How To Choose The Best Payment Gateway For Your Online Business Idea

AI & Software Solutions

Nov 21, 2014

1286 Views

We had discussed about Add-to-Cart, the most important button in an e-commerce solutions website. Today, we will talk about the page which that button leads to - your payment gateway. Your payment gateway is what allows you to receive credit and debit card and netbanking payments from your customers.

In order to receive these payments, all organizations use a combination of a merchant account and a payment gateway. So what should you keep in mind when choosing this critical option for your online business idea? Below are some pointers:

1. The convenience of setting it up with your site. Does the gateway provider offer instructions for how to establish appropriate connections and Secure Socket Layer (SSL) Certificates? Is the payment gateway easy to integrate with the site, and will it function seamlessly once it has been set up or will it demand dedicated time for maintenance regularly?

2. The ease of transactions. How easy is it to carry out transactions like payment, refunds and reversals? The easier you can perform these activities, the easier it is for you to meet customer expectations. However, do ensure you guard your access details of the merchant account in order to avoid access by unauthorized users.

3. The reputation of the payment gateway. Don’t just read on the internet, speak to friends who have implemented an online business idea. Ask them which payment gateway they use, which ones are recommended and which ones should be avoided.

4. The costs. Any set up fees and combination of periodic and transaction fees. If you can estimate the number of transactions you expect in a given period you may be able to estimate the total cost and compare between providers.

If you are using an e-commerce solutions package or are looking to buy website templates for your online business idea, it is good to check whether your package includes a payment gateway. Most of the reliable website templates and packages include a gateway as part of the offerings.

The most widely use payment gateways today in the e-commerce solutions space are:

1. PayPal

2. Stripe

3. WePay

4. RuPay

5. Google Wallet

6. Billdesk

You will be able to find more options online. However, the ones mentioned above are most popular and easily integrated with any website. Do share your experiences if you have integrated a payment gateway on your website. What were your challenges and what worked well for you?

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