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What is a payment gateway? How to choose the best option for your store

To get started in e-commerce, you need to know which payment gateway you want to use. Indeed, bank accounts do not allow a direct connection to websites. In this article, we will define what a payment gateway is. We will then talk about 5 key elements that you must take into consideration to make your… Continue reading What is a payment gateway? How to choose the best option for your store

To get started in e-commerce, you need to know which payment gateway you want to use. Indeed, bank accounts do not allow a direct connection to websites. In this article, we will define what a payment gateway is. We will then talk about 5 key elements that you must take into consideration to make your choices. If you have questions, send us a message.

A payment gateway is simply software that serves as a transition between your website and your bank account. It is an application that you can connect to your website. Then, when customers make payments on your site, you can transfer money to your bank account. Some examples of gateways are PayPal, Stripe, Moneris.

How does a payment gateway work?

To use a payment gateway, you need to subscribe to the app that’s right for you. Then you need to install it on your website. After subscription, the software will give you elements that will allow you to link your website to this application. Subsequently, when your customers make online payments, this application will transfer their money from their application to your bank account.

5 things to consider before choosing a gateway

Selecting your payment gateway for your website is important because there are a few things to consider. Below, 5 basic things to note:

Reliability

Reliability is one of the most important elements in selecting your payment gateway. Most at times, site owners don’t trust if they can’t verify that the solution you’re using is secure. Note that there are more secure solutions than others, others that are more popular and others that are not really known. Therefore, some people find this type of solution questionable to insert their banking information.

Cost per transaction

To continue selecting your payment gateway, find out the cost per transaction. Many companies charge costs on every transaction your customers make because it keeps them going. These costs often vary between 3.25% or more, depending on the solution they are using. For this purpose, it will therefore be necessary to check whether you can pay this amount that the company asks you.

If you are a small business, we recommend you to choose a solution that charges you a reasonable cost relative to your site.

Easy withdrawal

Another criterion for selecting your payment gateway is, knowing whether it is easy to get hold of your money. Make sure beforehand if by choosing this solution, you will be able to withdraw your money after your customers’ transactions because choosing a solution where you could not have your money after a certain amount of time will be a waste and a waste of money.

Easy integration

Also, choosing a payment gateway makes sure that this solution is easy to integrate on your web. Some solutions are effortless to integrate compared to others. Others give you the ability to access APIs, others give you the ability to integrate Iframes, etc.

Technical support

The last selection criterion is the company’s technical support. Check the solution’s technical support. Because if you have a problem, you should be able to receive assistance. Some companies may give you a phone number or email address where you can send your query.

However, here are 3 criteria that you can use to judge the quality of technical support for the solution you want to use:

  • User comments
  • User satisfaction
  • The response time

Conclusion

A payment gateway is critical if you have an e-commerce site because it will facilitate the transaction between your customers and you. So, if you want to integrate a solution on your e-commerce site, please contact us. We are experts in the design of e-commerce sites with all types of modern solutions.

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