More people prefer to shop for goods and services online in the contemporary digital era. This also led to the growth of online payments as people started making prepaid orders on online platforms. To facilitate a seamless online payment experience, you need to have reliable payment integration. In addition, it should be dynamic enough to accommodate different payment methods for customers. Choosing the right payment integration platform can be tricky. It requires comprehensive research and planning by the business looking to add payment integrations. Read on to learn more about payment integrations and key factors to consider while adding one.
What is a payment gateway?
A payment gateway can be explained as an online payments service that can be integrated with an online platform to allow users to make payments online. The customer can choose to pay with a preferred easy online payment option, including debit/credit card, digital wallet, UPI, etc. Once the customer completes the payment, the business will receive it in their respective account. Payment gateways play a crucial role in approving online transactions between merchants and customers. Payment gateway services can be provided either by banks or another payment service provider approved by the bank.
6 Things to know about payment integrations
Here are some essential things to know about payment integrations before you choose for one.
1. Be mindful of the processing speed
One of the most important things you need to find out is the processing speed offered by a payment gateway. Payment gateways certainly make it easier to capture payments from customers. However, one should be mindful of an important factor while choosing a payment gateway or integration. It is the processing speed. How long does it take to transfer money into your bank account from the customer’s? Besides this, you must also focus on delivering a great customer experience by allowing them to make payments quickly.
2. How secure is the payment integration?
Another important thing that you need to consider while choosing a payment integration is the level of security offered by your service provider. While making online payments, customers have to add confidential payment data, which can be easily exploited. You must work on finding a payment integration that can deliver a secure user experience to those making online payments. You must look for the PCI-DSS certificate of the payment gateway as it offers anti-fraud protection.
3. Learn about the service agreement and fees
Learning about the service agreement and fees is a preliminary step in choosing a payment integration. Many services and fee-related agreements need to be adhered to by the business and the service provider. Learning about the fee structure of the payment provider is vital to avoid any complications later. Typically, the pricing strategy considers multiple factors such as sales, consistency of revenue, types and frequencies of transactions, etc.
4. Dashboard and analytics
Another important thing to consider while choosing a payment gateway solution is the dashboard and analytics features. Data is the real deal in the digital era, and you can make insightful decisions for your business using the same. The dashboard and analytic section of the payment gateway solution will provide you with insights about how your customers are making the payments, their downtime issues, etc. In addition, it can assist businesses with RFM analysis of potential customers, locations, payment modes, etc.
5. Ease of integration
How easy is it to integrate a payment gateway with your website? This is one of the most important questions you should ask before choosing a payment integration. An easy integration process that doesn’t require a long time can help set up the system quickly. However, some payment integrations might require coding knowledge and a team to monitor the payments. It might be suitable for big businesses looking to process a large volume of transactions each day.
6. Fund management and success rate
What is the percentage of success when collecting payments from customers online? This is an important question to ask before finalizing a payment integration solution for your online website. High downtime can reduce the success rate, impacting your revenue in the long run. It also leads to a bad customer experience that can damage the reputation of your business.
These are some of the most prominent considerations that you must be mindful of while choosing a payment integration solution.
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