The modern world gives us several opportunities to live life to the fullest, decreasing even the largest distances instantly. Innovative technologies have made it much easier to conduct daily activities remotely. This is the reason driving shopping transformations, enabling people to make purchases from anywhere without needing to visit physical shops.
What does it take for merchants to provide shoppers with a proper online payment experience? An eCommerce website development includes various aspects to create an effective and rewarding customer journey. One key aspect is payment gateway integration. This element brings convenience to our lives by significantly simplifying the online selling and shopping process.
What is a payment gateway?
Payment gateway is software that allows merchants to process buyers’ payment data and securely deliver payment to an acquiring bank. Various eCommerce companies, non-profit organizations, and brick-and-mortar shops frequently employ this software.
All payment systems have similar mechanisms. Typically, a particular sum is deducted from the client’s account and transferred to the merchant’s account (minus any processing fees).
Why your web-store needs an eCommerce payment gateway
Advantages of payment gateway integration into your online store include:
- Opportunity for buyers to go cashless and a wide choice of payment methods. This includes credit and debit cards, bank transfers, e-wallets, mobile payments, direct deposits, and other non-traditional payment methods.
- Easy checkout. A fast and convenient checkout process is necessary to increase the number of your regular buyers. Here, a payment gateway is exactly what you need.
- Secured transactions. Every transaction is totally secure, so there are no chances for cybercriminal intervention.
- Expanded client base. With a payment gateway, you can run your retail business not just locally, but also globally, as customers can pay for goods wherever they may be. This can provide more prospects for businesses striving to break through internationally.
- Flexible sales. A payment gateway allows your web-store to be open around the clock, so your sales flow won’t be limited to typical business hours.
Choosing the Best Payment Gateway Provider for Your Online Store
Payment gateway integration is a critical issue that requires a serious approach. Payment processing demands high security, so buyers can be confident that their credit card information is fully protected. Otherwise, there is a greater possibility of shopping cart abandonment, negatively impacting your website’s conversion rates.
Besides, there are several payment options available, and if clients don’t find what fits their needs, an uncompleted purchase is also guaranteed.
Another factor that can influence your business conversion rates is shipping and tax fees. These should be clearly displayed and, preferably, not at the last stage of the checkout process. If not, a total amount may exceed the client’s expectations or budget, and he may cancel his order.
As you can see, there are many specifics to consider when it comes to integrating a payment gateway into your digital store. So, what should you focus on?
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- Pricing. A payment gateway charges a fee for payment authorization. Each payment provider has different terms and conditions. Do careful research to avoid extra costs.
- Flexibility. Payment gateway providers offer multiple features. Usually, the set of payment methods depends on your business peculiarities. Opt for a universal solution that supports various payment methods and currencies.
- Pricing. A payment gateway charges a fee for payment authorization. Each payment provider has different terms and conditions. Do careful research to avoid extra costs.
- Ease of integration process. The majority of payment gateway providers give detailed instructions on how to integrate a payment gateway to the most common eCommerce platforms, such as Shopware, Magento, and WooCommerce. So, a slow payment process should not interfere with your web-store’s UX.
Building a Custom Payment Gateway
Despite the wide variety of available options, it can be difficult to find a payment gateway service that perfectly fits your needs and preferences. In this case, choosing a custom approach could be the way to go. While building a custom payment gateway can be challenging, you will definitely be rewarded.
How can you benefit from it? With a custom payment application, you can maintain control of the technology stack and tailor it to your specific business operation model. Another advantage is you won’t have to pay processing fees, especially important for enterprise-level companies.
In short, an eCommerce website, integrated with a payment gateway, often has more prospects of success. In addition to this, you should also take care of proper website protection and security. Whatever option you choose, proceed from your specific needs and possibilities and don’t forget to think ahead, leaving room for changes and improvements.
