Key Features to Look for When Choosing a Payment Gateway

When choosing a payment gateway for your online shop, the good news is that there are plenty of options to pick from. We've made a list of the key factors you'll need to take into consideration when choosing a payment gateway which meets the needs of both your business and your customers. 

9 Key Factors When Selecting a Payment Gateway

Every business is different and there's not one payment gateway which suits everyone. In saying so though, there are some that are more widely used by eCommerce businesses and trusted by customers. In the end the decision relies upon you researching each one to identify the right option which may include considering each of these nine factors:

How much does it cost?

Payment gateways charge a fee to the merchant. This fee can be monthly, per transaction or a combination of both. Fees may also be charged for setting up your merchant account with the gateway, for accessing support services or when customer refunds or cancellations are made. You could also be charged differing fees for the type of card the customer uses too.

What currencies does it accept?

You will need to ensure that your chosen gateway will accept the currencies that your target customers and your website use. This will depend upon which countries you are wanting to sell in. Many gateways accept multiple currencies, but beware that this may result in higher fees charged to you. Which credit and debit cards will it accept?

Is it compatible with my website? 

Not every gateway is compatible with every website platform. It is best to first learn which payment gateways your platform integrates with first, and select from those. If your preferred option isn't there, contact your platform provider to see if an integration is possible.

What is the payout policy?

Each gateway will have its own pay out policy which is when they pass onto your merchant account the transaction amount, minus fees. Some gateways will do this within 48 hours, others could take up to a month, or you may need to wait for a set transaction value before you receive any money.

What is the user experience like?

Test the payment gateway out yourself (without going through the full payment process) to see how it works. Is it easy to use? Does it work well on both desktop and mobile devices? What information does it leave on your customer's credit card bills? Does it send the customer a receipt? How will it notify you about a transaction that has occurred? 

How secure is it?

All gateways should use data encryption and some use a second security layer by asking for further details such as the CVV2 numbers. They should also be able to provide you with detailed information about their security features too. Is it trusted by your customers?

What customer support is available?

If you get stuck, is their help available via email, phone or other method? Do you need to pay extra for this support or is it included in your fees?

How reliable is it to use?

Does it have any downtime? Can it cope with high traffic periods? Do your customers see it as being reliable?

Are there any purchase value limits?

If you sell high value products or services, is there a top value limit per purchase set by the payment gateway? 

Website World's shopping cart integrates with many different payment gateways for free, making us the best eCommerce platform option for your business. We offer a DIY website builder for you to create your own site, can migrate your current site over to our platform and can help you with the design of your website too. Get in touch with our team, or start your free trial of our website builder today.

Tags: ecommerce  

Posted: Friday 24 December 2021