Follow These Tips While Adding A Payment Gateway to Your E-Commerce Site
Every e-commerce business needs a reliable payment gateway to serve its clients and to boost its revenue. There are various parameters which define the robustness and effectiveness of a payment gateway system. Some of these metrics are speed, accuracy and security. In order to make sure that your business and clients get the best of the services, here are some tips you may use while adding a payment gateway.
- Recurring vs. One Time Fees: The cost of implementing and operating a payment gateway is an important parameter which needs to be considered in the decision phase. Different payment gateways charge their fees in different manners. Some have upfront onetime costs while others charge recurring fees, generally based on volume. Yet other payment gateways may practice a mix of these charges. It is important that you take your time to fully analyze the impact of such charges on your bottom line. Also, if the charges are levied on percentage basis, then consider the overall impact as this kind of charges generally add up pretty quick once your business takes off.
- Pay Attention to Purchasing Funnel: Analyzing the purchasing funnel means that you take cognizance of the number of steps needed to get the payment confirmed. While it is important to ensure the security and certainty of the payment made, a large number of steps are rather off-putting and may prompt clients to walk away. Similarly, your payment gateway should only seek appropriate amount of information. It is imperative that you do not use payment process as a means of collecting data about your clients. You should also pay attention to the integration of payment gateway with your website so that your clients have a seamless experience and are not subjected to repetitive steps. It may take you several attempts to determine an optimal purchasing funnel for your business.
- Consider the Add-Ons: Payment gateways come in different shapes and sizes. Most of these gateways also provide you with opportunities to customize them for your optimal use. Some of the service providers offer automatic billing support which may or may not be important for your business. Since these add-ons come with a price tag, it is essential that you consider these options and compare their benefits with associated costs. Another point of customization is to be able to handle foreign transactions. If you are looking to expand your business beyond your national boundaries, then you should seriously consider getting this feature for your payment gateway. It is generally surmised that the clients appreciate such additional features which allow them to complete their transactions smoothly.
- Diversify: Since the payment process involves providing sensitive information, it is important that you pick your payment gateway carefully. It is essential that you analyze the reputation of the service providers to ensure that their offerings work smoothly and without excessive downtime. Further, it is important that your payment gateway provides security of the transaction and the data. These factors should be supplemented with the ease of carrying out the transaction and saving time. It should also be ensured that all the legal requirements are fully complied with. This is especially important if you carry out cross border transactions and deal in foreign exchange.
- Keep it Simple: While it is tempting to keep adding various features and options to the payment process system, the better strategy is to optimize such addons and the simplicity of the system. The checkout process provided by your payment gateway provider should be fast and simple. There should not be excessive forms or columns to fill in order to proceed with the checkout. Further, the payment options may also be limited so that their proper security and robustness is assured.
The choice of a payment gateways services provider is highly crucial. Now, that there has been massive proliferation of cyber-attacks, it is vital that the sensitive data shared by your clients is secured. Apart from this main requirement, the checkout process should be tailor made to meet your and your clients’ requirements. It is important to have adequate number of payment options while also offering additional features such as the ability to check out as a guest.