How To Choose The Most Suitable Payment Gateway For Your Online Store?
In an e-commerce store, one of the most significant part is played by a payment solution that collects and processes payment information. When you are setting up an e-commerce store, it is essential that you deploy a payment solution which along with safety, serves your e-commerce needs perfectly well. Therefore, while choosing a particular payment solution for your online store, you must consider the following features:
Hosted or Non-hosted: A hosted solution, as the name suggests is hosted by the payment solution while a non-hosted solution requires the payment processing to be handled by the merchant. The former redirects the customer to another page for collecting payment information while the latter collects the payment information on the merchant’s site. The former holds the disadvantage of no room for customization of customer experience. The latter holds the disadvantage of the online store owner having to take responsibility for PCI compliance.
Currency Support: As an e-commerce venture, are you targeting international markets? If yes, then, you must choose a solution that supports currencies of your target markets. For instance, if your target market is very huge, then a solution such as Stripe can be useful as it supports transactions in 135 currencies.
Country Availability: Is the payment solution that you wish to deploy available for use in your country? You may like the features of a particular payment solution but it is highly possible that it is not available for e-commerce ventures based out of your country. For instance, the popular payment solution, Stripe, is available in 25 countries while its counterpart, PayPal, is available in 202 countries. Thus, while choosing from either of the popular gateways, it is necessary to see if it is available in your country.
Types Of Cards Supported: It is important to know the types of cards that a payment solution supports. You must ensure that the gateway chosen by you supports those cards which are mostly used by the customers of your target regions.
Platform Compatibility : Is the payment solution compatible with your e-commerce platform? For instance, if you have a Magento store, then you must select a solution that is compatible with the deployed Magento solution.
Costs: A payment solution can charge set-up fees, monthly maintenance fees and additionally, can cut a percentage of every transaction that takes place on your online store. Thus, you must choose a gateway that suits your budget and matches your online store’s requirements.
By considering the aforementioned parameters, you can select the most suitable payment solution for your store. Additionally, you can avail payment gateway integration services for the deployment of your selected gateway into your online store.
The author takes a keen interest in the space of e-commerce website development. She is closely associated with a reputable company that along with other Magento services also offers Magento Payment Gateway Integration Services.
