in addition to having debit/credit card payment options. It is perfect for those who do not feel comfortable keying their information in the computer.
- Stripe – This method has become a big player in the payment gateway market and allows merchants to integrate it with their websites.
- Amazon Payments – Amazon is so easy to use and often can be used with a simple click of a button. This may prove to be dangerous especially if you are an impulsive shopper.
- Authorize.net – this payment gateway has been in operation since 1996 and has lost of experience. They also offer many extra features that other companies simply do not. They are owned by Visa, but they are pricey.
- WorldPay – has been in operation since 1994 and has tons of experience in the payment gateway industry. They are a large company with over 150 000 clients in the US alone.
What should you consider when choosing a payment gateway?
When deciding which payment gateway is best suited for your business, you must ask yourself these two questions:
1 – Does it suit my platform and can it easily integrate with my space
2 – Will this gateway help my business grow?
It’s tempting to choose the solution that is cheapest, but that’s not always the smartest option. Ultimately, a low cost solution can drive customers away because of a tedious checkout experience. Put yourself in the shoes of your customers. What will keep you coming back again and again?
Growing a business is exciting, especially when starting from scratch. Witnessing sales come pouring in is a shot of energy that will help you press on even when things get tough. Choose the payment gateway that will work best with your company. Commit to research and investing time to read the reviews. Ask other online business owners what gateway they’ve used and what their experience was. Even though it may seem tedious, it’s worth your time and your money.
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