Being an e-commerce store owner you know the importance of providing good user interface and functionalities in your website or app, but if the payment experience is not good then? Eventually, customers stop trusting us and the sales and customer engagement will drop. The payment gateway plays an important role in the customer buying experience, the good payment gateway should be smooth, fast, secure and trustworthy.
The best payment gateway ensures the security and confidentiality of the customer leaving a good impression and trustworthiness on the e-commerce website or app. A functional payment gateway should allow merchants to accept multiple transactions facility (debit cards, credit cards, wallets, etc.) securely on the website as well as a mobile app.
The payment gateway in an e-commerce store should set up in right manner, if it’s not properly functional, your business could suffer from cart abandonment due to payment gateway issues, that leads to loss of customer and sales. Ensuring a functional payment gateway set up with multiple forms of payment options (debit, credit cards, wallets, etc.) with trusted security certificates and symbols is the key for long term success of your online e-commerce store.
The customer is then asked to provide the details of the credit card or debit card. These details include 16 digit card number, cardholder name, expiration date and CVV number.
After submitting, the information is securely passed on to your payment gateway, based on the integration type i,e. Server-to-server, payment page integration or client-side encryption.
The payment gateway then encrypts the card details and go through a security check before sending the card information to acquiring bank.
The acquiring bank sends the information securely to the card schemes i,e. Visa, Mastercard, Maestro card, etc.
The card schemes ensure another layer of security check and then send the payment information to issuing bank. After performing the security and fraud check, the issuing bank authorises the transaction. The approval or decline message is sent back to the bank from the card schemes, then to the acquirer.
The acquiring bank then sends the approval or decline message to the payment gateway who then sends the message to the merchant. If the payment is successful then the acquirer collects the payment amount from the issuing bank and holds the funds in the merchant account. Based on the message from the payment gateway, the merchant may either display order or payment confirmation page or ask the customer to retry with other payment methods. The best payment gateway provides smooth transactions and the process happens in the background in real-time and the whole procedure takes less than three seconds to complete.
Choosing the best payment gateway provider for your eCommerce website is a tedious process. While choosing, you should ensure that customer payment experience is smooth, fast and secure. This helps to increase the trust among the customers and come back to purchase other products or services in future.
Here are four factors to consider before selecting the payment gateway:
It is very easy to buy or sell using your mobile phones on any merchant website or app. Paypal operates in 203 countries and it supports widely used credit cards like Visa, Mastercard, Citibank, American Express, etc.
This payment gateway is designed to provide a smooth shopping experience for both online retailers and sellers. Amazon pay is loaded with great features and tools that attract customers and encourage them to shop more, make their shopping process streamline and improve customer engagement and loyalty via saved payment details for faster checkouts.
Skrill is recognized and awarded by many top companies such as Deloitte Technology Fast 50 Award, B2B EGP Award and several others. It is one of the successful UK-based payment gateways that supports over 30 different currencies, that enables customers to purchase products and services worldwide.
Stripe is a robust payment gateway that ensures a smooth moment of funds in your business while connecting with the application interface that enables you to prevent frauds with great security, manage revenue and drive sales globally. It also provides an open API that helps in integrating with your business ecosystem.
It is the US-based payment gateway that supports multiple payment methods and transactions worldwide. It is secure and reliable, More Than 50,000 merchants using 2Checkout payment gateway worldwide. It supports 8 different payment methods, 15 languages, and 87 different currencies in global markets.
It has the merchant base of over 370,000 around the world. It helps to accept payments securely, providing a streamlined experience, enables scaling and number of other value-adding features. It’s a fully integrated electronic check payment system that accepts and processes payments from other bank accounts through the user’s website or the Authorize.Net’s virtual terminal.
Payza payment gateway is available in 190 countries and supports 22 different currencies. It is one of the best payment gateway solutions available in many countries and bridging the gap when it comes to sending and receiving payments globally.
It’s a standalone payment gateway solution that provides fast and secure integration to your business ecosystem, like embedded payment forms, advanced checkout feature allows immediate payment processing that helps to increase conversion rate. It offers flexible API so that you can integrate your business ecosystem with it and control from your side.
Bluesnap has a network of over 30+ acquiring banks, this ensures customer trust, increases conversion rate and improves revenues. It operates in 180 countries and connects automatically with acquiring banks globally. It supports 110 different payment types, 100 currencies, and 29 different languages.
Braintree operates in 40 countries worldwide. It supports 130 currencies and enjoys the benefits of faster and secure transactions. This ready-made sleek UI supports multiple cards or even PayPal transactions.
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