After setting up your business, start identifying your business needs. Once you identify the mode of operation and the technology used, you can choose the best payment gateway provider, which fits your business.
Below are some factors through which you can better understand why your business needs an online provider. After integrating it into your online portal, it makes a great difference to your entire business. The gateway provider acts as a mediator between the online portal and bank.
There are two types of payment gateways.
Hosted Payment Gateways
This will redirect your user to another page, which is secured enough and that is known as hosted page. Once online payment is completed, the user will be redirected to the website.
Benefits: Just integrate a host page, which is very simple and all the security and validations will be taken to the host page.
Challenges: It’s quite difficult to get control over UI or UX. This is not recommended for mobile devices.
Check the Financial Feasibility: For each transaction, there will be a fixed amount that would be charged.
Security: Use PCI compliance and serve based on the token.
Support: Customer care support is limited to chat, call and email. The response time is considered.
Integrated payment Gateways
Customers can fill all the required details in the same page without leaving the webpage.
Benefits: This is highly flexible; end user experience can be controlled easily. This can be integrated effortlessly with any mobile device.
Challenges: You can secure your own concerns.
Check the Financial Feasibility: For a complete setup, there would be a separate fee charged. Chargeback will be charged separately.
Security: It secures from all the fraudulent activities.
Support: Tracking is very easy with these services. They have various escalation options.
Understand your business needs such as what type of currency your provider supports; do they have the recurring payments options; in which all countries they have their operation; and what the period of their payment settlement is. Based on the needs, decide which payment gateway is better for your business.
Ensure that the chosen payment gateway handles all the ID thefts, increase in transaction volume, the leak of user’s information, handling chargebacks, holding payments and technical glitches. Sometimes, the cost may vary if you are looking out for a payment gateway for tech support.
Every online business these days has to make use of payment gateway as it is one of the safest ways to transact online. If you are a business owner, then you must consider integrating the payment gateway on your site for sure as your customers will feel incredibly secure when they make your payments online.