How to choose a payment gateway www.deekpay.com

In an age where online payments have become the norm, it is vital to ensure the security of customer data and financial information. Payment GatewayIt's like a bridge between trading and technology.

Payment gateways connect the user's online shop with the customer's payment method, protecting sensitive information during the transaction process.

Choosing the right payment gateway for your organisation is critical as it ensures strong security, protects sensitive information, offers a variety of payment options and enables smooth global transactions. This guide outlines key considerations for choosing a payment gateway that meets your specific business needs.

How to choose a payment gateway to be secure and efficient

Here are a few key points to keep in mind when choosing a payment gateway:

Secure Payment Processing: The payment gateway confirms customers' payment details and protects sensitive financial information from unauthorised access and fraud. Transaction validation: ensures sufficient funds are available to complete the transaction, minimising the risk of payment failure and improving transaction efficiency. Transaction authorisation: the payment gateway authorises the transaction and transfers the payment amount to the user's account quickly, while maintaining data integrity and accuracy.

Recommended Reading:What is a payment gateway

What it takes to start accepting payments

To initiate the process of accepting payments for a user's business, the user must have several key components in place. The following basic elements must be considered when choosing a payment gateway:

Merchant Account

A merchant account is a special type of bank account that allows businesses to accept different types of payments, mainly credit and debit cards. It acts as an intermediary, where the customer's funds are held for a short period of time before entering the user's business bank account.

Commercial bank accounts

A dedicated corporate account serves as the ultimate repository of client transaction funds, ensuring system organisation and effective management. It is an important platform for securely centralising the proceeds from users' merchant account activity.

Payment Gateway

A payment gateway is a secure online platform that facilitates the connection of a user's website or application to thePayment ProcessorTransmission of transaction data between. It encrypts sensitive information to ensure the security of customer data during online transactions.

Payment Processor

The payment processor is responsible for authorising and executing payment transactions. It works closely with payment gateways to ensure seamless and secure fund transfers.

Recommended Reading:What is a payment processor

Merchant Account Type

Retail Merchant Account

Retailer accounts are tailored for businesses with physical shops and facilitate face-to-face cashless transactions with customers. Owners of such accounts use payment terminals, often called point-of-sale (POS) systems, to efficiently process card payments over a physical network.

E-commerce merchant account

E-commerce or online merchant accounts are customised for businesses operating online shops to seamlessly enable cashless transactions through websites or mobile apps. These carefully tuned accounts ensure maximum security during transaction processing and seamlessly handle transactions in real time. This empowerment allows eCommerce businesses to comfortably accept credit, debit and ACH payments from customers exploring their products on their smartphones, tablets or computers.

Mobile Merchant Account

Mobile merchant accounts make it easy to conduct on-site card transactions and process payments easily through portable POS systems or mobile devices. Unlike traditional wired card terminals, these solutions use wireless technology to ensure agility and freedom of movement. This merchant account type provides a secure and simple way to collect card payments anywhere in the day, which is particularly beneficial for businesses with changing premises.

Factors to consider when choosing a payment gateway

Consider the following factors when choosing a payment gateway for your business:

(manufacturing, production etc) costs

Cost or pricing is an important consideration when choosing a payment gateway. Evaluate the type of fees, including setup, monthly and transaction fees. Some gateways offer zero setup cost options, such as Razorpay, which may be beneficial for startups and small businesses. Make your choice based on the volume and value of your users' transactions to ensure it fits their budget.

Easy to integrate

Consider how easy it is for a payment gateway to integrate with a user's website, mobile app, or other platform. Look for gateways that offer well-documented APIs, SDKs, and plugins for popular complete merchant solutions (CMS). This ensures a smooth integration process and reduces development time.

surety

Security is critical in payment processing. Ensure that the payment gateway is compliant with industry-standard security features and protocols, such as PCI DSS (Payment Card Industry Data Security Standard). Data security should be a top priority to protect users' business and customers' sensitive information. Razorpay regards security as a top priority and complies with all security measures and protocols.

Easy checkout on mobile and other devices

Given the growing popularity of mobile transactions, payment gateways must provide a seamless checkout experience on mobile devices. Mobile optimisation increases user satisfaction and conversion rates. Interestingly, it has taken four years since its inception in 2016 UPI The monthly transaction value crossed Rs 3 billion only (as of September 2020); remarkably, within just one year, this value has more than doubled to Rs 7 billion.

Hosted and unhosted payment gateways

Decide whether the user needs a hosted or un-hosted payment gateway. Hosted gateways redirect customers to the payment provider's website for processing, while un-hosted gateways allow customers to complete transactions on the user's website. The choice depends on the user's preference, brand and security requirements.

Still unsure about the type of payment gateway that suits your user's business needs? Explore the types of payment gateways in detail.

Recommended Reading:Types of payment gateways

Customer Support

Reliable customer support is crucial, especially when technical issues or queries arise. Ensure that the payment gateway provider offers responsive customer support through multiple channels such as phone, email and live chat. Read reviews and testimonials to gauge their level of support.

Allowed card types/payment methods

When choosing a payment gateway, consider the types of cards or digital payment methods allowed. Ensure compatibility with credit and debit cards, digital wallets and emerging payment options to cater to a wider customer base and increase convenience.

Multi-currency support

Multi-currency support is crucial if the user's business deals with international customers. Ensure that the payment gateway can handle various currencies and provide real-time currency conversion. This feature is essential for accepting international payments and expanding the user's global reach.

periodic billing

Recurring billing functionality in the payment system simplifies subscription management, ensuring operational efficiency and a positive customer experience, which is key to retaining repeat transactions.

trading limit

Review the transaction restrictions imposed by the payment gateway. Ensure that these limits are in line with the user's business needs. Some gateways may have limits on maximum transaction amounts, so it's important to understand and consider these limits.

connectivity schedule

Consider how long it takes to set up the payment gateway and connect it to the user's website or app. If the process is quick, users will be able to start collecting payments immediately, avoiding serious delays that could slow down progress. It's important to consider the time this setup takes to ensure everything runs smoothly and efficiently.

settlement cycle

Settlement period is the time it takes for the funds from a successful transaction to enter the user's corporate bank account. Payment gateways have different settlement periods, such as daily or weekly. A good understanding of this schedule is important for the proper handling of cash flow.

Customisation and branding

Evaluate the level of customisation and branding options offered by the payment gateway. Some gateways allow users to customise the payment page to match the branding of the user's website, thus providing a seamless and consistent user experience.

Reporting and analysis

Choose a payment gateway with robust reporting and analytics to gain insights into financial performance. Customisation fosters trust, brand recognition and a consistent, customer-centric experience that enhances the user's business.

Other considerations when choosing a payment gateway

Countries supported

Expanding your business globally requires a payment gateway that supports international transactions. Make sure that the payment gateway chosen by the user supports transactions from the customer's country. This is especially important if the user's target audience is spread across different regions.

Integration with other systems

Some notable examples of e-commerce platforms and tools that a multifunctional payment gateway should be compatible with include tools such as Shopify, WooCommerce and CRM systems. This synergy increases operational efficiency and ensures streamlined business processes. Multi-functional payment gateways not only provide customers with payment options, but also work seamlessly with well-known e-commerce platforms and essential tools to optimise users' business operations.

user experience

Simplifying the user experience is crucial in the online world. Payment gateways should facilitate intuitive and hassle-free transactions, providing customers with a smooth experience. Also, ensure mobile compatibility, as seamless payments on mobile phones and tablets cater to modern shopping trends.

concluding remarks

Choosing the right payment gateway is a critical decision that can significantly impact the success of a business. By considering factors such as cost, security, integration, customer support and other important aspects, users can make an informed choice that meets their business needs and goals. Whether you are a small startup or an established organisation, a well-chosen payment gateway can simplify the payment process for your users, increase customer satisfaction and contribute to the growth of your business.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.