There is a point from which it is important that you evaluate the option of integrating a payment gateway for your business, and that is that doing so increases value to your customer's shopping experience. The payment methods that you implement as a brand, must be thought from the comfort and security that you are going to guarantee to that future buyer.
Buying is a decision that your customer usually makes immediately and if they are not familiar with the payment method you offer, it is very likely that they will abandon the shopping cart. What is the idea? make this part of the process simple and additionally, transmit confidence, simplicity and clarity, you must always convince the user that their money is safe and that they will receive what they are buying.
Now, in order to provide you with the best information, we are going to answer some of the questions you are probably asking yourself in a simple way that will allow you to have more knowledge on this subject:
What is a payment gateway?
The first thing we want to tell you is that a payment gateway is the way in which businesses currently allow customers to make payments for their purchases over the Internet.
The Internet has "forced" the business to digitalize and facilitate all kinds of processes for their buyers, and the payment method has not been the exception. From this, whichever gateway you are going to use, you should choose it based on making this point simple to execute, so that no doubts are generated during the closing of the purchase due to the way in which they must pay.
How does a payment gateway work?
A customer enters your site and decides to buy some of your products, one by one he adds them to the shopping cart. After performing the previous action, he goes to the shopping cart icon where is the total amount to pay, when clicking on the option to pay, the browser from which the customer is viewing the information, takes him to the payment gateway that you established to finalize the purchase and make the payment.
This platform is in charge of collecting the payment from your client and later, of sending the money to you after having subtracted the commission it acquires for having helped you with the transaction.
During the purchase process, the payment gateway ensures confidentiality and data protection, which is of great value to your buyer, as he is leaving important information about his finances in the cloud.
How to choose the best payment gateway?
As we mentioned before, a payment gateway is the way in which the payments that your customers make when purchasing your products are processed and authorized. Your main task should be to find the gateway that best suits the characteristics of your business, although it often happens that the gateway that gives you the best conditions is not the one that is most used.
some of the points you should take into account when choosing the best gangway
- IntegrationThe first thing you should know is that integration refers to the coordination between your company's e-commerce site and the accounting and inventory system. A properly designed integration allows you to save money in costs and also provides the user with an improved and transparent experience.
- Service costs: define a budget for this investment, analyze all the economic points (such as commissions) that are decisive factors to choose any of the options you have on the table.
- Direct payment management: A simple and uncomplicated payment process increases the user's appreciation of your business. This point should be defined based on the advantages offered by the APIs (Application Programming Interfaces) that allow you to connect data and services during the process.
- Security: Among the most well-known security requirements are SSL security certificates, Address Verification Systems (AVS), in addition to the security standards regulated by the Payment Card Industry (PCI). One of the main contributions of this technology is the encryption of transaction data between the three parties: banks, card issuer and online store. This prevents any unwanted information from ending up in the hands of an unknown party.
In addition to the above points, there are two others that you can add when choosing a payment gateway: personalized resources and support. The first allows you to have greater control of the transactional operation carried out by the bank and the entity providing the service, and the second is of great help to the buyer during the purchase process, since there will be someone to deal with any problem that may arise in the middle of the transaction.
Incorporating a virtual payment method for your business is the starting point for expansion, by doing so you will show greater proximity to your customers, while giving them the opportunity to get your products to any place.
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