Choosing the right payment gateway is a big step in your relationship. Falling in love isn’t a piece of cake; usually, you just let it happen. The heart wants what it wants and no one on the planet should get in the way. Let Mother Nature do the rest.
Sure, this makes sense when there are two human beings involved. He or she makes you feel special and there is no way to put your finger on it. It exists and that’s all you know. ECommerce platforms are different because there is a lot more science involved. After all, “The One” can impact everything from sales, revenues and customer satisfaction. You need someone extraordinary if you’re going to get shoppers to cough up.
Are you new to the love game and are looking for tips? Maybe you’re an old hand who has fallen out of love and is looking for a new partner? Regardless, you’ve come to the right place. There are plenty more fish in the sea, but these features will limit the time spent throwing the wrong ones back into the water. Here are five things to look for in a payment gateway.
1. Flexibility
Remember that it isn’t only the local community that is going to be proceeding to the checkout. Yes, there is a base that is the beating heart of the company yet the key is to develop a global brand. There is no point in investing in eCommerce technology if it only solidifies the customers you have already. The internet is about growing and expanding and bringing new consumers on board.
In that regard, a payment platform should be able to process a variety of things in the blink of an eye. For example, there shouldn’t be any issues with converting currencies. International customers will want to know the price in their money or else they may bounce. They won’t want to do the calculations themselves, either.
Research is the best tool at your disposal in this regard. What to look for isn’t straightforward for those who aren’t experts, so a savvy tip is to focus on the API. An Application Programming Interface is something gateway suppliers boast about because it’s integral to success.
2. Processing
Market saturation is at an all-time high and it’s because of the internet. It has never been easier to start a business and sell units. Whereas eCommerce was once an unknown term, now it’s a buzzword and the whole world is in on the secret. So, if the transaction isn’t fast and reliable, people will bounce to a rival. There are that many it is a straightforward choice to make.
Don’t look for complicated and over-the-top features as they get in the way of the primary job. Simple is the way to go because it simplifies the user flow. Features to look out for are “remember me” and “one-click-pay.” Not only are these basic pieces of code, but they add to the experience. Aesthetics are also crucial. Why? It’s down to trust. Shoppers don’t believe payment pages that appear fake for obvious reasons. A good-looking gateway instantly negates fears. Also, use software which embeds in the site. Redirecting to another site is a hassle shopper don’t need.
3. Integration
Gateway virgins won’t have anything to worry about on this front. There are no skeletons in the closet, so the platform of your choice should integrate instantly. Those who are looking for a new love will have difficulties. The chances are that the website already has technology and software from the previous gateway. Or, the host may have thrown a few things in there for good measure. WordPress is an example of this.
Yes, you can throw the baby out with the bathwater and start again, but why? Most of the features you like, and they add value. What you want is to integrate a new payment option and keep everything else the same. Pronto can help here, as can a lot of competitors on the market. The thing to look out for is the code.
Size matters in this regard because you want it to be quick, simple and straightforward. Therefore, the lines shouldn’t be overly long and complicated, rather short and sweet. The APIs also play a big part as they can reduce the integration time.
4. Fees
Simple – pick the one which is the cheapest. Money is tight and you can’t afford to waste resources, so this is a no-brainer. How could it go wrong? To answer that question, you’d need a lot of time on your hands. Considering there isn’t enough, let’s focus on the basics.
To begin with, the features may not provide you with the dream experience. Cutting corners means the customers will get it in the neck, which will cause them to vote with their feet. Bye, bye profits. Also, there are the hidden fees to consider. Everything looks above board until there is a nasty surprise. Sorry, but that amount is only available to sites that hit a certain amount of traffic.
To avoid bolts from the blue, ask the supplier about a set-up, transaction and monthly fee. Gocardless Guides breaks it down into bitesize chunks.
5. Security
Trust is a big deal because customers are entering their credit card details online. Anything can happen, such as fraud, which is why they are doubly careful. Yes, online shopping has desensitized some people but the basics are still important.
What are the foundations of payment security? Do you know the little green padlock in the left-hand corner of the URL? That’s a perfect place to begin. Normally, shoppers want to see some form of SSL certificate before proceeding. Secondly, CVV2 verification is a nice touch too. As well as an extra level of security, it uses their bank to instill trust. One final suggestion is to encrypt data. That way, the damage should be minimal if there is a breach.
Have you considered everything regarding the payment gateway? What have you learned?
