All you need to know about E-commerce Payment Solutions

E-commerce web stores have taken the world by storm and if a recent survey is anything to go by, it is predicted that the year 2019 will see around 224 million online shoppers in the United States alone. This is definitely something worth capitalizing on if you’re someone who has an e-commerce website or are looking to open one up.

A website which is aesthetically pleasing to the eye simply does not suffice in today’s times. There are a number of factors to consider when it comes to enticing your visitors. From responsiveness of your website to the products you offer- every single detail has to be meticulously picked out. With competition brewing at literally every corner, the last thing you want to do is compromise on any front.

As important as it is to keep in mind the aforementioned factors, there is a need to consider e-commerce payment solutions. Needless to say, this is a major contributor to your success on the whole. The whole idea behind it is for your customers to be able to send and receive payments via your site without which making a profit would be rather difficult.

Types Of Payment Solutions

There are a number of payment solutions for you to choose from. A few that require a considerable amount of time to setup and a few that do not. It all boils down to what you, as an online website owner are looking for.  Customer experience could be a priority for you, whereas fees might not be that big of a priority, or vice versa. The type of solution you pick should eventually contribute towards your vision of progressing your business.

Factors affecting the  choice of e-commerce payment solutions

1. Fee

It’s obvious that each payment solution differs in the fee it charges for the service offered. Payment service providers typically come with a higher price point as this entails the use of a payment gateway as well as a merchant account. On the other hand, there is the option of choosing either a payment gateway or a merchant account, both of which have prices of their own. A comparison of the various services should help you narrow it down to the right choice.

2. Transaction Processing

Transaction processing is essentially the time period between which a transaction is made and the payment is received. Typically a smaller time period is preferable for obvious reasons, so ensure that the payment solution chosen by you offers the same.

3. Customer Experience

The checkout process depends on the solution you opt for. While some might cause visitors to leave your site, others might not. If customer experience matters more than anything to you, then you need to pick a solution that is befitting to the customers you receive. Ensure that your customers’ best interests are taken care of so that they feel that making a transaction on your site isn’t putting them at any risk whatsoever.

E-commerce payment solutions are just around the corner should you need them. Be sure, that when picking out one, the aforementioned points are taken into consideration.