Selecting the right payment gateway is one of the most important things you must do when developing your website when you first enter the world of ecommerce. A payment gateway is a component of your website that enables you to accept credit cards as a form of payment.
Successful e-commerce websites require credit cards as a payment method, thus you should never consider excluding this feature from your website. Some ecommerce-websites might have a downloaded form that you can fill out, print, and mail along with your credit card information, or they might have a notice indicating the buyer will be contacted for payment after the transaction has been placed. Although skipping a payment gateway can save money in the short term, our research shows that doing so greatly reduces the number of customers who will place an order on your website.
Online shoppers want to know exactly what they are paying for (such shipping) and want to pay and complete the order right away.
If you put obstacles in the way of this (like a downloading order form or suggesting you’ll call them for credit card information), you’ll usually find the customer will simply go somewhere else.
There are three main types of payment gateways when it comes to accepting payments.
Gateway for Manual Payment
A manual payment gateway is a device that safely stores the purchaser’s credit card information for you to manually access and use using a device like an eftpos machine. Although manual payment gateways are typically the least expensive, you must manually process each payment, which can become a burden if you process a lot of transactions every day.
You need a merchant account with your bank and authorization from the bank to process credit cards without a signature in order to use a manual payment gateway. In order to process the payments, buy Stripe account will also require access to a facility like an eftpos machine or online processing method.
To arrange this, you need contact your bank. Then, use a manual payment gateway, such as E-Gateway.
The preferred payment gateway for those just starting out in e-commerce is frequently PayPal. To serve as the payment mechanism for your website, PayPal may be easily implemented. Transactions are handled in “real time,” which means you get the money as soon as a customer inputs their information. One problem with Paypal is that in order for it to function properly with an e-commerce website, your consumers must either be members of Paypal or go through the PayPal sign-up procedure in order to place an order from your website. Another negative is that you must manually transfer money from PayPal to your bank account when you need access to it, which could result in extra charges.
Instantaneous Payment Gateway
The most expert and effective gateway option is the real-time payment gateway.
On your website, payments are processed at the point of sale, and you often get money within a few days.
For websites with significant sales volumes or for people without access to the resources needed for a manual payment gateway, a real-time payment gateway is the ideal option. Many banks as well as independent businesses like Eway or Worldpay offer real-time payment gateway resolutions.
The gateway that best meets your needs should be chosen while creating your e-commerce website.
Do not forget to arrange your merchant facility with your bank if you are not using the Paypal method.
It is usually best to start working on this before your website is ready for launch because it can take a few weeks.
Additionally, search around with various banks because doing so typically results in better discounts and interest rates.
Starting an Ecommerce Web-site? Selecting Best Payment Gateway