Integrating payment gateway to your eCommerce store? Consider these factors first while choosing one

 The payment gateways integrated into the eCommerce platforms play a vital role in terms of offering smoother services to online shoppers. If you are launching your eCommerce platform for the first time then a question might strike, How to choose the best payment gateway? Payment gateway integration into the eCommerce platform has its own advantage as it simplifies the entire payment process and the customer gets to choose from different payment options like debit card, bank account, and even in cash as well.

What is actually a payment gateway?
According to an eCommerce development company, a payment gateway is no rocket science but is a simple method of making payments for the products being purchased in the online stores. Simply put, a payment gateway integrated into the eCommerce platforms is a software application that helps in making the secure transfer of payment or transaction information for the product being purchased from an eCommerce site using a credit or debit card.

Once the payment is initiated then the software will get back with all the transaction data and details directly from the payment network back to your business website. An eCommerce application development service provider states that the online transactions are swift and a number of processes work in tandem at the backend in order to transfer funds seamlessly and directly from buyer to seller.

Some of the popular payment gateways integrated into the eCommerce platforms by an eCommerce website development service provider are –

•    Stripe
It is a tailor-made payment solution best suited to be integrated into the eCommerce platforms. All kinds of major payment methods are accepted by Stripe including mobile payments and it supports over 135 different types of currency transactions as well.

•    PayPal
PayPal payment gateway integration is one of the most widely used and accepted electronic payment methods used across the globe. This payment gateway helps in processing payments made using some of the major debit and credit cards including PayPal payments as well.

•    Amazon Pay
Offered by the eCommerce market leader Amazon, it is a payment service built or making purchases through consumers' Amazon accounts. This payment gateway is a smooth and convenient system that only requires the address and the credit card details of the buyer which can be provided using the buyer’s Amazon account.

Some of the top factors as suggested by an eCommerce application development service provider to be considered in terms of choosing and integrating the right payment gateway for your eCommerce store –

•    Total cost to be incurred to integrate the payment gateway
When it comes to the integration of a payment gateway into an eCommerce platform one thing that might click in your mind is how cost-effective or if it matching your business requirements. Calculate the total cost to be incurred to use the payment gateway in terms of set-up fee, monthly maintenance costs, and even the transaction costs as well. In order to keep costs under check consider both the volume and value of the transaction needs. It is important to consider the costs to be incurred because most of the payment gateways have a competitive transaction fee and it can even increase your expenses as well.

•    Make sure if there is a need automated billing system or not
Automated billing support is highly needed if the products or services you are selling need subscriptions or not. If only there is a requirement of integrating an automated billing system then opts for the automated billing system which will allow for automatic payment of the recurring plans, and one such payment gateway service provider offering similar services in the industry is PayPal.

•    Multiple currency transaction support
Multiple currency support is highly required if your business process has the requirement of dealing with international consumers or online shoppers making payments for their product purchase from different geographical locations. It is very necessary to integrate a multi-currency supporting payment gateway because apart from letting customers make payments using their own currency, it will even help keep a check on the transactional fees involved in foreign currency transactions.

•    Integrate mobile payment support
In this digital era, most of the consumers are Smartphone or mobile users and would often use their mobile phones to shop online. This is the reason why it is important to integrate mobile payment support to help your customers purchase products online using their mobile phones regardless of their location. This makes the payment process more flexible for online shoppers regardless of the mobile phones they use to shop or to make the purchase.

•    Integrate cash on delivery or COD
Customers residing in the rural part of any country lack the conveniences of making an online payment for their product purchase. COD or cash on delivery is a popular payment option that is liked by many and even helps you if you want to build a strong consumer franchise. Launching an eCommerce portal and not including cash on delivery is a strict no-no and even devalues your brand as well.

According to an eCommerce development company, when choosing a perfect payment gateway you have to ensure that the gateways you opt for help in the smooth and hassle-free collection of customer payments. Considering your business requirements choose the right one to make sure everything fits your needs allowing you receive payments from customers from any part of the world.