Article provided by: JJS Global, Inc.
How To Choose The Best Online Payment Gateway For Your Business
The importance of choosing the right payment gateway for a webstore and checkout UX cannot be overemphasized. Every online business owner is already aware that checkout can either make or break their customer’s e-commerce experience. Ensuring that you have the best online payment gateway to suit your business only grows in importance once your website is up and running.
Knowing how to choose the best online payment gateway is just one of the most important decisions any online business owner can ever make. As a matter of fact, a good number of online shoppers would rather choose to cancel their purchase once they discover that their preferred method of payment wasn’t made available.
You can make things easy for customers paying for your products, by integrating the right payment gateway with your eCommerce store. In order to help you select the best online payment gateway possible, here are some interesting options to take under consideration.
Modern or classic
Before now, store owners looking to integrate payment gateways on their sites were required to apply for a special bank account known as “merchant account.” This account allowed for direct receipt of credit card payments. Without this account, the payment gateway cannot transmit money into store owners’ bank account.
While there are so many classic gateways that require a merchant account, there are quite a handful of modern payment gateways that do not make use of merchant accounts. These gateways work by depositing validated funds drawn directly from customer’s credit cards or bank accounts into the store owner’s account. Simplify Commerce, Stripe and PayPal are some good examples of gateways that don’t require a merchant account.
Integrated or hosted
When a gateway connects via the provided API to the eCommerce, it is said to be an integrated payment gateway. This type of payment gateway offers a smooth, seamless experience as customers will not have to leave the store to input payment information and submit orders. Store owners are only required to integrate with the gateway of their choice.
Hosted payment gateways are designed in such a way that customers are redirected to input their payment information on the platform of the payment processor. For new stores, hosted gateways provide an excellent means of receiving payments as they are very easy to set up. PayPal is a typical example of this type of gateway.
Checkout user experience (UX)
In a bid to speed up the payment process, your choice of payment gateway can eliminate certain unnecessary steps that will have slowed down things. As a result, it goes a long way in helping to improve the entire checkout process. Any online business owner can choose to auto-populate some of their client’s information by choosing to integrate PayPal Express of Amazon Payments. This helps to bring it nearer to a one-click checkout.
It’s highly recommended to make the checkout seamless and easy as it’s what determines if sales actually go through or not. Customers are not only very likely to make a purchase but they’re also more likely to return when the checkout is made very easy and painless.
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