How to Choose a Payment Gateway?

How to Choose a Right Payment Gateway?

These days, online businesses are booming the market, and more and more people are shifting towards business online. Every e-commerce business is launching different services and products to stay ahead of the competition. If you are setting up your online business, having a reliable payment gateway is crucial to make your business fully functional. Accepting online payments will ensure the smooth operation of your business and improve functionality. Having the right payment gateways will make the business process easier for both business owners and customers. Here let us discuss how to choose the payment gateway for your business.

What is a Payment Gateway?

A payment gateway is similar to a swiping device that allows you to accept payments online. An app authorizes online payments through multiple modes like Net Banking, Credit/Debit Cards and Online Wallets. 

A payment gateway links directly to a website and a bank. It means payments directly made on your website by customers where it is deposited into your current bank account. If you want to bring trust and confidence among customers, then look for the best payment gateway.

Things to Consider While Choosing a Payment Gateway Provider

Digital security

These days, everything becomes digitized, and while selecting the payment gateway, you should look at its security level. A secured white label payment gateway solution is necessary for both online business owners and customers to avoid any fraudulent activity. Make sure to protect the payment gateway that provides a strong fraud detection mechanism and data encryption. 

Onboarding Timeline

A well-structured white label payment gateway facilitates a smooth transition. But, in the payment industry, the biggest pain point is that the large onboard time that payment gateway takes time for approval from partner banks. However, it is best to look for a payment gateway that can deliver in a few days. Well, it is a plus for your business. 

Ease of integration

As with the technological changes, it is best to choose a payment gateway that is easy and merchant friendly for their integration. No one likes to spend weeks or days integrating payment gateway, so make sure to select the one that supports the shopping cart plugin and know that SDK’s available. Also, ensure that the payment gateway service provider you are going to opt for is responsive and provide the technical support to start accepting payments straight away. 

Mobile optimization

In this digital world, people shop online through their smartphones, computers, and tablets. The payment gateway you choose should enable your customers to shop easily from their respective gadgets. 

Customer support

Businesses can lead their path towards success if they understand that customers are their sovereign. Make sure that the payment gateway provides 24/7 support so that you can engage the trust among customers. 

High-risk businesses

Normally, payment gateway providers avoid providing the service to high-risk businesses. A high-risk business is:

• Tobacco
• Technical support 
• Gambling 
• Travel
• Adult content
• Debt collection
• Diet programs 
• Online marketing 
• Credit repair

If your business comes below the high-risk category, look for gateway providers who can provide service to such businesses. 

Pricing 

Do-in depth research and opt for the service that offers reliable service with no hidden cost. Don’t get attracted to the providers who are offering the service at low rates. Also, ensure the security level they are providing. The gateway you select should reduce the burden on your operation, accounting and logistics. 

Summing it up

Consider the above information to establish a trusted payment gateway in your system. A reliable payment gateway brings trust in your service that makes the customers engage with your service. Automatically, it takes your business to the next level.