A guide to choosing the best payment gateway for your e-commerce website:- www.deekpay.com

How to choose the best payment gateway for your e-commerce website?

A payment gateway for e-commerce websites is a payment processing technology that authorises payments via debit cards, digital wallets and credit cards for online businesses, brick-and-mortar shops and omni-channel sales. Simply put, it allows transactions to take place between merchants and customers. In addition to secure and fast payments, it offers convenience and ease. It is like an invisible cash register for digital transactions.

Payment gateways for e-commerce enhance the trust of customers, allowing them to use their online business or e-commerce shop to fulfil their shopping needs without the fear of hacking or phishing due to stolen card information, ensuring a hassle-free shopping experience. The success of online businesses, brick-and-mortar shops and especially e-commerce shops relies on the support of a reliable and reputable payment processor. Payment gateways act as intermediaries that coordinate payment acceptance and customer refund processing between customers and e-commerce shops. With just a few clicks, data can be transferred between multiple parties.

Functions of an e-commerce payment gateway

The following are the most important features of an e-commerce payment gateway:

E-commerce shops, online businesses and brick-and-mortar shops can easily and seamlessly access customer payments.

Protect the security of customer information and funds paid through the system.

Reputable and reliable payment gateways prevent fraud and misuse of funds and earn customer trust by providing deep encryption.

Payment gateways should minimise cart abandonment due to insufficient payment options, technical issues or poor shop experience.

7 Features to Look for When Choosing a Payment Gateway

Every payment gateway comes with a variety of features, some of which set it apart from others. However, here are some of the standard features when choosing a payment gateway for e-commerce success:

Local support in your country: Even if the payment processor has a global presence, it must be able to seamlessly provide payment services to your customers in their local currency.

Encryption: The payment gateway encrypts data between the user's browser and the retailer's server. This exclusive private data is limited to sellers and buyers.

Request initiation: An authorisation request is initiated when a financial institution or credit card company agrees to continue processing transaction data.

Fulfilment: When an authorisation is received, the payment gateway signals the website to proceed with the transaction. The process of authorisation and transaction processing should be seamless.

Payment methods: analyse whether the payment gateway redirects payments, allows checkout on the website and processes payments on the backend, or enables on-site payments, allowing you to retain more control.

Payment Process: When a customer makes a purchase transaction, they enter their credit or debit card information. The payment gateway should be encrypted using a secure server socket layer between the browser and the merchant's web server. The merchant redirects the transaction to the payment gateway, which also has an SSL encrypted connection to the payment gateway's secure server. The payment gateway converts the information and passes the card information to the credit card issuer to process the authorisation request. The transaction may be approved or declined. If approved, the processor receives the authorisation request and the merchant processes the order and completes the transaction. The merchant receives payment within 1 to 2 days.

Affordable fees and rate structures: analyse all fees deducted per transaction. Also, check for fixed fees. Also learn about contracts, cancellation policies and additional fees.

Multiple payment methods for customers: what payment methods does the payment gateway support? The different payment methods include credit and debit card payments, prepaid card payments, bank transfers, e-wallets, and cash and mobile payments.

Exempt businesses not covered: some payment processors and gateways only support socially responsible businesses. You need to check that all aspects of your e-commerce business are accepted by the payment gateway.

Best payment gateway for e-commerce websites in India:

With a stellar conversion rate of 121 TP3T and a global brand reach, PayU is one of the largest ecommerce payment gateways in India. It has an impressive client list of Indian ecommerce companies including Flipkart, Jabong and Snapdeal. This payment gateway for ecommerce websites covers various operational aspects including risk management systems, mobile-optimised payment pages, multi-currency gateways, IVR payments, memory card functionality and payment analytics.

Key points

In short, when choosing a payment gateway for your e-commerce site, you need to make sure:

E-commerce sites have payment gateways that accept all types of cards/payments to maximise customer convenience. Global shoppers may face higher fees.

Ensure that the encryption of your e-commerce site's payment gateway provides the highest level of protection against data breaches, customer mobile payment issues, and any malware.

Stacked payment gateways make it easier for your customers to operate and offer a variety of options.

Rationalise your fee structure and understand how the payment gateway's per-transaction fee structure affects your bottom line.

concluding remarks

PayU is a payment gateway for multi-country e-commerce platforms that provides priority settlement for customer payments. With an impressive list of clients including Amazon, Flipkart and other e-commerce shops, PayU provides a one-stop, integrated payment processing solution for e-commerce shops.

If you need help getting the right technology and implementing customer payment needs for your ecommerce shop, visit us and let us solve all your ecommerce problems!

Start using PayU immediately!