‘Online shopping’, it’s the phrase that brings to your mind words like ‘ease’, ‘convenience’ and ‘innumerable choices’. What makes online shopping even more attractive is the ease of payment. When buying at any ecommerce store what you need is adding products to the shopping cart then entering your card information, getting the same verified and what follows is a screen saying “thank you for shopping with us”. Wondering how the information you entered gets verified in real time while notifying that whether your request will be accepted or declined. Then the answer is through software based on encrypted technology. This software termed as a web payment gateway is the linking connection between the payment processor and the online store. Without payment gateway verifying the information, your transaction cannot get completed.
Finding a payment gateway service provider that can be categorized as affordable is no more like finding needle in a haystack. The task has been simplified but the reason which can motivate merchants to look beyond cost include;
- Choosing good payment gateways will offer greater flexibility in programming which is pretty helpful in case of custom ordering.
- The losses merchants may face due to fraud monitoring are minimized.
- Payment methods available offer a better choice in terms of e-checks, recurring bills, late bills and more.
- When choosing an international payment gateway merchants enjoy freedom to accept payments even from their overseas clients.
The availability that whether a Payment Gateway Service is available for a shopping cart or not is determined by the country and location. It’s said that most payment gateways in US are not available for clients residing in UK. So, it’s good for merchants to check that whether the service is available in their area or not.
For any ecommerce website to survive on the web having a payment method that accepts credit cards, debit cards and more seems indispensable. Just this is done (let’s say partially) by a web payment gateway. This tool helps in transmitting the credit card information you share to the payment processor or say the connected bank and then transmitting the approval and confirmation code to the ecommerce store. Credit card payment gateways in general are equipped to offer a complete line of solution right from the ground level upwards. This is to help enterprises get an automatic payment tool that can aid in payment acceptance and disbursement.
The final word:
When deciding that which payment gateway provider to shortlist entrepreneurs must step into their shoes to think likewise. Taking payment gateway services just because the same worked for their friend’s business is like rushing on a road which has no end. What merchants must do is to sit down and think deeply while doing careful calculations about all the overhead costs. This step is essential as on it is based the success or failure of the whole system. Taking a service today and just ending up in paying a fortune tomorrow is something that no merchant out there would like. So, merchants must sit down, research, compare and think and think again, because finally its business and taking a hurried decision may lead to a situation which is more than just bad.