eCommerce Payment Gateway - Is it really necessary to choose gateways appropriately?

A payment gateway is basically a web-based payment acceptance system that can be integrated into an eCommerce platform for providing a seamless online shopping experience. As per experts specializing in eCommerce application development say - the payment gateways are only integrated into the eCommerce platforms to collect payments made by the customers shopping products online.

What is actually a payment gateway?

Payment gateway integration into an eCommerce platform is a simple concept that makes way for a mode of making payments online for the products being purchased from the eCommerce stores. A payment gateway integrated into the online retail shops is a software application that helps in making the secure transfer of payment or transaction information for the product being purchased from any vendor using a credit or debit card.

Once the payment is initiated through the gateway, the software will revert back with all the transaction data and details directly from the payment network back to the product vendor. However, the online transactions made through a gateway are swift and a number of processes work in tandem at the backend for seamless transfer of funds from the buyers to the sellers.

Are payment gateways important for an online store?

Yes, it is, integration of a payment gateway into an eCommerce platform helps in facilitating the product purchase process of the online store. The integration of payment gateways even helps in the incorporation of new features and promotes electronic payment processing between both the vendors and the eCommerce stores which is a random process.

According to companies working on eCommerce development in India, with the payment gateway integrated into an eCommerce site, a payment transaction or transfer can be smoothly done using the payment details from the processor or the bank directly to the eCommerce portal. So, it has now become important that the eCommerce store owners integrate APIs or application programming interfaces that can be easily plugged into the online store for receiving payments.

Some important factors to consider before choosing payment gateways for online stores –

· Easy availability: It is important to check for service availability as per geographic location and also on where your target audiences are located as well. Before launching an eCommerce platform integrated with a payment gateway it is viable to check for a supported countries list and to look if the country you are looking for is there in the list or not. 

·  Establish effective transactions: The payment gateway should be able to facilitate effective and swift transactions, or else customers might turn away from buying any product from any particular eCommerce store. With the establishment of effective transaction processes, the retailers are able to boost conversions by up to 50% by removing redundancies. 

·    Addition of payment options: For running an eCommerce store or business it is important to make sure it is easier for the customers to make online payments the hassle-free way. In simple language, just add more additional payment gateways which will accept payment from multiple card (debit & credit) issuers or banks.

·  Multiple device accessibility: The eCommerce industry is scaling new heights today and over 15% of online sales are accomplished using handheld devices or any other portable devices. While incorporating payment gateways to the eCommerce store it is important to make sure that the payments can be initiated from multiple devices working on different network types.

According to a Payment gateway integration service provider, integrating a payment gateway can be the best option when you are thinking about launching an eCommerce store. This will help in providing smooth and easy-to-use functionalities to the customers to make easy payments for online product purchases.