Introduction
The world is becoming increasingly digital, which has the unintended consequence of accelerating the transition to a cashless economy. It means that every business requires a secure method of accepting digital payments.
However, with so many payment gateways for several businesses available today, choosing one can take time and effort for a business owner.
Choosing the right payment gateway can make or break the success of your online retail efforts, so take your time with the first one you come across. Instead, take your time, research, and consider the following factors.
Before diving deeper into the topic, let us unravel certain features of an effective payment gateway for adequate payments.
Customers enter sensitive information such as credit card numbers, bank account numbers, and other financial information, so this information must be kept secure. A dependable payment gateway ensures complete security while maintaining payment promptness. A good payment gateway partner should be able to:
- Verify the customer’s payment information while ensuring encryption.
- Ensure that funds are available in the customer’s account.
- Provide both parties with transaction confirmation.
- Standards for encryption: With online fraud on the rise, it’s critical for any business accepting online payments to keep their customers’ data secure when processing payments. Because the payment gateway you select will handle your customers’ sensitive payment information, it is critical to review their security standards.
- Various online payment methods: Cash was the primary payment method for most goods and services over a decade ago. However, digital payment methods are rapidly becoming the dominant payment option for consumers of all ages. Aside from debit and credit cards, alternative payment methods such as e-wallets and mobile payments are gaining traction.
Did you know?
- According to Statista, 47% of online shoppers use their smartphones to browse and purchase products. As a result, you require a payment gateway that offers multiple payment options – desktop or mobile – and allows your customers to select the most convenient.
Finding the right payment gateway is critical because it deals with the essential aspect of your business – getting paid. Let us get into the topic to understand the twelve essential factors to choosing a flexible and convenient payment gateway.
Payment Security
As an online business owner, you must handle customers’ sensitive information carefully. This is where choosing a trustworthy payment gateway comes into play.
Before selecting a payment gateway, double-check its PCI DSS compliance status for a safe user experience.
Modular design and other features
A payment gateway with a modular architecture allows your customers to select either a comprehensive omnichannel payment solution or just the features they require. A solution with this design also has the advantage of adding or subtracting elements as the merchant’s needs change over time.
With the right payment gateway, you can give your customers the option of selecting various payment methods.
Onboarding and integration
Keeping the payment gateway integration process quick and easy is vital. Look for a payment gateway with a quick onboarding process.
Customer support
Customer queries play a vital role in ensuring the success of the payment gateway. Your payment gateway provider should always be available and have a quick turnaround when dealing with payment queries raised by your customers.
Mode of payments
So, as you conduct your research, consider the payment methods provided by each payment gateway platform you have shortlisted.
In India, the following payment methods are accepted:
- Debit cards, credit card transactions.
- NetBanking Options.
- UPI – UPI has seen an incredible surge in usage and is one of the most commonly preferred methods.
Transactional limits
You may also come across payment gateways limiting the number of transactions processed in a given month. Choosing a payment gateway that caters to all your business requirements and offers personalized payment solutions is vital.
Analytics and reporting
A payment gateway that offers a seamless payment experience to users, with popper authorization and report management, is highly preferred.
Multiple device support
Customers now shop online using various devices. A convenient payment gateway should be able to provide an effortless payment experience to users through several modes.
Settlements
Payment processing speed, in addition to payment security, influences final purchases. A flexible payment gateway allows customers to make payments quickly. On the other hand, businesses must receive payments on time. Check the settlement period when selecting a payment gateway for your business to ensure a smooth cash flow.
International payment support
It is critical to support global payments if you have customers outside India or in India who use international cards. The main issue with international payments is the ease of onboarding. Selecting a payment gateway that provides easy onboarding, payment integration, and multiple payment options to international customers is vital.
Analytics and reporting
A reliable payment gateway should offer a proper reporting management system integrated with a user interface for delivering effective results and determining the success of a payment gateway.
Reliable and timely support
The last yet essential point under the checklist includes checking whether your payment gateway offers consistent support. Consider speaking with other merchants already using that provider’s payment gateway services.
Bottom line
So these are the significant factors to consider when deciding how to choose a payment gateway in India for your business.
What are your opinions?
If you are looking for a reliable and secured payment gateway, then NTT DATA Payments Services is your ideal choice. Step up your business by integrating with NTT DATA’s smooth and seamless payment gateway.
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