How to choose an Ideal Payment Gateway Selection for your business?
With the advent of the internet and the social distancing norms that were induced by the COVID-19 pandemic, digital payments in our country have surged to a new high. It is very important that all E-commerce platforms now provide their clients with the option to pay online. Just giving this option is not enough, they need to ensure that they give them a wide variety of payment options to choose from too. This is where Payment Gateways come into the picture. While there were very limited options for Payment Gateways earlier, companies these days have a wide platter of Gateways to choose from. The problem now is, how should a company choose a Payment Gateway that ideally suits all its needs?
What are Payment Gateways?
A Payment Gateway can be typically described as a bridge between the digital payments that occur between a merchant and their client. Payment gateway is generally a software that enables clients to make payments to the merchants by taking their information, ensuring availability of funds in the said payment medium and then transfer those funds to the merchant’s account.
How to choose the Right Payment Gateway for your business?
Since Payments are the make-or-break part of your sale, it is very important to get it right. If the customer loses their interest at this point in the transaction, there is a high possibility of the sale not being made. Choosing a Payment Gateways that can justify both your as well as your clients’ needs is a very crucial decision. The following are certain pointers that you should look for in any Payment Gateway before you take a final call:
- Payment mediums supported: Unlike earlier, where most online payments were carried out solely by using debit/credit cards, customers now have a very wide range of payment methods to choose from. Many prefer using UPI, Digital payment wallets like PayTM, GooglePay, PhonePe etc, while some prefer to use Net banking or their cards to pay for their orders. In order to meet the preferences of a wider client base, it is essential that the payment gateway chosen by you accepts a variety of the above-mentioned payment methods to ensure client satisfaction.
- Supports multiple devices: Different customers use a different medium to shop online, they could be accessing your products via an app or your website on either a laptop, mobile phone or even a tablet. It must be ensured that the payment gateway that you choose supports all the mediums and the transactions are processed swiftly with the least possible hiccups, to ensure a superior customer experience.
- Speed: Payment Gateways need to be quick in processing payments and settling them. A slow payment gateway most often annoys customers, making them less interested in coming back and buying from you again. Not just this, on the back-end as well, the gateway must be able to settle transactions with banks and credit the sums to your account at the latest so that you can manage your cash inflows more efficiently.
- Security: Payment Gateways have access to sensitive customer information like their bank account details, OTPs etc. It is always advised to ensure that before choosing any gateway for your business you check their encryption system to ensure air-tight security for your customers. Apart from this, it is always wiser to choose a Hosted payment gateway. A hosted payment gateway basically redirects your clients to the payment processor’s tab, shouldering the responsibility of securely saving all the information that they provide as input, this takes the load off of your shoulders to ensure the security of such critical information.
- Summarisation: A payment gateway must help you track the transactions that you undertake to ensure better fund management. You need not go through bank statements to find and account for transactions this way, saving you time and making bookkeeping and accounting much more efficiently.
Now that you know what to look for in a gateway, check out our gateway here and be the judge yourself! Our support team is on standby 24×7 to ensure that all your queries can be solved in a snap, so don’t hesitate to get in touch if you have a question!