Payment gateways are one of the most important tools of the trade and allow business owners to accept online payments through a variety of digital payment modes while covering a wider consumer base. If you are an online merchant and looking for a gateway for payment, then there are 12 factors that you need to consider before you can dial down to the best payment gateway in 2022!
Choosing a Gateway Type
Depending on the size and scope of your business, you may choose between hosted, self-hosted, and API payment gateways with each having its pros and cons. So, choose your payment gateway wisely to avoid paying more than you need depending on your business and revenue.
Ease of Integration
You don’t want a complicated setup. Choose a gateway provider that is easy to integrate with your existing online store or business.
The payment gateway you choose must comply with industry standards in security. So, check whether they are PCI DSS, 3D Secure compatible, or not.
Accept Multiple Payment Modes
It must accept multiple modes of payments apart from credit/debit card-based payments. Payment modes like UPI, digital wallets, BHIM, etc. must all be covered by the service provider.
This can come in handy when dealing with clients across multiple countries. Giving them a checkout page in the language they are comfortable with will make your brand more user-friendly.
Fees and Service Agreements
Every service provider has different levels of fees and service-related stipulations. So, choose one as per your business case as that would help you select the most cost-effective service provider for your business requirements.
Error Free Transactions
Choose a reputed payment gateway provider that offers error-free transactions. You cannot have downtimes affecting your business and revenue due to cart abandonment. So, choose a service provider that is known for maximum uptime.
Easy Checkout Across Devices
The checkout process needs to be seamless across all devices. It shouldn’t matter if your customer is shopping via phone, laptop, or mobile; the payments should go through smoothly across devices smoothly and without any glitches.
Futuristic Payment Options
Your payment gateway system should be able to accept all upcoming payment methods such as payments via WhatsApp, Facebook, Instagram, and SMS-based payments using a single link. These payment modes are highly popular with the millennial crowd and will help your business grow. Gateway providers like plural payment gateway offer this on their platform.
Seamless Recurring Billing
Seamless recurring billing will help you offer subscription-based payments to your customers. So, if you are in that type of business, ensure your service provider can set it up for you.
Accept Mobile Payments
Mobile payments are already more popular than credit or debit card-based payment solutions. Ensure that your payment gateway service provider offers mobile compatible checkout pages to ensure minimum cart abandonments.
Offers 24X7 Customer Support
Just as you offer the best of services to your customer; your payment gateway service provider must do the same for you. Check if they have 24X7 customer support or they just offer support over tickets and emails.
Choosing the right payment gateway can make or break your business. So, choose wisely using these 12 tips we discussed!