Every e-commerce business vendors know how much important it is to provide a good user-friendly interface and functionalities to the customer. It is equally important to provide them with the best payment experiences too. This will help in retaining the customers by increasing their trust and eventually increases sales. The right payment solution provider should ensure security and maintain the confidentiality of the customers and must work well with multiple transaction facilities such as debit cards, credit cards and wallets on various environments like mobile and desktop applications.
Selecting the right payment solution provider
Being an e-commerce business vendor, you need to make sure that the payment solution provider offers the following:
Security: The payment gateway security standards should comply with PCI data security standards as it provides minimal protection against fraud and cyberattacks.
Payout time: Payment gateway providers should provide reasonable timeframes for the payouts. The average payout time varies with companies but usually, it’s weekly or bi-weekly.
Easy integration: Payment gateway services must be integrated in such a way that it provides good customer service. In case, if there is any issue at the client’s end, it should be solved easily and quickly with a customer support team.
It is necessary to note that there are a couple of challenges in implementing a payment gateway into your website.
1) Websites usually don’t support all payment methods
Though most websites advertise that they accept all sorts of payment methods, this is not the case in reality. So make sure that you select the right payment gateway service that can actually accept all payment methods.
2) Unable to provide international payment services
Websites that focus on gaining customers globally usually provide payments in terms of dollars and Euros. This could be difficult for customers from other regions like UAE and Asia region. In order to gain a broad international audience, it is important to make sure that your payment gateway provider would be able to handle it.
There are so many payment gateway providers that offer extraordinary services, out of which few of them are mentioned below:
SecurionPay, a standalone application that provides a secure online and mobile payment gateway that works with multiple environments like Windows, Mac, Linux, Android and iOS. SecurionPay enables advanced checkout features that help in immediate payment processing and thus increases the conversion rate.
Advantages: Enables easy credit card transactions, provides assistance with sales and conversion and AI-based security.
Authorize.Net, a globally recognized payment gateway that has a strong infrastructure and provides smooth and secure data transactions. It is also an electronic check payment system that is fully integrated to support online payments from other financial institutions.
Advantages: Authorize.Net is extremely secure, offers high-speed transactions and has no limit for the size of transactions.
Disadvantages: Authorize.Net is comparatively expensive than other platforms with the same features.
Square, a credit card processor and payment gateway system that provides physical credit card swipers that can be attached to phones. Square offers solutions that are best suited for small businesses. The users are charged a premium for manual transactions.
Advantages: Square is best suited for low-scale businesses, affordable and involves no monthly payments.
Disadvantages: Square has minor accountability issues which is why it cannot be used by high-risk businesses.
2checkout, one of the popular payment gateway providers helps businesses in accepting payments from all over the world. 2checkout has been useful for both the vendors as well as the customers as it supports multiple payment methods and transactions. 2checkout is widely adopted by more than 50,000 vendors worldwide.
Advantages: 2checkout provides secure transactions, multiple payment methods and robust integration.
Stripe is a cloud-based payment platform that enables online payment management and transactions anywhere in the world. Stripe also offers great UI toolkits and consolidated reports. Stripe provides an open API that helps in integrating with business environments.
Advantages: Stripe is very user-friendly, accepts payments from all currencies, keeps track of customers’ payments.
Disadvantages: Stripe is limited to customization, different types of payments make it difficult to be managed.
Ayden, an application that is built for both point-of-sale and online businesses, accepts various payment methods. Ayden is capable of handling huge amounts of transactions because of its partnership with companies like Uber and Microsoft. Ayden’s transaction fees vary with the type of payment methods.
Advantages: Ayden provides features to manage cart and inventory management and Supports various payment methods.
7) Apple Pay
Apple Pay is a mobile-based payment platform developed by Apple. This helps users to manage payments using touch ID or face ID. The main focus of Apple Pay is to enable users to maintain an electronic-wallet.
Advantages: Apple pay is a highly secure payment platform that provides enhanced customer experiences. The payments will directly be credited to Apple Pay Cash, which can later be transferred to bank accounts.
Disadvantages: Not all business vendors will necessarily agree to the concept of e-wallet.
With all these payment gateway providers, the process of payments has been taken to such levels that millennials cannot even imagine going back to the old ways of using physical money to enable purchases, investments or money transfers. The growth of online shopping, online trading and investing can be directly attested to the rise in popularity of these online payment platforms.