How to choose the right Payment Gateway for your business?

A payment gateway refers to an e-commerce service that processes, verifies and accepts or declines direct payments or credit card processing on behalf of your business using secure internet connections. Its job is to fulfill the important roles in an e-commerce transaction process between your online store and the customer. It is used to help facilitate online transactions, while using special encryption and verification technology since online shopping involves distance and anonymity.

Payment gateways accomplish this by doing three things:

  • Validating customers’ credit card details securely.
  • Making sure enough funds are available to complete transactions.
  • Approving transactions and transferring the amount to your account.

All of this is taken care of in encrypted payment gateway servers, so that you are absolved of the liability of holding sensitive customer data.

Choosing the best provider for your business

Increase your conversion rates by offering the right payment methods

Whether you are just starting out as an ecommerce retailer or looking to increase your existing sales, selecting the most suitable provider can have a huge impact on both the bottom line and your customers’ satisfaction.

Increase conversion rates by offering your customers their preferred methods of payment. Implement the best payment solutions quickly, whilst addressing key needs such as fraud prevention, data analytics, security and compliance, whether local or cross-border.

Some of the key points to consider while choosing the right payment gateway provider

Choosing the right payment gateway for your business is an important decision. If you choose a provider that doesn’t fit your business model, you might end up losing a lot of money and customers as well. Here at Vpayments we have online payment solutions for every type of business. Regardless of the size, markets and scope of your business, we partner with you for growth.

Key points to consider

Convenience

A payment gateway needs to be a seamless process in your e-commerce site. This applies to both ease of operation for your company as well as the convenience of the customer experience. The latter group is looking for simple forms, and tends to avoid complicated payment processes, so making payments easy needs to be part of the site development process. Today’s online shoppers are wary of disclosing too many personal details or extra steps that delay the payment process. Vpayments is a payment provider that understands this and will help you minimize abandoned shopping carts and transactions.

Types of cards allowed and other payment methods

The most commonly used credit cards are Visa and Mastercard. All of these card types are accepted by most payment gateways. However, the more types of cards and payment methods you accept then the higher conversions you will receive. Most upcoming payment methods include Apple Pay and Google Pay as well PayPal and Klarna. With Vpayments you will have all these payment methods centrally under a single contract so that you can focus entirely on your core business.

Multiple currency support (DCC) Dynamic Currency Conversion

You need to make sure that your payment gateway can handle payments in different currencies, especially if you do business internationally. It is of utmost importance to let your customers pay in their own currency. With Vpayments you can accept payments in over 40 currencies across the globe and be paid in your account in your own currency. The conversion rate of DCC transactions online is generally more than 50% but with us this is a guarantee since we offer amazing exchange rates. Not to mention the juicy commission you will be receiving from us for such transactions.

Security

Ecommerce stores are targets for fraudsters. When it comes to receiving payments online, because you’re storing sensitive financial information, the security of your payment gateway should be a high priority. Keep in mind that different payment gateways adhere to different security standards. Make sure that the gateway you choose is level – PSD2 compliant. A serious, reputable payment provider such as Vpayments offers automated security features as part of their product. Such technology spots suspicious transactions and prevents data breaches or leaks, without making the buying process more cumbersome.

Plug-ins

It’s worth considering if your payment gateway can connect with various e-commerce platforms like Magento, Shopify, Prestashop and others. In the context of e-commerce, shopping carts are essentially software add-ons enabling you to build your online shop. Vpayments has developed the following Shopping Cart plugins to allow you easily and securely to start accepting payments from your customers. All of our plug-ins are PSD2-compliant.

Recurring payments

If you run a subscription-based business, you need to pick a payment gateway that’s equipped to handle all the moving parts that go into recurring billing. Vpayments is able to save and store customer details for future transactions, automatically charge credit cards on preset subscription schedules, and offer retry options for failed transactions.

Mobile payment support

A majority of customers shop using mobile phones and tablets now, so it’s important to select a gateway that can support payments made from mobile devices as well. This will give your customers the flexibility to pay you regardless of what device they use. Vpayments has already integrated the necessary technology into its latest payment terminals, providing your customers with even more options for payment.

Cost

Finally, one of the most important thing you need to consider while choosing a payment gateway is the total cost that you’ll incur. The costs involved in using payment gateway comes in three types: set-up fee, monthly fee, and transaction fee. To find the most cost-effective choice for your business, both the volume and value of your transactions need to be considered. At Vpayments we have several options to accommodate different types of businesses, as well as real-time access to merchant support.

Using the right payment gateway makes collecting customer payments smooth and hassle-free. But finding a payment gateway provider that checks all the boxes takes a little more work.

Contact us today and look no further.

By George Alexandrou

Vpayments E-commerce Sales Manager

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