Investorideas.com

Call 800 665 0411 to learn about our services for your stock

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS




Share on StockTwits

Which Factors Entrepreneurs Should Contemplate Before Configuring A Payment Gateway

 

May 8, 2019 (Investorideas.com Newswire) The e-commerce industry has come into the mainstream with digitizing each and every element of a business where online payments is among the most booming ones. Nowadays, digital entrepreneurs are using different payment gateways to help their customers in making online payments with ease.

Setting up a payment gateway is a difficult task as a defective paying platform can drive your customers away. Also, there are several alternatives available in the market which make it much more daunting to choose one. But have you ever thought how this complex process can be made simpler when building your MVP? Let's look at the answer.

What Is A Payment Gateway?

A payment gateway acts as a bridge to transfer important information between digital products (mobile apps and web portals) and payment processors such as banks or financial institutions. Basically, these gateways streamline the process of making payments for online customers by processing their card credentials.

Why It's Important To Be Cautious When Integrating A Payment Gateway Into Your Digital Product?

When integrating a payment gateway in your software, it's mandatory to make sure that the platform is user-friendly, secure, and blessed with an intuitive interface. Otherwise, because of multiple failed or incomplete transactions, you will lose your precious customers to your competitors.

According to Marketing Charts, complicated payment/checkout process is one of the factors responsible for mobile shopping cart abandonment.

In order to provide your customers with seamless buying experience, it's important to offer them a reliable payment gateway. So, let's look at a few factors which you should consider before finalizing a payment gateway.

1. Sift Through The Available Options & Pick One In Accordance With Your Specific Business Needs

You can find several alternatives for integrating a payment gateway into your product. But it's your responsibility to explore them one by one and select the best one for your business. In order to pick the most relevant one for your customers you should assess the following factors:

  1. Refund or exchange policies
  2. Page loading speed

III. Multi-platform support

  1. Seamless functionality and integration features
  2. Prompt response to payment failures

2. Availability Of A Smooth Transaction Cycle Which Is Hassle-Free For Customers

Before setting up a payment gateway you must ensure that it allows customers to make payments in a hassle-free manner. Also, it should be capable of maintaining complete transparency. The transaction cycle should be seamless so that customers don't get annoyed due to a lengthy or tedious process.

3. Simple Design & Intuitive Interface

You should always choose a payment gateway which supports a unified payment interface as it promises to provide customers with a smooth paying experience. The interface must be able to complete the entire payment process in four simple steps: collection, authentication, authorisation, and settlement.

The minimalistic design and intuitive interface can motivate customers to become permanent clients of your brand.

4. Absolute Security For Winning Customers' Loyalty

Nowadays, the threat of data breaches are on the rise and hence ensuring customer data security should be your first priority. This is why you should choose a secure payment gateway which can keep sensitive credentials of your customers intact. In order to select a secure payment gateway to check the following factors:

  1. 128-bit encryption
  2. PCI DSS Compliance & Certification
  3. SSL certification
  4. Multi-factor authentication

5. Examining A Few Key Design & Functionality Elements For Improving Overall Customer Experience

It's your prime responsibility to make sure that your customer should not feel shaky at any stage of the buying journey. It's much more important when they are completing the payment process. This is why it's better to pick a payment gateway which is blessed with the following design and functionality elements:

  1.  Allows users to complete the purchase process with minimum clicks.
  2. Utilize familiar logos and elements for completing the payment process such as MasterCard and Visa.
  3. Availability of an integrated API so that your customers don't get led away from the platform which they trust.

In order to integrate a secure and reliable payment gateway into your website, it's better to partner with one of the top web development companies like Arkenea, who can guide you throughout the process. Experienced designers can make sure that the payment platform is free from any design or functionality flaws.

6. Prompt Support For Building A Healthy & Harmonious Relationship With Customers

Customers are always scared when making online payments because their transactions might fail due to a technical glitch. Also, they can be trapped in a fraud scam. So, for reinforcing this trust and maintaining a healthy bond with existing customers you must ensure that your payment gateway has a provision to provide users with prompt support.

Moreover, the customer service reps of the payment platform should be willing to resolve payment related issues of your customers. This will build a reliable image of your brand and customers will start investing with confidence.

7. Check A Few Significant Metrics To Choose The Best One From The Lot

You should assess the time needed to set up a particular payment platform before finalizing to choose it. Also, check the time taken for the settlement of payment issues and transaction success rated before making up your mind.

By evaluating these factors you will have a better picture of the payment gateway to integrate into your digital product. Don't rush but take your time and make sure to pick the best one for your online business.

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. This article is paid for published third party content and not the content of Investorideas.com . Learn more about posting your articles at http://www.investorideas.com/Advertise/

Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


Tech Stocks - Tech Stocks Directory, Tech Stocks News, Research and Resources

Get more Technology stock investor ideas - news, articles, podcasts and stock directories