Complete Guide to eCommerce Payment Gateway
E-commerce payment gateway is an essential component of payment services, without this online transfer of payments is not possible.
E-commerce payment gateway refers to the buying and selling of goods and services through the internet, and using payment gateways to receive and send money for such services and goods.
By 2021, worldwide retail e-commerce revenues are expected to reach $29 trillion. As a result, there are several opportunities for the merchants planning to start their e-commerce shop.
Read all the necessary information obligatory to know about e-commerce payment gateway.
What does e-commerce payment gateway do?
A payment gateway acts as a link between businesses and their customers. It facilitates the transfer of funds from clients to merchants in exchange for their services.
Payment gateways come with a lot of payment options including credit and debits cards, APM’s, etc.
When a customer completes a product checkout, he is directed to a payment page with a variety of payment alternatives.
After filling in the payment details and hitting proceed button payment gateways come into action and the payment details are transferred to processors. The payment is deducted and transmitted to the merchant’s account after this information is cross-checked among banks.
The transaction receipt is generated to validate the expense’s success.
How can a new merchant get payment gateway for his ecommerce website?
Existing and new merchants seeking for a payment gateway for their e-commerce platform should first determine their needs. This is simple to accomplish if the following factors are taken into account.
- Size of the e-commerce business
- Whether selling one or more products
- Daily traffic of customers
- Sales per day
- Types of Payment methods to be offered
- Targeted sale region, locally or globally, etc.
Such information can help businesses find payment service providers that are right for their e-commerce firm. New Merchants looking for more information can contact us. Our specialists provide more precise and accurate information to merchants in order to help them understand what will work best for their business.
Payment Service Providers with a deeper understanding of the e-commerce business should be contacted. Provide them with the following information as well as some personal information about the company’s name, business experience, financial soundness, chargebacks and frauds, a 3-6 month bank statement, and other documentation which they might require.
They will let you know about the payment services and various charges associated with payment gateway services. After reviewing your requirements and your qualification for payment gateway they will integrate your e-commerce platform with the payment gateway.
Benefits of having a superior payment gateway
For business online all that matters is credibility. And this trustworthiness is decided by two things
- Products sale and delivery time assured by merchants
- Payment success rate and refund policies
The quality of the products and their prompt delivery are one thing, while the success rate of payment transactions is another. When it comes to payments, buyers are quite picky. Failure to complete transactions might damage your company’s reputation. The payment gateway should be technically equipped at all times in order to effectively manage all transactions.
Customers may be more likely to make repeat purchases if there are a variety of payment technologies available, such as 3D and non-3D means of accepting payments. Saving cards for future transactions is also the most innovative way to convert a customer’s interest into a sale.
Hassle-free experience of shopping will always encourage customer action. They have the ability to persuade people to use the merchant’s platform to purchase goods and services.
Increased sales imply higher profitability. Your business will always develop beyond your expectations if you have a great payment gateway.
Sign of a good payment service provider
There are a number of tell-tale signals that a payment service provider is trustworthy.
- Reasonable service fees: High service charges will not sustain a firm for long, and the business may be liable for financial obligations to such a payment service provider. So always look for a payment service company that provides excellent service at a low cost.
- Understanding your requirements and suggesting the best: Various customizations can help you increase sales and attract new clients. A seasoned payment processor is well-versed in all aspects of payment processing. Expert advice from them will benefit your e-commerce business
- Multiprocessing of transactions in huge volume: This is essential as far as payment gateway efficiency is concerned. Good gateways are able to safely process the number of transactions simultaneously.
- Multicurrency support: If merchants service delivery of products overseas then this is an important facility that must be capable of accepting and processing payments in various currencies.
- Excellent customer service: Quick and prior customer service can solve various issues with merchants which might be affecting his business. Resolving problems faster will build the trust of merchants over payment service provider
- High payment success rate: The payment success rate should not be less than 95% as per the consideration. It matters a lot for a merchant’s e-commerce business. The higher the payment failure greater is the number of customers the merchant is going to lose.
- Powerful Dashboard: Dashboard helps merchants in monitoring all transactions and sale-related activities. A powerful dashboard means it is capable of performing all activities expected. Import and export of reports, checking the failed transactions, initiating the refunds, etc are some of the major activities.
- Security: Payment transactions are valuable for both merchants as well as customers. The security of transactions against chargebacks, refunds, and frauds, etc matters a lot for merchant’s reputation over Acquirers providing Payment services. All the transactions should be commenced in PCI-DSS level 1 encryption. This technology keeps transactions safer from all fraud infiltration.
Similarly, when comparing one payment service to another, there are a number of other factors to consider. The total duration of the particular service provider in the market is also the key indicator of a good service provider.
How can we help in escalating your e-commerce business?
A partnership with us can provide tremendous benefits to merchants. E-commerce is one of our specialties, and we’ve been helping merchants with it for a long time. Merchants have complete faith in us and have never considered parting ways with us. This is due to our knowledge of the e-commerce industry.
Our payment gateway system is exceptionally dependable and rapid, from checkout through the generation of payment receipts. In the following way, we may help merchants who are looking for payment services.
- Assist in easily getting high-risk merchant account.
- Quick integration of payment gateways via API. Few codes and payment services will be live on the merchant e-commerce platform.
- Our gateways support multi-processing volume transactions and also process currencies conversion from over 80+ countries
- Provide solutions that can escalate sales.
- Available 24/7 for customer support.
- Payment services at very competent prices.
- Provide a safer environment with upgraded technology for transactions.