What are ecommerce payment gateways?
A payment gateway is an advanced online payment service that is used by businesses and merchants to accept digital payments from their customers. It ensures a secure money transfer through multiple channels like debit or credit cards, payment wallets, UPI payments,net banking and many more. These payment gateways work as a key component of the electronic payment processing system and are integrated with the ecommerce stores creating a digital channel for receiving electronic payments.
In layman’s language, payment gateway is a link in-between the online retailer’s website and the payee’s bank. Let us understand the process of digital payment step by step:
When a customer makes an online payment, these payment gateways receive the payee’s card information through the retailer's website/app
These retailer’s website/apps confirms the payee’s bank details to the retailer's bank
Upon clearance, the required payment is securely transferred to the retailer's account from the payee’s account
The payment gateways complete the sales process of an online store by securely charging the customers who buy from ecommerce stores.
What are the features to look for in the best payment gateways?
A good payment gateway is one that enables a quick and hassle-free payment process and eliminates payment downtime. Without seamless and secure ecommerce payment gateways, businesses fail to achieve the desired goal of increased conversions. It thus becomes imperative to choose the right payment solution for the business.
Here is a list of some of the must-have features businesses need in their payment gateways:
Instant payment completion without the need to manually enter card/bank details for every transaction
Easy integration process with minimal need for need for programming customizations
PCI Data Security Standard (PCI DSS) compliance that offers secure card transactions
Multiple payment methods to meet the diverse payment choices of different buyers
Accept payment from customers shopping from international locations
Recurring billing feature to set up an automatic billing cycle for the customers
Mobile payment wallet feature to promote easy transfer of funds from mobile devices
Dispute management feature to tackle disputes that may arise in the future
Reporting feature to gather rich insights on transactions, customers, products, declines and more
Live technical support to resolve the issues quickly
An efficient payment gateway in e commerce will offer all the above mentioned features. StoreHippo offers high performing payment gateways and payment wallets that are known and used worldwide. With a host of integrated payment solutions, businesses powered by StoreHippo can smoothly process their domestic and international transactions.
What are the benefits of having multiple payment gateways for online businesses?
When businesses offer multiple payment gateways to their customers, checkouts become frictionless and the revenue stream keeps flowing. With multiple payment options, the overall payment processing time decreases and the customers find it easier to choose one payment option or the other.
Let us explore the benefits of having multiple payment gateways in e commerce business:
Gives customers the convenience of choosing from multiple payment gateways
Helps the businesses expand internationally with multiple international gateways that handle multi-currency payments
Helps retain customers as the chances of failed payments reduces with multiple options
Reduces shopping cart abandonment
Makes the business’ e-commerce site appear more professional and reliable
Helps improve conversion rates in general
Ensures customer loyalty as online shoppers return to the businesses that offer extreme comfort and convenience in payment
Gives valuable insights in customer payment preferences and order size etc.
StoreHippo offers multiple options for payment gateway for websites and all types of marketplaces. By choosing from StoreHippo’s, pre-integrated payment gateways, businesses can offer their customers the most secure and smooth payment experience. StoreHippo does not charge extra from merchants for adding one or many payment gateways. StoreHippo offers the businesses to choose from over 60+ payment gateways that make accepting payments simpler and safer.
How StoreHippo makes it easy for enterprise brands to use the best payment gateways?
Customers are more likely to buy from an online store that offers them their preferred payment gateway. With a host of payment gateways at their fingertips, customers can make an informed choice. With multiple payment gateways at their disposal, enterprise brands can pick and add or change the payment solutions based on their requirements relatively easily. The whole process works together seamlessly to offer barnds the advantage of smooth business operations.
Let us look at a few promising benefits of StoreHippo’s integrated ecommerce payment gateways:
Businesses might get discounted rates for payment gateway processing charges from the partner payment channels
All the payment methods are done on SSL certified online stores and are PCI DSS compliant
Businesses can reach international markets with the international payment gateways offering multi-currency support, and collecting payments in more than 50+ foreign currencies
Get rich insights into the customer payment preferences across different geographies and segments
Implement COD and offline payments to gain customers confidence and boost conversions
Offer different payment gateways based on customer’s locations to increase conversion rates
Offer automatic and easy payment reconciliation tool to retrieve lost orders in case of any payment glitches
Make payments easier by dividing a multi-product order payment among multiple sellers or admins
Understanding the importance of integrating international payment gateways, StoreHippo offers pre-integration with international payment providers for online stores. It allows ecommerce stores to accept online global payments seamlessly.
With StoreHippo, enterprise brands can build future-ready ecommerce stores and use the 300+ built-in features to create out-of-box solutions for their brand.
Explore the amazing StoreHippo features right away. Start your 14-day free trial now.