The online payment system is one of the most important aspects of an online business. There are lots of things to take care of while choosing a payment gateway for an eCommerce. Every online entrepreneur must be aware and particular with the payment gateway they use for the business.
Following are some of the things for every online entrepreneur must be aware when setting up a payment gateway for their domain.
Types of Payment Gateway:
Cash-on-delivery system is out for a long time. So, nowadays basically there are only two types of payment gateways that can be used for eCommerce.
(1) Use of a third-party for Payment:
PayPal is a good example of third-party payment tool. In this payment type, buyers and sellers would need to refer to a third website in order to receive and send amount.
(2)API (Application Program Interface):
In this payment type buyer doesn’t to lead the a different website. This is where the use of credit cards becomes handy. Paying with a credit card is safer than using a debit card, check, or cash.
Payment Gateway Compatibility:
There are so many things to consider depending on the type of product the store is selling. If your website have a shopping cart system then you would need to choose a payment system that is compatible with their shopping cart.
Payment Gateway Security:
Ecommerce website should always have a secured payments gateway. Secure payment gateway means that the seller would not be suffering from fraudulent individuals because of this it is at the top of the considerations of every seller. It is oftenly found that some buyers provide the incorrect/ fraudulent credit card informaion which commenaly happens in eCommerce. With the right gateway security system you can be easily tracked and avoid this them.
On the other hand, buyers would want to use their credit cards on a site that could protect their interest. Hence, it’s very unlikely for them to buy merchandise from websites that do not provide protection guarantee for its buyers.
Card and Currency Support for International Buyers:
In eCommerce for international buyers(people outside their country ), it is very important that payment gateway system could accommodate multiple currencies.
Gateway Compliance and Support:
Those who are unsure about the validity of their chosen gateway, make sure to check available lists of PCI-compliant domains online. If possible,choose a gateway payment that could provide them 24/7 support. Every payment service should provide an accurate history of any financial transactions with the website.