Choosing the Right Payment Gateway for Your Online Store

You’ve set up your eCommerce website and want to accept payments.

Now what? You’d need a payment gateway to be able to do that and it has to be secure.

As per the transactions on popular payment platform, Razorpay, from April 2018 to March 2019, digital transactions rate grew by a whopping 383%.

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When you’re choosing a payment gateway, it’s important to choose only the best because your payments shouldn’t be something you have to worry about. Here are a few factors that’ll help you decide which payment gateway is the right one for your online business:

​Type

You can choose from an integrated payment gateway or a hosted payment gateway.

Integrated payment gateways are integrated onto your eCommerce website with an API and this requires taking help from someone who is technically adept. All the payments are made on your website and you would need to have a merchant account. With this type, you would also have to take responsibility of storing your customers’ data securely.

Hosted payment gateways are the ones that redirect you to an external website where your customers would make the payment. This is easier to setup and you don’t require a merchant account to receive payments. All your customers’ data is taken care of by the payment gateway provider.

Security

The most important thing you need to do when you have a payment gateway on your website is to ensure your customersthat it’s completely safe and secure. Otherwise, why would they trust you with their details? Make sure if the gateways are complying to all the payment security laws and have security certifications such as PCI-DSS. If you have your customers redirected to another website for payments, make sure you let them know because there might be a lot of first-time shoppers.

Mobile friendly

Keep in mind that people who shop online order products from their mobile phones. If your payment gateway page is mobile friendly, it adds on to a great user experience and makes them coming back to buy and make more payments.

Integration

Some payment gateways come with the ability to integrate with invoicing software. This makes it easier to keep track of all the payments your business has made and received instead of updating it manually. If you’re a big business, consider this necessary as it can save you a large amount of time.

Fees

For every payment made and processed, payment gateway providers charge a small fee. Most payment gateways charge a flat fee plus a small percentage of every payment made. This fee might seem negligible at the beginning, but as your business pick up pace, you’d want to save up as much as you can and these small amounts will later turn out to be huge.

International Payments

If your business has customers from all over the world, choose a payment gateway that accepts international payments. Evaluate how much they charge as the fees might be a bit higher for international payments that are received. You’d also have to find out if they charge extra for conversion rates to your currency. The last thing you’d want is to have them leave your website after having their payment declined.

Support

How soon are they in resolving a failed payment issue? When is customer support available throughout the week? These are important in determining how trustworthy a payment gateway service provider is. When you’re dealing with your customers’ money, you have to choose something that offers them easy support and security. Leaving bad reviews about your business due to failed payments aren’t something you want, are they?

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Starting a business is only one side of the struggle, the actual one begins when you start to manage it.

Money is what keeps your business running and ensures you’re in profits which is why it’s worth investing your time in figuring out the best payment gateway that will suit your business needs.

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InstaDukan specializes in setting up online businesses and eCommerce sites which is why we know our way around payment gateways and the best ones that a business could possibly need. Every Instadukan store is preintegrated with the world's most secure mode of payment Stripe.

If your business needs help in choosing or integrating a payment gateway, we at InstaDukan are more than happy to assist you.

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