With the rapid penetration of the internet, customers worldwide are increasingly shopping online from the comfort of their homes. The eCommerce industry revenue is expected to reach $4 trillion by 2020, and a lot more online businesses are springing up globally to cash-in on the trend. There are many avenues through which online businesses accept payment, the most common being via credit and debit cards.
Here are a few guidelines to choosing the right one:
Accepting Cards through a Payment Getaway
A payment gateway is a company that acts as an intermediary of sorts between a business website and customers. You just need to register with the gateway host and pay them a fee, and they will handle the transaction for you, including accepting payments from cards and passing them on to you.
Choosing the Right Gateway Host
There are a large number of payment gateways to choose from, some popular ones being PayPal, ProPay, Google Wallet, and 2Checkout. Many of them offer similar services, and it's difficult to choose the right one. Here are some factors you should consider that will help you pick:
Expected Number of Transactions
The number one factor to consider while selecting a payment getaway is the size of your business. If you have a small number of transactions, it’s better to choose PayPal – they don’t make you sign contracts, have acceptable fees, and their portal is easy to integrate.
Seek Out Reduced Fees
Different payment portals will have different rates for you, depending on your average sales, company history, personal credit rating, etc. It’s a good idea to get a quote from several companies before choosing the cheapest one.
Pay attention to the Fine Print
Sometimes, payment portals will include hidden charges in the contract they make you sign. For example, even if you need a payment portal for just a month, you may have to pay for three months service.
Server Uptime Matters
Ensure that the payment portal hosting is reliable. Customers may access your web site at any time – even in the middle of the night – and it's important that the portal can accept their payments during such times.
You can integrate your payment processor in one of three ways: via a payment page hosted by the gateway provider, via hosted tokenization, or by incorporating the API directly into your website. Our professionals can offer expert insight in choosing the right payment portal and also help with the integration.