Choose the best online Payment Gateway System for your online business
Online shopping is very popular amongst youngsters these days thanks to the variety available and the convenience of shops literally at your fingertips. Its fun and convenient to shop online with many windows open at the same time checking out various options available and comparing the rates. Though many shops offer cash on delivery (COD) for payment, most people prefer paying online. It is interesting to know that online payment gateways can change the way you shop.
Customer’s choice or Developer’s choice?
From the point of view of the eCommerce provider and the online shop owner it is a tough decision regarding which payment gateway to integrate with the eCommerce Solution. There are so many popular payment gateways. Some are popular amongst the users and others are popular amongst the developers. Since the customers are the most important group as they are the end users, most prefer to go along with them and choose the one more popular among customers or end users.
Features to look out in Payment Gateways
While selecting the payment gateway for your online shop the following points are important:
Security – Almost all payment gateways are secured otherwise they will not survive in the online market for long with hackers from around the world trying to hack anything and everything online. The security level and protocols used varies among different gateways.
Ease of Use – If the end user is not comfortable using the payment gateway, it is most unlikely that they will ever try to purchase from your site. Similarly if the integration is difficult, developers will also try to avoid the gateway owing to the difficulty. They will go for the next best available.
Charges or Commission on transactions – There’s high competition in the payment gateway market also. So the charges are also highly competitive. Owners will definitely go for the lowest charges if the other factors are also positive for them.
Processing time – If the payment takes too much time, end users will get fed up and leave the cart and never come back to the site.
Integration with the eCommerce software – This is also an important factor since the developers can recommend an easy to integrate product instead of the owner’s recommendation. Since most owners do not interfere much on the technical aspects the developers may win them over citing technical issues in integration.
Location – This is important since some gateways provide better services only in some locations and hence the location of your majority clientele is an important criterion.
Currency Options – Since online shops are accessed from across the globe, the payment gateways should also allow multi-currency, if you target global buyers.
These points come first since they form the basis of any online payment gateway. Since online shopping has become a rage these days competition has increased multi-fold in online payment gateways also as it is in banking field. Each payment gateway provider has their own set of terms and conditions which is mentioned in the contract signed between the provider and the owner. So, also go through the draft contract documents before deciding on the payment gateway.
Auth.net, PayPal, Visa, MasterCard, WebMoney etc. are some of the most popular payment gateways. Internet banking is also commonly being used if the users prefer using debit cards.
Left to me I would choose among Visa, PayPal and Auth.net since these are the most popular according to some online surveys. Among these Auth.net seems to be a favourite among users and developers. Visa and PayPal seem to have simpler signup processes and hence are preferred by many end users.