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Today the number of customers who are fond of online shopping is so overwhelming that it’s hard to imagine operating in the retail industry without having an online presence. The opportunity to reach a wider range of customers is just one of various advantages of running an online shop that no one needs to be convinced of anymore. However, having an attractive platform and a wide product range may not be enough to persuade consumers to use your platform. A functional, efficient and reliable online payment gateway is the real icing on the cake.
Let’s start with exploring what a payment gateway actually means. Payment gateway is simply a system for processing payments. Thanks to it, your customers can efficiently and conveniently pay for goods ordered through your online store. For example, they can enter their payment card number in a provided space and after a while receive a notification confirming that the transaction has been performed properly.
The whole process is handled by an external payment service provider. There is an abundance of such companies and providers in the market, therefore, you, as an entrepreneur, need to work out which payment gateway partner will be the best for your business.
Safety above all else
It needs to be borne in mind that the perceived security of a payment platform can make or break an online purchase. Customers these days have become more precautious when it comes to how their data, especially financial information is handled by companies when on the web. How do you ensure that your payment gateway meets their standards? Make sure that it looks trustworthy and operates smoothly. Avoid services that load too slowly or display notifications about errors that leave the customer unclear about the status of their transaction. Such situations may give customers the disturbing impression that the personal data they’ve just made available to the platform could be in unsafe hands, and will prevent them from using your platform again.
An online payment gateway can work in two ways. The first one simply means that customers enter their payment card numbers, logins or other data necessary to make the payment in appropriate fields on the store’s own website. Another option is to redirect your customer to the site of your payment gateway partner, where they will complete the transaction and then will be automatically redirected back to your store.
Which solution works better? Well, it doesn’t really matter because if the system operates smoothly without any glitches, many customers may even not notice that they are being redirected to another website.
The best payment gateway partner for your business is one that is tailored to the market you operate in. It should provide your customers with preferred payment solutions they’re used to. For some this may mean Visa, MasterCard or American Express payment cards, but others may favor bank transfers or digital wallets like mobile money or Google Pay. Hence, the more options available, the better. We bet you wouldn’t like to lose your customers only because their bank isn’t on the list or because your payment gateway partner doesn’t accept digital wallets and users visiting your store have a strong preference towards one particular payment method.
Support for major currencies
If you run your business in several international markets, you should also consider finding a service provider that is able to handle and support multiple currencies. Fortunately, the best payment gateway partners provide a platform that can facilitate your task and make payments much more convenient. Some services like TransferZero also offer wholesale foreign exchange services, so regardless of the currency used to pay for a product on your platform, you will receive it in your preferred currency.
Now that you know how to select the best payment gateway partner, remember to make sure that the chosen service operates smoothly as it makes your users feel safer. Compare the number of offered payment methods and currencies supported by various service providers. If you’ve any questions, don’t hesitate to contact us – we’ll be happy to resolve your doubts and help you find a solution tailored to your business needs.