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How To Choose The Best Payment Solution For Your E-Commerce Site
Online payment gateway is the ultimate vital element of any e-commerce business. Your online business will evolve based on this payment method. Though you may focus on the design, display products/services, and connecting with customers, your main consideration should be on giving a smooth & easy-to-navigating payment process to your customer. Because half of the customers abandon the checkout process for the crucial payment methods.
Depending on the traditional payment methods you can’t grow business sales. Ease of transaction directly affects sales rate & customer satisfaction.
To run a successful e-commerce platform, you should provide multiple digital payment gateways. So, if you are starting an online business, you need to survey all the available payment gateways. This will help you to choose the best online payment methods.
As the e-commerce platforms are growing fast, the competition between the available payment gateways is strong.
In this article, we will share some factors that you should consider when choosing online payment methods for your business.
What Is An E-Commerce Payment Gateway?
An online payment gateway is a software or you can say a modern technology to accept payment through credit/debit card from a customer’s account to a seller’s account or merchant account.
Integration with the e-commerce platform of payment gateway helps to collect payment from all over the world. Online payment allows transactions between customers & merchants.
Today's electronic payment system is not the same as 5years ago online transactions where Modern Payment gateway provides additional security:
- Store payment information for further process.
- Encryption service for sensitive information during the transaction
- Flexible API integration with different platforms - CRM, financial, e-commerce,tax etc.
Factors You Should Consider While Choosing A Gateway
If you are reading this article then I think you are looking for some suggestions about choosing your perfect gateway.
The seven most important factors to choose the best online payment methods are-
Hosted or Integrated gateway:
The main concern is if you want an on-site gateway or off-site gateway? It depends on the purpose or goal of the websites.
Hosted gateway directly redirects the customer to the external website to complete the payment process. Advantages of a hosted gateway are, they require a simple setup with no customization of checkout, also they take full responsibility for data security & compliance of their platform.
Integrated gateway refers to completing the payment on the same e-commerce platform. All the interactions & transactions will be held here, no need to leave the site. To complete all the transactions on the same field, the admin needs high-quality UX to customize the checkout page with all possible features.
Transaction Fees & Cost:
Out of all the available payment gateways, it seems difficult to choose the best & inexpensive one for you. Every gateway provides a different transaction fee structure. They are
- Signup fee
- Monthly fee
- Per transaction fee
- Termination fee
- Statement fee
- Annual fee
- Support/Maintenance fee
That’s a whole thing I know! Before signing in you have to consider all these costs including hidden costs sometimes. So, analyze each & every aspect of this factor before concluding.
Types Of Payment Methods:
It is necessary to choose a gateway that provides multiple payment options. Choose such a gateway that enables debit cards, credit cards, coupon/gift cards, visa cards, Mastercard, currencies from all over the world to provide a global solution.
Choosing a gateway with a recurring billing system is mandatory if your service is subscription-based. Recurring payment allows sellers to set an automatic billing process (Monthly or Yearly) over a specific time. Suppose you own a movie site or develop products or you have repeat donors, then you have to consider recurring payment systems from your payment gateway.
Easy Checkout For All Devices:
18% of checkout abandonments occur because of clumsy & complicated checkout processes. Recent research reflects 79% of smartphone users make online purchases using their mobile devices.
The above two points state that a payment gateway should have a smooth checkout interface & also be optimized for all types of devices & networks
Security For Fraud Prevention:
In this digital era, security is the utmost concern for all levels of service providers. Payment Gateway providers aren’t different. Consider a payment gateway that is- Level 1 PCI DSS compliant, also has CVV2 verification & standard verification system. Make sure they are GDPR compliant also if you provide services globally.
24*7 Customer Support
This point needs no introduction that every payment gateway should provide 24*7 customer service with technical support. Several gateway providers only have limited tickets, emails, or documentation to connect their customers. Look for providers who have live chat technical support.
9 popular E-commerce Payment Gateway
Founded in 2002, CashU is the first & largest online payment service company located in Dubai, UAE. They provide services in the Middle East & North African Nation. They have a partnership with MasterCard which enables them to accept credit card transactions from all over the world to grow business on both local & global scales.
- Free account creation with maintenance charge 3AED/year, which is the lowest in the market
- Create instant virtual credit card to make payments in E-portals
- Initial fee 2.5%- 3.3% +2 AED per transaction
- Secure online transactions with modern fraud prevention and AML systems for both buyers & merchants.
- Digital CashU wallet- no need to hold a physical card
- CashU mobile app to manage your wallet & fund easily
Telr is considered as the leader & best payment gateways in the Middle East country. Based on Dubai & Singapore, Telr is operating in 120 countries all over the world. It provides multiple payment options- Visa, Mastercard, American Express Card & SADAD(Saudi Arabian Bank)
- 3 types of payment levels- Entry, Small & Medium
- Entry-level account creation requires a monthly fee of AED 349 with no transaction cost.
- Don’t need any charge on the remittance to the merchant account
- 10 ways to integrate. Such as- WooCommerce, Magento, Shopify & Prestashop
- Art security & real-time monitoring for anti-fraud protection through CVV2/CSC, AVC, and 3D Secure.
- Generate payments through instant messaging apps.
- Card tokenization to save customer’s card details
Founded in 2014, Paytabs provides safe, adaptable & cutting-edge payment solutions in Dubai. According to Forbes, Paytabs has achieved the top start-up company in 2016. It is certified by both Visa & Mastercard. Currently, Paytabs is operating in over 168 countries & the setup process is so easy that it will take only 24 hours.
- Integration with API, SDK, Shopping cart plugins, Express Checkout &iFrame
- No monthly or annual maintenance fees
- PCI-DSS Level 1 certified company to provide speedy & secure transaction
- Support multi-currencies
- Promote merchant’s brand through Payshout- a Pay tab social channel
- In-house fraud protection & security for security purposes
2Checkout is the modern payment gateway that offers service in 180+ countries & 87 currencies. It offers global payment, subscription payments. It has sandbox features that connect resellers. Using 2Checkout you can set up an onsite checkout system that minimizes the complication of checkout abandonment problems.
Amazon Payment Service
Amazon payment service formerly known as Payfort is the payment gateway service provider based in the Middle East. They operated in countries such as United Arab Emirates, Lebanon, and Qatar. It accepts Visa cards, Mastercard & Apple Pay. This payment gateway is developed based on Arab online buying habits & trends.
Amazon Payment Service provides-
- Make automated installment payments
- Location-specific fraud tools
- Anomaly detection alerts
- Cardless online transaction
- Limit data breaches with safe service
- Offer customers recurring payment system
- Account creation with free setup cost
Founded in 2001 in India, CC avenue now is a popular payment gateway method in UAE also. They have expanded their business by opening a new office in Dubai & a widely used payment gateway for Dubai-based e-commerce businesses.
CC Avenue provides-
- Multiple payment options- 6 credit cards, 58+ net banking, 97+ debit cards, 13 prepaid instruments, 15 bank EMI & UPI
- Support multi-currencies
- Multilingual checkout page
- Easy customization for seamless integration & user experience
- Smart retry system to avoid transaction failure.
- Card storage vault to secure customer’s card details
Hyperpay is another Saudi-based robust online payment gateway provider. They offer for all local, regional & international customers.
- Easy integration with ecommerce plugins.
- Provide all major currencies
- PCI- compliant for the highest level of security
- Optimized checkout experience
It is considered the universal online payment gateway for remittances, money transfers, paying bills, cash advances, gaming, and more.
Innovative payments provide-
- IPSI wallet with 0% funding fees
- Easy to send money with blockchain technology
- IPSI prepaid card to get paid, withdraw funds, shop online & receive money transfers without smartphones
Cyber Source is a reliable & fast online payment gateway service provider operating in 190 countries across the globe. It supports digital payment like- Apple Pay & Android Pay & digital wallet like- Ali Pay & KCP. It is a customer-friendly payment solution trusted by over 48k customers. It provides fraud management security to ensure a seamless & secure transaction. Also supports Europe’s PSD2 SCA to authenticate customers. Apart from this, customers also get Cybersource invoicing to save time & money. A payment tokenization system is available to provide customers with payment facilities with ease.
Choosing the right payment gateway makes your payment process smooth & hassle-free. Among all the available payment methods, finding your perfect brand is time-consuming. All you need is research on the above factors that we have discussed in this article. A perfect online payment method makes an impact on the conversion rate of your website.
Another thing you can do is hire an expert company who will take care of all the technical terms of your website including integration of the ideal payment gateway.
Royex Technology is a leading E-Commerce site development company based in Dubai. If you plan to design/redesign your website or launch an e-commerce platform, our 24*7 technical teams will give you design and development support.
Let Royex’s web development team help you develop your e-commerce store to drive more qualified visitors to your site and convert those visitors into leads and sales.
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