Even the best laid plans for an online store can not take off if you do not provide the right means of payment to your customers by setting up a merchant account with payment gateways. Providing the preferred mode of transactions to your customers has the potential to increase your order volume 2X.
Despite the best products, pricing and marketing campaigns if you fail to choose a seamless and secure payment channel, you would fail to achieve your goal of selling products for profit. To put it simply, your web store without the right payment processor is like a light bulb without electricity supply. It simply does not fulfill the main purpose it was designed for.
Since, payment channel is the most important step in making your website ready for accepting orders you should choose one with due consideration.
Before finalising the best online payment gateway,
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The first thing you should consider is the ease of setup and integration with your existing platform. The payment gateway should provide a seamless integration process that does not require too much of technical knowledge. If the API is not compatible with your platform each update on your platform or the gateway side will require lots of time to update.
A convenient and easily integrated gateway saves time and resources and makes the overall process very smooth. Also, consider the kind of support they are providing as the easiest integration process might need post sale support under various scenarios.
The setup cost of the payment gateway is also one of the most important things to consider. The payment gateway providers have their own rates for setup fee, TDR, annual fee, admin costs etc. Cost of availing any service can be a crucial factor especially during the initial stages of the business.
Check the terms and conditions thoroughly as there are costs included in form of chargeback fees and other disputes inpayment. If your initial volume of sales is expected to be low, you should go for payment gateways that come with zero set up fees and low or zero monthly fees. They might have a higher transaction cost but when compared with the high set up fees you might still save a lot.
Online shoppers are known to be impatient and stickler for good experience. They need speedy checkout which requires minimum steps and doesn't ask to re enter details of name address etc over and over.
One click, secure checkout is what the customers actually look forward to. Making your checkout process seamless and hassle free for your customers can boost your sales by minimising abandoned cart rates. Go for a payment solution that increases your customer retention and engagement rate which translates into more sales and higher profits.
This question is very significant as the more payment options a payment processor provides the better it for your business. The rule of thumb here is - the more the merrier!
Usually all the leading providers support VISA, Amex and Mastercard credit/debit cards along with netbanking. However, with the increasing popularity of mobile wallets, UPI, Paypal, Paytm etc you should go with the provider that allows you to accept multi channel payments and tap in every possible sales opportunity.
As you opt for the top ecommerce platform to accommodate your business growth similarly you should go for a payment gateway that benefits your business in the long run. Your gateway should be able to grow with your business and should provide you unconventional means to tap in orders from various channels.
Many payment gateways have come up with innovative solutions where they offer payment right from the social media pages. This helps in converting impulses into purchase thus boosting your order volume many times over.
If, the payment gateway providers you are considering provide you answers to these questions which match your requirements, you can go for that solution. However, if you are running a medium to large size business it is advisable to have more than one payment providers which give you some additional benefits.
Keep watching this space for more on payment providers as we are going to publish a series of articles to help you decide the best solutions for accepting payment on your online store. Leave a comment below to get your specific queries regarding payment gateways answered by our team of experts.