By Analytix Editorial Team
E-Commerce businesses require a strong online presence and effective processes, such as a hassle-free payment option, to be successful. There is no human personal interaction in an E-Commerce transaction, so a seemingly small hurdle, such as difficult navigation or glitches when making payments, could cause a visitor to abandon the website or cart. With payment gateways, there is more accountability on the E-Commerce website to perform according to customer expectations.
Essentially, a payment gateway integrates the online payment with the merchant account (or account of the seller). This online payment typically is in the form of the customer’s credit or debit card and the issuing bank. The payment gateway brings together all of these elements into a single process.
Here are some considerations to address when choosing the best possible payment options for an E-Commerce business, depending on business requirements.
E-Commerce businesses can have payment gateways integrated with the business. In doing so, the payment gateway can be connected with the E-Commerce website through an API, or Application Program Interface.
Integrated gateways work well for the customers because it creates a seamless payment experience. As an integrated process, this gateway does not need to route customers to another website. Information is submitted in the e-store along with the order itself.
A hosted gateway directly takes a customer to the payment processing platform. Hosted gateways do not need confidential data from the customer. Instead, compliance and regulatory compliance are the responsibility of the provider hosting the platform. It can prove to be hassle-free for the business owner because security matters are also managed by the provider.
However, because this mode of payment requires customers to operate in a separate window, some customers may turn away at this point.
Choosing the Most Effective One
Most E-Commerce businesses need to take the following elements into consideration before they can choose an appropriate payment gateway for the website.
Bringing in a Professional
There is no one-size-fits-all formula. Each business is unique, and the processes must be designed around this fact to be effective. Businesses must evaluate their requirements, target audience, and merchandise before determining payment options. Customer support is an area of critical importance. If the option chosen does not provide technical support, it is not likely to be of much use.
Analytix Solutions offers customized solutions for companies ranging from accounting and bookkeeping to more complex requirements. Our experienced team of professionals has extensive experience with and insights into E-Commerce businesses. For more information on how we can assist you, call us at 781-503-9004 or email us at [email protected].