Updated time: Sep 9, 2020 , 10:17 (UTC+03:00)
Sales, revenue, customer service are the core business insights that every business owner will think about. For that reason, choosing the best payment gateway for international & local transactions for your business is the most considerable step for every business owner.
When money is involved in a business, you want your customers to have the best purchasing experience on your website as seamless and positive as possible - which includes the essential step, the checkout process.
Using the best payment gateway helps you to reduce business expenses and time rather than build up a beautiful website and high quality purchasing web hosting. Some payment gateways now support the business to customize their own checkout page which enhances business brand identity and builds up trustful inside customers. The more convenient the checkout process, the more reliable customers will purchase your products.
So what is the main key to achieving a positive purchasing experience? A solid payment gateway that offers an easy-to-use tool for processing sales.
Discussion: What is the definition of a payment gateway and how does it work? Why use a payment gateway? What needs to consider before choosing the most suitable payment gateway? What are the best payment processors?
For the simplest understanding, payment gateway is a service that handles transactions between two parties, for example, the seller and buyer. The service accomplishes the payment by transferring payment data, like a credit card, from the customer to the merchant’s preferred bank account.
Currently, there are hundreds of payment services to choose from; so how to choose the most suitable payment processing service for your business and customer’s experience is a tough question for managers.
Also read: How a payment gateway works?
Payment gateway will take in charge the top priority task: Secure sensitive information - like credit card data which helps customers and businesses get certain standards for data security online, protect the transaction between you and your customers.
Additionally, payment gateways save you time and work, removing the need for you to manually input info received on your end. They also provide flexibility in different types of currencies customers can use. And flexibility is good for the chance of sales by widening accessibility for customers with a variety of different payment types. There’s a true fact that customers are likely to abandon their purchasing process due to a lack of payment options. So, creating a seamless shopping experience for customers would help your business raise revenue.
What consideration when choosing the appropriate payment gateway which qualifies all your business needs?
With the right decision making, the payment gateway would become the best payment solution for your business. But what factors let you know that you have found “the one”?
Here are the core factors you should consider when choosing your best payment gateway:
There is a fact that the easier you make your payment for customers to purchase, the more they are likely to finish the process. By linking your site with a payment gateway that incorporates a wide range of payment methods, you are widening your business sales network. Some research shows that more than 50% of online customers said that customers would cancel the purchasing process if they couldn't use their preferred payment method.
In addition, the study participants said they would feel more comfortable shopping from a business that provides international transaction methods.
If you want to make international business, your payment gateway should support various popular currencies including EUR/USD/GBP/SGD/AUD/NZD. Different currencies enhance customer reliability in making purchasing decisions because it will make the process become simpler and easier.
Obviously, significant thought is the manner by how well your gateway will integrate with your present platform - both from a technical and design perspective. If the gateway took too complicated tricks to your current system, you might have to think again.
There are some special payment gateways (i.g. PayCEC, Stripe) which offer a useful tool to customize your checkout page to match with your brand identity. Remember, don’t make your customers’ purchasing experiences affected by confusing factors.
Like any online service, there are fees related to third-party online payment gateway. For some platforms, users have to pay transaction fees - so pay attention to the service cost and make careful research before integrating it with your site in order not to experience unexpected charge fees.
These expenses charged can include transaction, statement, chargeback, merchant account charge, etc. depending on different services that your business decides to use.
Also read: Online payment gateway charges
There would be some hidden fraud trying to steal sensitive information from users. A good payment system will provide a high-qualified fraud protection program including preventing fraud, protecting user’s money and purchasing process. High-quality secure systems not only increase the conversion rate for your business but also offer a seamless online payment for customers.
The most famous fraud protection systems up to now are 3-D Secure, Tokenization, Real-time risk management, Fully PCI DSS. For more information please visit: https://www.paycec.com/products-and-services
Some payment gateways allow users to complete within the checkout process on the site, while others lead users to a different site to complete the process. Some gateways provide an API (i.g. PayCEC, PayPal) which incorporates directly to your site, others bring customers to third party sites. Whatever you choose, be sure what will bring the best checkout experience for buyers - if the customer trusts the site, it is more likely they would finish the transaction process.
Also read: Best payment gateway for small business
Following some famous online payment research, up to 46% of cart cancellations occur at the payment stage checkout. If the payment service didn’t satisfy the customer expectations, your business will rapidly lose sales.
Here below are the TOP 5 famous international payment gateways for you to browse, one of these below might be suitable for your business solutions.
For more information, please visit: Online payment gateway