Gone are the days when businesses depended entirely on bank transfers and cash on delivery. With the onset of ecommerce today, it has become essential to accommodate digital payment options for transactions. However, selling online comes with a great responsibility of ensuring a secure and hassle-free transaction process that fits the needs of your customers.
With the unprecedented growth of online businesses, the payment gateway providers have paved the way for making a more efficient and seamless payment gateway for websites and making them more accessible to your customers. Razorpay, the leading payment gateway for websites, is powered by the cutting-edge integration of advanced solutions, adaptive technology and extensive customization.
In this article, we will give you an extensive list of factors that you need to consider while buying a payment gateway for a website. But before jumping right into it, let’s discuss what a payment gateway is.
What is a Payment Gateway for a Website?
A payment gateway for a website acts as a backbone of the cashless society. In simple terms, a payment gateway is an ecommerce service that plays a significant role in allowing merchants to accept payments through credit cards, e-wallets, and other forms of transactions by acting as a middleman between the business and the bank. Understanding how payment gateway works is crucial for any online business.
Razorpay payment gateways mitigate fraud and ensure customers’ data encryption using advanced tools that detect fraudulent factors in transactions. This leads to a seamless shopping experience for your customers, which impacts their trust and eventually minimizes cart abandonment.
Now, let’s look at several factors that can help you find the best payment gateway for a website.
What to Look for in the Best Payment Gateway for Website?
1. Cost
As a merchant, you always have to invest in things that suit your budget while giving the best services. That is why one of the most important factors you need to consider while getting a payment gateway for the website is the total cost (setup fee, transaction fee, monthly fee) that you will be incurring.
If your business deals in high-value transactions, then ensure to look for a payment gateway for a website that offers low transaction fees and a set amount of monthly fee. However, if you have just started your business, find a gateway payment processing that does not charge the setup fee.
2. Hosted or Non-Hosted
A payment gateway can either be hosted, i.e., the customer is taken to the gateway payment processing website or non-hosted, i.e., your customers will stay on your own website while making the payment.
Both of these payment modes have their own advantages and disadvantages. On the one hand, the hosted gateway reduces the risk of storing sensitive transactional information on your own website; however, it adds another step to the payment process. On the other hand, a non-hosted mode of payment saves customers time and energy while making payments.
3. Security
Although online businesses have been there for a long time now, people still find it difficult to trust ecommerce websites with their sensitive transactional information. That is why providing a secure payment platform for your customers should be prioritized.
Make sure you choose a payment gateway that comes with fraud detection and adheres to level-1 PCI DSS compliance. Razorpay even allows its users to customize their customer’s entire payment experience by integrating their brand logo, color palette, etc.
4. Mobile Payment Support
Most customers shop through their smartphones and tablets today, so it is important to get a payment gateway that can support transactions through smartphone devices as well. This will give your customers the comfort of making payments with whichever device they are using.
5. Easy Integration
A payment gateway is worth considering if it can easily connect with your invoice or accounting software. When an online transaction takes place, the corresponding invoice will automatically update your bookkeeping system. This process can save you a lot of time and effort in making your customers pay with their choice of payment method.
6. Multiple Currency Assistance
In case your business deals with international customers, make sure that your payment gateway service provider gives you the service of handling currencies from different countries.
Experience the future of payments by offering your customers the best checkout experience. Sign up today to collect instant payments with Razorpay.
