How to choose a payment gateway provider

Hello folks,

How to choose a payment gateway provider ??

What are the things to consider while choosing a payment gateway provider ??

Choosing a payment gateway provider depends on multiple factors. Providers vary in many aspects such as rates charged, fee format, currencies they serve and added benefits they offer. Features like chargeback protection, fraud detection and credit card updaters are useful.

Which ecommerce platform are you going to be using? Something SaaS-based like Shopify or BigCommerce, perhaps? Or a self-hosted platform like WooCommerce or Magento? Whichever platform you’ve chosen, there will be a range of off-the-shelf plugins or extensions to help you integrate with major payment gateways.

Before committing to any eCommerce payment gateway provider, make sure you are aware of their fees structure. Some offer a fee per transaction and others offer a fixed number of transactions per month for a flat monthly fee. Ensure you are aware of the fee structure and ensure it meets your business needs now and in the future.

These gateways draw funds directly from your customers' bank accounts or credit cards, validate them, and then deposit them right in your account. With a modern payment gateway, you don't need a merchant account to accept credit card payments — just a valid bank account

If you need to take international payments – or may want to in the future – you should check whether the payment gateway offers international and multi-currency payments or an interface with multiple languages.

First, the payment gateway must supports the software platform you are using. For example, if it is available as raw API, you will need to integrate it with your shopping cart.

Second, the payment gateway must supports the industry you are doing. For example, some gateways do not deal with digital goods or web hosting.

First of all, you should check the security provided by the providers. There should be proper TOS for the card holders details if there is any misuse by the company. You should check the cost and the transactions allowed er month for your account. There should be proper software comp-ability between the platform you are using and the payment gateway.

These gateways draw funds anon from your customers' coffer accounts or acclaim cards, validate them, and again drop them appropriate in your account. With a avant-garde acquittal gateway, you don't charge a merchant annual to acquire acclaim agenda payments — aloof a accurate coffer account.

Choosing a payment gateway is a crucial process for any e-commerce business. Several factors need to be considered and looked before making decision.

5 things to consider while choosing a payment gateway provider:
1.Rate Plans Offered
2.Available Technology
3.Ethical Billing
4.Quality Support
5.Mobile Payments suppport

Choose an online payment gateway that is providing more payment options like Net Banking, all major Credit/Debit Cards, UPI’s, Mobile Wallets, etc. This will help your audience to pay whichever method is convenient for them.

Compare and scrutinize the one which offers you with the minimum transaction fee. Usually, payment gateways are offering 1.75% to 3% + taxes on each successful transaction.

If the payment gateways take one week or more to integrate, move on and search for an alternative. Opt for a payment gateway that takes a maximum of 4 to 5 days in integration and organizer to accept the payment.

A settlement is a process by which money is routed from the customer’s bank to merchant’s bank to complete a transaction. So, the ideal settlement time is T+3 where T stands for Transaction day. However, this time may vary because the settlement cycle subjected to the bank approval and risk factor.

Choose an Appropriate Payment Flow.
Choosing the Correct Product.
Make your Customers Feel Safe and Secure.
Consider Fees and Service Agreement Requirements.
Ensure Effective Transactions.
Make Checkout Easy on All Devices.