Are you thinking of starting an online business? Are you already the owner of a flourishing online business, but looking to make changes for the better? If the answer is yes, there is one area in the field of e-commerce that often becomes a contentious issue for business owners — the area of receiving payments online. While receiving funds online as a concept has had remarkable improvements over the last few years, there are quite a lot of factors to consider before you can select the right payment gateway for your e-commerce website.
The first problem is that there are quite a number of payments processing companies offering gateway services, and what you need to do is make a list, check them out one by one and then make a final choice. This process does not need to be unnecessarily long or tedious, but often tends to become that way as there is too much information to process, digest and understand before an informed decision of some manner can be arrived at.
In a situation where consumers visit an average of three web stores before zeroing in on one and finally making a purchase, it might be a wise move to start off on the right foot with the right payment gateway. However, this is also a statistical fact that nearly half of the people that shop on the internet already know where to look for a product. This is only indicative of the stiff competition that exists in the e-commerce space, and should be all the more reason for you to decide on the right secure payment processing service for your needs.
When choosing a payment gateway, the one thing that you should always look at is security, and for many reasons. In America, card fraud can cost up to $8 million every year, and for about 12% of those cases, the initial point of contact is a website. This is a disturbing statistic to say the least, and not only for businesses but also for customers, who do not want their sensitive information to be stolen and used in with malicious intent. For internet retailers, is is important to build trust, establish credibility and encourage reliability with customers, and to achieve this, one of the most important things that you should have integrated into your website is the right payment gateway.
Selecting the Right Payment Gateway
While selecting your payment gateway, it is a good idea to demarcate your basic requirements to start off. If you are looking to accept cards, while also retaining the option to receive money from newer payment methods like mobile wallets, you need to find a gateway that provides you with ample options when it comes to modes of payment. Once you have this done, there is only one matter that should take maximum importance — security. Here are some important points to consider –
Preventing Fraud – One of the main reasons why companies remain in the hunt for better payment processing solutions is the manner in which fraudulent transactions are rampant on the internet. Internet retailers constantly worry about things like friendly fraud and card not present chargebacks, and selecting a payment gateway service that has measures built in to stop these kinds of fraud is a smart move, even when you are just starting off with your business. Look out for payment processors that have advanced fraud protection while keeping the buying experience simple and intuitive for customers.
Preventing Data Loss – Customers worry about losing their sensitive information like contact details and credit card details, and selecting a payment gateway that considers data security important is a prime criterion. Data loss and data theft can make things difficult for both customers and businesses, and by using the services of a payment gateway that takes this seriously, you can send a message to your customers, telling them that you care about the security of their data. This can help build trust.
Remembering these points should enable you to finally make an informed, insightful decision while you are looking for that perfect payment gateway for your online business.