Why Payment Gateway Integration is Vital for Your Business?

 Just finding the best payment gateway provider is not enough, as business owners need to consider the various components that will separate the good from the best before payment gateway integration. The best provider will not just offer a lucrative fee structure for the business but also enable the company to seamlessly integrate their systems with the existing software of the company. This integration is often a slow and cumbersome process and requires a few trials and errors for the best results.

There are various factors at play when considering the best payment gateway for the business. However, it is crucial to remember that payment gateway integration may not be easy and could require technical assistance for the best outcome.

Payment processing for businesses

Payment processing is a term that is thrown around extensively, although this can be confusing for many. Payment gateways connect merchants to payment processors; payment processors have direct contact with the credit card networks. A large payment processor does not work in tandem with business, rather opting to work through the payment gateways, reselling their agreements to provide the merchant with their services.

Although this is not set in stone, many large payment processors agree to work directly with the merchant if the business is large enough. However, this is not always the case, and that is why payment gateways are crucial for most businesses. 

Different component for comparison

Some of the main components that set one apart from the next are mentioned below.

• Multiple modes of payment – This means that the business will be able to accept various modes of payments, after the payment gateway integration or by using an API (application programming interface). This is one of the best options for business as it gives the owner a lot of control. An API will capture the users’ data and then send it to the payment gateway for execution.
• Extensive fraud detection – This is crucial as, without proper security systems in place, users may find it hard to rely on the gateway. With the global pandemic, the security breaches are on the rise, meaning that organizations must have many measures in place to protect their customers from fraud.
• Recurrent billing – Subscription billing has become extremely popular and is a hassle-free option for most businesses. This is because the setting is customizable, and businesses can create their billing plans and cycles alongside automatic subscription payment information to offer customers transparent billing.
• Analytics – This is imperative, no matter the industry, or whether the business is small, medium, or large.

These are only a handful of reasons why payment gateway integration is crucial for businesses. Convenience, security, easy payment acceptance, and disbursements are simplified when companies opt for affordable and reliable payment channels for easy and simplified customer relations and also to improve their business performance over time. In case the existing payment gateway does not provide the above-mentioned factors, it could be impeding the business growth, and the company must consider adding extra components to the existing gateway to utmost security, growth, and convenience.

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Key Factors to Consider While Choosing an Ecommerce Payment Gateway

 

As a business owner, if you are looking for ways to establish, manage, and monitor your business on a digital platform, then definitely you would need to choose a payment method for the store. As the customers are being exposed to newer, seamless, effortless, and efficient modes of payment in the digital world, it is becoming important for businesses to run parallel to the ever-changing technology. Having an easy, secure, and flawless mode of payment will allow your consumers to experience a fast service from your end. With the advancement in technology and the availability of countless financial services, choosing the best eCommerce payment gateway can be a daunting task.

Here are some of the factors to consider while choosing a digital payment gateway that will ensure profitability, and long-term success.

1. Check for data security 
   Ever tried putting yourself in the buyers’ shoes? What’s the first thing that comes to your mind while you think of online shopping and payment? Obviously, data security! To keep your customers’ data safe and secure, you should choose an online payment service provider, which is compliant with the Payment Card Industry Data Security Standard (PCI DSS). The payment gateway should also offer unbeatable security features along with anti-fraud protection to users’ data and information.
2. Look for processing speed
   For an ecommerce owner, it becomes very important to sustain your consumer base and what’s a better way than offering a super-fast transaction speed along with data security? Apart from selling products and services on an online platform, the processing speed of transactions also matters a lot. In order to offer an end-to-end solution, you should consider a payment gateway that offers a super-fast money transfer from your customers’ bank account to your bank account.
3. Countries and multi-currency support
   If you have a product line with global demand, then you should look for a payment gateway with multi-currency options. This will help you in establishing a trust factor amongst international shoppers. If you offer payment in native currencies, then it will be easier for you to receive and make cross-border payments as well.
4. Read terms of services & fee agreements
   Since the digital world is exposed to a number of potential clauses and conditions, hence it becomes very important to read the various terms and conditions offered by the payment gateway providers. The pricing agreements, procedure, and service costs are basically influenced by the types of business transaction, frequency of transaction, your sales and revenues, etc. Before signing any contract or agreement, you should gather all the information about the price, fees, and hidden costs (if any).
5. Other considerations
   Merchant dashboard access, fund management, fraud-screening tools, easy integration process, and smooth checkout are some of the other factors, you should consider while looking for a payment gateway for your ecommerce business.

Ecommerce websites are connected through various social media platforms as well. Hence, as an online business owner, your prime focus should be towards the customers’ data security and satisfaction. If you follow the mentioned tips and do your homework right, choosing a suitable and profitable eCommerce payment gateway will be a cakewalk for you.

Find Out How Payment Gateways Can Make Work From Home Easy

In the wake of the coronavirus pandemic, more and more professionals are choosing to work from home, be it for local or international clients. This has not only ushered in more flexibility and productivity, but it is also an effective way of following social distancing rules. However, when it comes to the payments and fees for the work done, freelancers and consultants often worry if they will receive the same on time or without hassles. Hence, there is a need to make domestic and international payments easy, safe and efficient. Reputed payment gateways can help in this regard as they ensure quick deposition of funds in the employee’s or freelancer’s account, without making the transaction susceptible to frauds.

Now, clients will always look for the best and secure mode of payment that is available to them, without incurring high fees for international money transfers to overseas employees or freelancers. While online payment gateways are perfect for sending and receiving international payments, there are a few other ways in which this can be done.

International bank accounts

The setup may sound complicated as it will require some level of documentation. However, having one or even multiple bank accounts for freelancers getting regular international payments is better as it is easy to hold on to the money without converting. This is especially useful when the conversion rates are high, since there is no requirement for immediate conversion then, which can take place at a time when the currency exchange is most favorable. With a bank account, it is possible to cut down on the several fees that each payment incurs.

Wire transfers

This is one of the most common ways by which money is transferred internationally, although it is expensive to do so. Freelancers, who are not as active and get paid a few times a year, opt for such transfers usually. Although there is a deduction involved for the fees and the exchange rates, which may or may not be favorable for them, it is a reliable method for getting paid. These types of transfer are done by using account details, where the client will incur high fees for the transfer. This is the reason why wire transfers are not always the ideal solution for both parties.

So, what is the solution?

The goal is to find a middle path, where the client pays a minimum amount for each payment disbursement and the freelancer faces a minimal deduction for fees besides the currency exchange rates, which cannot be avoided. While the main currency for payment and a popular choice for most is the USD, the currency is discussed at the start of every project and is considered to be the preferred mode of payment for those assignments or projects. Hence, online payment gateways are widely used as they support multiple currencies, no matter where the employee or freelancer is located.

However, it is prudent to not opt for the cheapest gateway. This is because there may be hidden charges or the system may be slow and inefficient. Some companies also hold the money for up to a week sometimes before one can access their funds after payment. All in all, fast, efficient, reliable and easy to set up systems that do not charge very high fees are essential for making regular international payments in various currencies easy.

So, before choosing a payment gateway, carefully consider its features, compare multiple gateways and their fees, assess your needs, and then arrive at a decision.

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