While there are many payment gateway options out there, not all providers are created equal. Today’s online payment gateways are also about much more than simple transaction processing. Here are three top issues to consider when choosing a payment gateway.
1. Shopping Cart Science
According to Multichannel Merchant, one of the most important elements of providing a smooth customer checkout experience is the ability to choose whether or not to make an account with your site. Also, the bottom line is that checkout must be speedy. Cross-referencing the compatibility shopping cart systems with your payment gateway provider is also essential. Having a reliable provider that can facilitate this process will help increase your profits and retain customers.
2. Security is Essential
What do customers look for in an Internet payment gateway? Apart from speed, with the proliferation of hackers and theft of personal data today, secure transactions are extremely important to people shopping online. Reviewing the type of encryption and levels of security with the payment gateway you’ve chosen is required if you also expect your customers to trust you with management of their personal data, especially if it’s through a third-party provider.
3. Tailoring Services the Client
While focusing on what customers want in a payment gateway is important to think about, the other element to consider is what you as the client require. Whether you’re a large or small business, using a provider that offers services that fit your budget and needs is what leads to success. Before shopping around for a payment gateway company, make a list of your own requirements and services that you foresee as necessary.
Many online payment gateway providers don’t only process credit cards, but also offer analysis of how transactions are being conducted and customer behavior. Most providers also offer consultation services and assistance with assessing data and how to apply findings to your business’s processes to improve profits.