Thursday, 31 Dec, 2020
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In the digital era, the business's working habits have changed from paper records to online business. Online retail business is making a huge change, becoming the new buzzword not only in the local market but also globalize. Online payment gateways appear from time to time and replace the old-school ways of making successful payments.
Payment gateway for ecommerce website
Everything is online and accessible including credit card, debit cards, internet banking, e-wallet, etc. which are guaranteeing a safe, convenient, and secure way making customers willing to purchase online. With an online payment gateway, the transaction process and conversion rate of your ecommerce business will increase rapidly.
This article will help you answer all the considering questions about ecommerce payment gateway from the core definition, considering factors, how it works to the top online payment gateway for ecommerce business. Let’s find out more about payment gateway for ecommerce.
A payment gateway, as the simplest definition, is a service that enables secure transfer of credit card information from an ecommerce website to the credit payment network for payment processing.
For the above reason, payment gateways play an important role in encouraging customers' buying decisions and converting them into sales. This statement also explains the failure of some ecommerce businesses because of the lack of payment methods.
Following some business research, the average drop off shopping cart rate is somewhere 60% or more, out of 20% to the bad checkout process and 8% due to lack of payment methods.
Step by step to understand your business to figure out what it needs, the main customers, the country-wide, comparison metric, and business funds.
This infographic will help you evaluate the whole picture of ecommerce easier then measure essential details and lead to the final decision for choosing the most suitable payment method.
There are two main types of payment gateway:
Payment gateway for ecommerce business
Both have the differences but the more modern, convenient, and secure is Integrated payment gateway for these following reasons:
Create smooth and seamless payment experiences for customers: Since potential buyers are not redirected to another site, the payment gateway has won the battle of giving customers a better experience.
Support all devices: The gateway supports all devices including mobile phones, tablets, and laptops.
Custom Integration: Using API Integration first development with details guide and open source to make the process quicker and easier.
High-quality security system: The integration payment gateway often supports top security systems and keeps all the sensitive data in irreversible algorithms. Besides, the fraud protection should include the newest technologies including 3D Secure, PCI DSS, Tokenization, and Risk management.
Before setting up an online payment gateway for business, brainstorm your thought and answer those below questions:
Ecommerce payment gateway
Recognize your business needs. What will impact the customers when your business sets up a payment gateway? Does it support various currencies? What is the policy of recurring payments? Are the payment services available in the country where your target customers live? Does it support various types of payment methods?
Ensure the setup charge is not high and fixed expenses per transaction doesn’t cost much. It is important to understand the standard fee structure charged by payment gateway providers so that it isn’t affecting your business financial control.
Make sure you understand the service cost clearly in order to avoid unexpected charge fees when integrating with a payment gateway. Some expenses that might occur in payment gateway service are transaction, chargeback, statement, merchant account charge, etc. depending on the services and business of your company.
Besides, there are some more secure systems that the high-quality fraud protection of a payment gateway requires: Tokenization, 3D Secure Transaction, Risk management, and PCI DSS. The more secure customers have the more they are likely to finish the checkout process.
For ecommerce businesses, especially international ecommerce, the site needs to offer different types of currencies such as popular currencies for trading include EUR/USD/GBP/SGD/AUD/NZD. The more currencies the payment gateway supports, the easier for customers to complete their transactions.
Some websites require users to complete the checkout process on-site, while others bring users to a different site to handle the process. For ecommerce, the payment gateway should include the customize checkout page tool which your business can use to design your own personal checkout pages. Using the business brand logo or colors will enhance the trust and brand identity among customers.
Using an integrated payment gateway for ecommerce business helps the company save a ton of time and money in building a personal payment platform. Likewise, an integrated payment gateway provides a simple integrating process, making it compatible with your current site without needing too tricky coding processes. Making the payment experience seamless both from a technical and design perspective is one of the keys to bringing more sales.
If your business can answer all the above questions and consider the suitable factors, you are ready to jump into the ecommerce business and start integrating with an online payment gateway.
There are so many great payment gateways in the world, but the most outstanding, which offers the newest fraud protection systems, simple integration process, various currencies, risk management, and 24/7 support. Here are the TOP 5 payment gateway for Ecommerce business as recommended:
For the best experience in using a payment gateway, we proudly recommend PayCEC payment gateway, which contains all special features for an ecommerce business. This payment gateway service offers a simple and easy integration process, following with the newest fraud protection systems (Tokenization, 3D Secure and Fully PCI DSS), different in currencies, real-time risk management and a 24/7 customer service team.
With the above advantages in the marketplace, PayCEC gives you a chance to step into the ecommerce business without any hesitation.
We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.
Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.
PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.