9 Questions to Ask Before Picking A Payment Gateway

An online payment gateway can have a significant impact on both the customer experience and the profitability of your business. As a result, accepting online payments is one of the most important aspects of your business. SifiPay has compiled a list of 9 essential questions to ask before selecting an online payment gateway.

But first a brief about payment gateway:

A payment gateway is a virtual "gate" through which a transaction must pass before the payment process can proceed. A payment gateway, such as SifiPay, is the digital equivalent of a POS terminal. It acts as a go-between for customers and eCommerce merchants. Through online payment services and APIs, the gateway transmits transaction information from the merchant to the relevant banks.

Furthermore, it encrypts the customer's information to ensure the security of their data. The gateway is useful at both the start and end of the transaction. The customer enters their payment information and is either approved or denied.

How does it work?

When a customer purchases something from an online store, they enter their payment information on the checkout page. This is where a gateway can help.

1. Does the payment gateway provide a good customer experience?

One of the most common reasons for shopping cart abandonment is that customers find the payment processing process to be overly complicated and time-consuming. Consider whether the payment gateway makes the transaction simple for customers, as well as the customer support provided in the event of a problem. Furthermore, choose the best payment gateway that provides an optimal user experience by keeping payment processing on-site. The last thing you want is for your customers to leave your website in order to make a payment. 

2. Is merchant and customer support available 24 hours a day, seven days a week?

Your payment gateway provider must be available around the clock, seven days a week. Dealing with monetary transactions is extremely sensitive, which means your service provider must be available at all times. If something goes wrong, you must be able to fix it as soon as possible or risk losing sales.

3. How quickly will I receive funds from my sales?

When it comes to payout speed, gateways differ. Some may pay out every day, others every three days, and still, others may take up to five working days. Ascertain that your preferred payment gateway reconciles at a frequency that is convenient for you and your business.

4. Does the payment gateway provider take security seriously?

The security of payments is of the utmost importance. Especially in light of the serious threat of eCommerce fraud. A security breach can have a serious impact on your reputation. As a result, when it comes to security, make sure your payment processor is proactive in terms of data security and is constantly updating its security measures. Check that the payment provider is PCI compliant and employs additional security measures such as 3-D secure.

5. What is the real monthly cost? Are there any hidden fees?

It is critical to developing a comprehensive cost picture in order to avoid surprises and ensure that it fits into your monthly budget. Setup fees, transaction fees, and monthly fees are the three most common types of fees associated with payment gateways. Some service providers will also charge a membership fee. Additional fees for services such as invoicing or fraud may also apply. Is the provider's financial situation secure and stable?

6.  Does the payment gateway facilitate multi-currency transactions?

Do you conduct business in multiple regions? If the answer is yes, you must ensure that your online payment gateway can operate in multiple countries and currencies.

 7. Can it accommodate multiple payment options?

The number of payment options provided by a payment gateway will have an immediate impact on your conversion rates. As a result, the payment gateway must provide as many payment options as possible on a single payment platform.

8. Is it easy to integrate? 

Check that the payment gateway you choose can be easily integrated into your site and does not interfere with its user experience.

9. Are they focused on innovation? 

Another factor to consider is whether the company invests time and resources in updating its technology. Are they releasing new features and functionality on a regular basis, or are they falling behind their competitors?