When you are running an e-commerce business, one of the main decisions you have to make is how you want to receive payments from your customers. With having numerous payment gateway options, choosing the best one has now become more difficult than ever. When a customer is purchasing something from your website, you want their experience to be as smooth as possible.
What do I look for while selecting a payment gateway?
The first thing you need to consider while choosing the payment options is knowing your audience and its needs. Here are few pointers to look for when you are choosing a payment gateway for your startup:
Security
Security is a dealbreaker when it comes to receiving money from your consumers as a new business. You want to ensure them that their transaction is safe and secure or they might hesitate and not order at all. The PCI DSS (Payment Card Industry Data Security Standard) is the highest level in card data protection achieved by a gateway. To ensure the gateway you choose has one, should be the top priority. Over the past several years, people have had trust issues with online transactions. If your gateway does not seem secure enough, you may lose your orders. Security is a non-negotiable thing to look for while exploring payment options.
Fee structure
If you are a startup, you may feel hesitant to pay an initial setup fee as you are yet to make money. You can evaluate your options and choose the ones that may have lower or no set-up fees. Have a look at the use license and the storage that is being offered in the amount you are paying. Also, consider the Annual Maintenance Charges (AMC) while choosing a payment option. If you have sufficient funds, you can also choose multiple payment gateways. Multiple payment options enhance the trust of consumers to a greater extent.
Seamless and friendly experience
The checkout experience hugely impacts the purchases made on your website and the retention rate of your consumers. If your customer struggles or has a poor experience while making payment on your website, they are unlikely to make online payments next time. The payment gateway should be hassle-free and friendly so your consumers can just breeze through it. The more swift and smooth transactions, the happier your customers.
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A payment gateway is more of an investment than an expense.
How does it impact my business?
Since choosing the right payment gateway plays a vital role in streamlining your business and is a factor closely connected to the customers, there’s a lot in it for you!
Importance of secured payment gateway
Small startups are known for their ability to connect with customers’ needs and demands directly. Whether you are working for new clients or retaining the existing ones, their expectations are needed to meet with caution. An absence of a secured payment gateway is directly associated with losing customers’ trust.
See it as an investment, not an expense
When you are choosing a payment gateway for your business, keep in mind that it is an investment and not an expense. As in the long run, it will enhance your customer experience and retain more clients. The perception of your brand is directly impacted by the gateway you choose, so invest wisely!
