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Online payment is one of the key aspects of e-commerce transactions. An online store should, therefore, have a system that facilitates a secure and easy transfer of payments from the buyer to the seller.
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Choosing The Best Payment Gateway For Your E-commerce Store ___ By - Magento Store INTRODUCTION Online payment is one of the key aspects of e-commerce transactions. An online store should, therefore, have a system that facilitates a secure and easy transfer of payments from the buyer to the seller. The job is done by a payment gateway, which is a service that collects and encrypts all the sensitive information related to the customer's credit card and then authorizes the payment. It facilitates the transmission of this confidential information between the website and the payment processor. A payment gateway can be imagined as a virtual payment terminal, which collects the credit card details entered at checkout and forwards them for authorization to the credit card company. Once authorized, it gets them back to the store and completes the transaction. If you are running a Magento-based store for your online business, there are plenty of options to choose. You can even have multiple payment gateways for your store for delivering an omnichannel experience to the users. However, certain factors are to be considered before
payment gateway integration so that you avail the most relevant ones. Here are the factors to help you with the choice: Security Security is the most vital parameter related to online transactions as the sensitive, financial details of the customer are involved. A breach in security translates into lost trust and lost business reputation too. Therefore, PCI compliance is essential for the gateway service. PCIDSS stands for Payment Card Industry Data Security Standard and it ensures that the payment gateway is giving the highest level of credit card data security. Product Compatibility Besides being absolutely secure, the payment gateway should be compatible with the store's products too. There could be certain terms and conditions that each service provider comes up with. For instance, some of them do not support the sale of intangible products such as digital goods and services. Mobile Friendliness Ideally, a payment gateway should be mobile friendly too because a majority of people shop with mobile devices these days. This will ensure that your customer gets a seamless experience on your Magento store irrespective of the device used. Hosted or Shared Another key consideration relates to the choice between hosted and shared payment gateway for your Magento store. A hosted service is preferable for big retailers who want to focus on brands and would not cringe on the costs. On the other hand, smaller sellers can do well with the economical option of shared gateways.
Countries, Currencies, And Cards To Be Supported The selection of payment gateways is also influenced by the countries that you are going to run your business in. You have to ensure that it supports global locations, multiple currencies, and various credit card options. Cost The cost of the payment gateway service should fit your budget. There are certain providers who offer the service with zero sign-up fees, making them perfect for low budgets. The large-scale sellers with specific requirements should, however, invest in the ones that are comprehensive. The fee structure should be flexible too so that the business can handle it easily. Customer Support The service provider should be reputed for providing excellent customer support as and when required. This is because your Magento store has to be up and running 24 by 7 and any issue related to the payment gateway has to be resolved instantaneously. Any delay hampers customer experience and can cause loss to the business. Payment gateways are the backbone of online retailing and the success of a Magento e-commerce store greatly depends upon the right choice. The right combination of multiple payment gateways enables your store to deliver a great experience for your buyers. The customers are not only likely to complete the transactions but also come back for more.