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Factors to consider while choosing a payment gateway
Factors to consider while choosing a payment gateway

August 10, 2022

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Online marketplaces have become the preferred mode of shopping, especially among millennials and Gen Z. While such online stores are thriving, they have their fair share of struggles and challenges. One such challenge is to choose the right payment gateway. After a customer arrives at a buying decision and proceeds to the checkout stage, the payment gateway is often a deciding factor to ensure a sale or an e-commerce business. A secure payment gateway can help businesses scale up and deliver an enhanced and frictionless checkout experience.

The key factors to choosing a payment gateway for e-commerce business:

1.  A seamless payment experience is a must.

Every online business wants to grow and compete with big players. Ignoring issues such as data security and fraud prevention can play spoilsport to such ambitions and put years of hard work and reputation at stake.

A robust payment gateway is more than just a payment processing channel. Besides, getting the payment to a merchant via integration between a website and the customer’s payment mode, it verifies each customer’s payment information and approves and accepts multiple modes of payments.

Hence, choosing a reliable payment gateway , a suite of online payment products can make the transition from offline to online easier, quicker, and smooth.

2. A payment gateway should fit into a business need, not the other way round.

Easy integration with the existing e-commerce presence is often a key factor when deciding on a payment gateway. Online payments are gaining momentum in India and e-retailers need a payment gateway that fulfils all their online business requirements. A payment gateway with well-documented SDKs and robust APIs is extremely scalable and integrates well with all major platforms.

3. More than just a payment gateway.

Any payment gateway that does a lot more than just processing payments will always be preferred. A payment gateway that complies with tokenization guidelines will ensure actual customer card data is never stored in original but in the form of tokens. Choosing a payment gateway that comes with high transaction success rates will make sure customer satisfaction remains high and repeat business is generated from the existing customers.

An efficient and user-friendly payment gateway can help win customers’ trust while enhancing the payment experience, keeping the data safe and helping a business scale up. Retailers must weigh in all considerations before narrowing down a payment gateway that can offer a cutting-edge checkout experience to their customers.


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