Brainstorm the following questions if you are planning to get on board with a payment gateway provider for your newly launched e-commerce store:#1. What is the need for having a particular payment gateway provider for your business?
Identify your key business requirements. What is the impact of a payment gateway provider on your target audience? Can its services be availed in the country where your target customers are residing? Does it generally support a single currency or multiple currencies? What is its policy for recurring payments?#2. What is the advantage of opting for a payment gateway provider?
Ensure that the setup fee isn’t too high and the fee per transaction isn’t costing you too much. Some payment gateway providers may also charge a variable fee. It’s important to get a good grasp of the fee structure charged by your service provider so that it does not financially affect your business. You must also know which payment gateway provider is ideal for your online business.#3. How secure is the payment gateway to make online transactions?
A secure payment gateway plays a critical role for your customers, especially when it comes to making a purchase. A payment gateway provider should be able to offer complete privacy and offer level 1 compliance with Payment Card Industry Data Security Standard (PCI DSS). A provider’s SSL certification builds a trustworthy image of your store for customers. They should also be able to handle fraud protection and support tokenisation techniques to prevent security breaches.#4. How does it affect the user interface of your existing store?
Both increased number of hops and multiple screens are a big no for user experience. Preferably, there should be minimal effect on the structure and design of your online store. Do not forget to assess the design impact on mobile platforms. That way, it will be easier to integrate when you take your store to mobile.#5. How efficiently does your payment gateway perform?
In real time, if you notice that your payment gateway is declining an increasing number of transactions yet is making a sale, then it is a cause of concern. In such a scenario, measure the critical performance metrics such as decline rates, speeds, and success rates.#6. How efficient is the support system of the payment gateway?
In case you are facing issues related to a disputed transaction or filing a complaint, how approachable and efficient, is the support team? Their issue tracking management and response time will highlight their credibility in the market. So, ensure that their support services are both smooth and quick at the same time.
Once you have made a list of these questions, it is time to know which payment services
rule the market and are the best fit to answer your questions – and this may turn out to be confusing. Our solution for you is to sign up on Amazon today
. Wondering why? Partnering with a platform like Amazon helps you get the job done in no time. You won’t have to worry about payment gateways, security breaches or being mobile friendly. All you need to do is list your products, ensure you have them stocked up and you’re done.