Almost everything is ONLINE! When we say that everything is online, the first thing that come in our mind is online shopping and online payments. Anyone running online store cannot do their business without a payment gateway. The payment gateways are “HEART” of any eCommerce business and so do for the hackers and scammers.
No matter how hard you spent on Magento eCommerce development, your online store is the soft target for the hackers. According to the report from Shape Security, almost 90% of the login attempts at online retailers’ websites were illegal in 2018. Therefore, it is crucial to choose the right kind of payment gateway that can help you turn-down all such attacks in real-time.
Maybe you have added plethora of extensions like Magento 2 blog extension or Magento 2 form builder, but if you don’t have a secure and quality payment gateway, all your Magento eCommerce development investment will go in vain.
So, how to find the right payment gateway for your eCommerce business?
Let’s try to find out the answer of this question. But first of all, let’s try to understand what the different types of payment gateways are. Usually, you may find three different types of payment gateways:
Payment gateway that REDIRECT
PayPal is the right example of this type of payment gateway. This type of payment gateway usually redirects the users to payment page of the gateway where user can complete the transaction. But security can be a major problem with these type of payment gateways.
Payment gateway that require OFF-SITE payment
This type of payment gateways will ask user to check-out on the online portal and payment processing happens through the payment gateway’s backend. However, you might have to compromise the user-experience with this type of gateways.
Payment gateway that require ON-SITE payment
If you are having large number of transactions or running a giant eCommerce business, you might ask Magento development company to help you integrate on-site type of payment gateway on your website’s server.
Okay, but what about the top payment gateways? Well, if you are curious about knowing the most popular payment gateway service providers, then you can ask Magento Development Company or Hire Magento developer to help you find out. However, to simplify the task, we have compiled some of the most popular payment gateways you can use for your eCommerce business:
Once you are done with the research about finding the best payment gateways available, you can focus on what you expect from the payment gateway. It will help you narrow down your criteria to select the gateway of your choice. Let’s start with the considerations for selecting a right payment gateway.
Research on what type of payment gateway your target audience is preferring to use
One of the most basic steps to choose the perfect payment gateway for your online store is to understand what payments your customers prefer.
How about the fees of payment gateways?
It is necessary to check about the price of the payment gateway you choose. It is advisable to compare the fee structure and offerings of different payment gateways.
What about the SECURITY?
To be intact from the online fraud, it is crucial to validate the payment gateway’s security parameters. Make sure the gateway provider you select is PCI compliant.
Check the integration process
One of the key parameters to evaluate the payment gateway is to check how easy it is to integrate with your eCommerce store. Instead of a complex flow, it is necessary to add simplicity to the payment process.
Do you get instant help?
Many online payment gateway service providers claim to offer 24x7 support, but very rare really mean it. Therefore, ensure that the payment gateway you select provide live technical support within a short time span.
Does your payment gateway support mobile payments?
The world is getting mobile and so do the eCommerce business is. In near future, mobile payments will replace conventional payment methods. Therefore, make sure that payment gateway you choose is future-ready!
From the above discussion, it seems that selecting and implementing right kind of payment gateway is not that tough, if you know what to look for. By following the considerations shared here, you can definitely select right kind of payment gateway and have a positive impact on your customers. You can also get help from the professional Magento development company to help you select and integrate the payment gateway to your eCommerce website.
Meshur Ahir is a Digital Marketing Strategist at Pixlogix Infotech Pvt. Ltd. He is curious about everything content and marketing. Pixlogix is an Award-Winning Web Design & Development Agency India.