Efficient E-commerce Payment Gateways to Entice Customers

Efficient E-commerce Payment Gateways to Entice Customers

Online businesses are always looking out for ways to streamline the whole payment process to attract a bigger worldwide clientele. It has been made very clear through customer behavior that they are quite liable to exit a website where the checkout process is long and tedious. The presence of online hackers has made customers quite wary of sharing their confidential information and therefore they insist on payment methods that are quick and seamless. E-commerce payment gateways validate customers’ information very securely. They also employ fraud detection software to ensure enhanced security of confidential information. The transaction is also approved only if there is sufficient balance in the account of the buyer.

Help With Organizing Online Payments

E-commerce payment gateways provide merchants with a merchant account, a payment processor as well as a business bank account. These are essential to enable them to receive payments from customers. Dedicated merchant accounts are usually set up for brick and mortar stores. Ecommerce businesses though usually go in for aggregate accounts. There are some basic costs that the merchant is charged by the payment gateway provider. This includes a set-up fee, transaction fee, and a monthly fee. Lower transaction fees and a standard monthly fee are more suitable for businesses with larger turnover. There are certain payment gateways that are slightly costlier that do not require the setting up of a merchant account.

Services Expected From Your Online Payment Service Provider

The online payment service provider that you choose should allow your customers to make any kind of card payment besides the popular ones. There is a holding time that varies between 1 to 7 days to settle refunds or charge-backs before the money actually comes into the merchant’s account. Supporting multiple currencies is a very important benefit provided by the online payment service provider. This feature is essential for the merchant to tap the global market as most customers prefer to pay in their local currency. There are hosted and non-hosted payment gateways but businesses with greater volume of transactions normally go in for non-hosted options to reduce the time spent in the payment process.

Adapting To Changes In Technology

Smartphone are the preferred means of online payments these days. These cardless transactions have become very popular as it is easy for everyone to have access to smartphones. Online payment service providers have also read the reading on the wall and have been quick to support payments made through mobile devices. This gives customers the flexibility they need to make their payments using any type of device. It is important that your service provider is PCC-DSS compliant as this means they are armed with fraud detection and other types of screening tools to ensure you and your customer are safe from all fraudulent transactions.