Although online sales and transactions have surged during the pandemic, allaying security concerns remains a challenge for businesses. If you have an online e-commerce store, payment gateways associated with it must be reliable, secure & easy-to-use. Magento payment gateways facilitate the recording of transaction requests, encrypting payment details, and forwarding the same to a payment processor.
How does a payment gateway function?
As the customers make payments, they are processed by the payment gateway software and the amounts are subsequently released to the merchants. Encrypting sensitive credit card details is the core function of the gateway and it ensures security.
You can consider the payment gateway as a virtual middleman
- When a customer clicks on the checkout button, he/she gets redirected to the payment page.
- As the payment information is entered, the gateway securely transfers it to the issuing bank.
- As it is confirmed, the gateway expedites the approved transaction back to the merchant website.
- Once it is done, the customer gets informed about the successful purchase.
The #3 Things You Should Know!
Know About The Fees
Every transaction that is completed through a Magento payment gateway will come with a cost. Does your business sell a low volume of high-cost items or a high volume of low-cost items? How much does the software charge as monthly or setup fees?
The Target Audience
What’s the age of the target audience? Millennials & Gen Z shoppers have different preferences regarding online purchases. Where do the shoppers live? Do you want to expand in foreign countries?
Are You Involved In Selling Subscription Products & Services?
eCommerce businesses often have a subscription model. Is it something that you might have to include in the future? Not every payment gateway facilitates automatic recurring billing.
Things To Consider When Opting For A Magento Payment Gateway Integration
Opt for a gateway that adapts to growth on the Magento Platform
A business will constantly expand. Thus, it is quite important to opt for a payment gateway that effectively adapts to the progress. Magento has 2 editions:
- Magento Enterprise Edition: Designed for both small & large-scale e-commerce operations.
- Magento Community Edition: Designed for start-ups & budding e-commerce operations
The best option is to select a payment processor that works with both the Magento editions.
Improved User Experience
The more simple and user-friendly a payment gateway is for the users the better the revenue! Payment details should have the auto-fill option, the interface must be minimalist, and the checkout should be fast.
Secured Transaction Interface
Regardless of the soaring popularity of e-commerce, many people are still wary of the payment transaction. The confidence level of the customers to give out credit card information hits every now & then.
Online stores require a safe & reliable payment gateway that not only prevents a business from fraud but shields the customers from losing money as well.
A successful business will scale regularly. A time might come when your business will require a payment gateway that assists your customers all over the world.
Opt for a payment gateway that can be rolled out in multiple countries, deal with different currencies, payment methods, and card networks.
Magento 2 comes with in-built payment gateways by default. Other payment gateways have to be integrated for efficient functioning.
Use Multiple Payment Gateways
Many businesses suffer losses as they fail to provide credit cards that are popular among the customers. If you are looking to broaden the customer base & improve sales, utilize a mix of popular payment gateways of your store. This can positively impact the conversion rate.
Detailed Confirmation Page
The customers must have a crystal clear description of the product before they pay for it.
The page should allow the online buyers for the following:
– Let them take the final decision about the product quantity or eliminate items
– Review the cart
– Check the final price (with tax & shipping charges)
– Indicate the shipping time of the items
As you launch an eCommerce company, it comes with a variety of important decisions. Apart from deciding the platform where the store will be hosted, you need to ascertain the payment logistics of the customers.
The right Magento custom payment gateway integration will remove the risks associated with unsafe payment processing and encourage traders to accept several different types of payment. If you want to know how to integrate a payment gateway in Magento, feel free to contact the seasoned Magento experts from Ksolves.
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