How to Choose a Payment Gateway For Your Online Business? - PowerPoint PPT Presentation

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How to Choose a Payment Gateway For Your Online Business?

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Choosing the best payment gateway for your eCommerce store can be difficult if you don't keep the tips mentioned in mind. Keep sensitive information safe and secure from hackers at all times. – PowerPoint PPT presentation

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Date added: 9 August 2022
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Title: How to Choose a Payment Gateway For Your Online Business?


1
How to Choose a Payment Gateway For Your Online
Business?
2
Introduction
  • The pandemic effect on eCommerce stores is
    remarkable as it raised the bar, and eCommerce
    businesses boomed. All online stores need a
    payment gateway for receiving payments. This step
    becomes more crucial when you own a startup. You
    cannot expect your eCommerce store to grow until
    you adopt a smooth checkout procedure.
  • Complex checkout processes and payment failures
    can be reasons your prospects are not turning
    into customers. Choosing the best Magento payment
    gateway helps your business avoid any payment
    failures. However, some tips might help you make
    a fair decision while planning the best payment
    gateway for your eCommerce Store.

3
An overview of payment gateway
  • When software or mechanism that facilitates
    payment transactions from a customer to a
    merchant bank account is known as a payment
    gateway. It also ensures that you and your
    customers get notified of any payment failures.

4
Points to consider when selecting a payment
gateway
  • Let us go over some pointers to help you choose
    the best payment gateway

5
Security
  • When dealing with customer information, security
    is a top priority. Customers entrust you with
    sensitive information such as credit card
    numbers, bank account numbers, and other
    financial information. It is your responsibility
    to ensure that such sensitive information is
    securely stored.
  • Choosing a reputable Magento payment gateway will
    assist you in accomplishing the same.
    Furthermore, verify PCI DSS compliance. Such
    payment gateways invest in fraud detection and
    screening technology to ensure the security of
    customer data.

6
2. Payment methods
  • Many people associate online payments with only
    credit or debit cards. However, the scope of
    these payments has expanded over time to include
    other payment methods such as net banking, UPI,
    and digital wallets. With the right payment
    gateway, you can give your customers the option
    of selecting from various payment methods.
  • They are more likely to purchase at your store
    based on their preferred payment method. As a
    result, it is best to choose a payment gateway
    that accepts most payment methods for your
    eCommerce business. Hire Magento 2 developer
    implementing a secure payment method.

7
3. Onboarding procedure
  • The payment gateway onboarding process is
    critical for any new or existing business.
    Ideally, business owners do not want to wait
    longer for the payment gateway integration
    process to begin accepting payments. The last
    thing your eCommerce store needs is to wait a
    month for the payment gateway onboarding process
    to complete.
  • Your top priority should be to choose a Magento
    payment gateway with a simple and quick
    onboarding process. Some payment gateways
    complete the onboarding process in 1 or 2 days,
    which will pique your interest.

8
4. Customer service
  • When you run an online business, your target
    customers can buy from you anytime. It also
    implies that payment-related issues can arise
    anytime, necessitating immediate assistance from
    the payment gateway provider.
  • Your Magento payment gateway provider should be
    available all time and have a quick turnaround
    time when dealing with payment queries raised by
    your customers. It is how you can ensure that
    your customers have a positive overall experience
    when dealing with your company.

9
5. Hosted vs. Non-hosted
  • When looking for payment gateways, you will
    encounter Hosted and Non-Hosted Gateways. A
    hosted payment gateway directs your customers to
    the payment processor's website, where they enter
    their payment information. A non-hosted one, on
    the other hand, allows your customers to enter
    payment information without leaving your website.
  • A hosted platform lowers risk because critical
    information enters away from your website.
    Customers will appreciate the convenience of a
    non-hosted platform because they will not be
    redirected to another page. Hire a Magento 2
    developer to use the accurate gateway for your
    eCommerce site.

10
6. Transactional restrictions
  • You may also come across payment gateways
    constraints on the number of transactions that
    are processed in a given month. While this limit
    may not be a problem for small businesses, it is
    an unexpected stumbling block for those who
    process numerous transactions or deal in
    high-value products. The only point is that you
    should be aware of these limitations when
    choosing a payment gateway for your eCommerce
    business.

11
Conclusion
  • Choosing the best payment gateway for your
    eCommerce store can be difficult if you don't
    keep the tips mentioned in mind. Keep sensitive
    information safe and secure from hackers at all
    times. For more consideration, consult Magento2
    development company for your projects.

12
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