eCommerce sales are estimated to make up more than $6.5 trillion by 2023. This will represent 22% of global retail sales. Thus, it’s no wonder that the interest in payment gateway and merchant account providers is growing rapidly.
Choosing Payment Gateways & Merchant Account Providers
In 2020, global retail eCommerce sales increased by 27.6%, thus reaching a total of $4.28 trillion, as eMarketer reported. The growth was largely driven by COVID-19.
The need for payment gateways is on the rise. A payment gateway is on the hook for connecting your online store to your bank or other financial services, accepting and validating card or bank information over the internet so purchases can be completed. To choose the right payment gateway for your eCommerce business, you should pay attention to several essential factors, such as:
- Compatibility
Make sure the payment gateway is compatible with your shopping platform and eCommerce marketing automation solutions.
- Fraud Prevention
To protect your eCommerce store from fraudsters, you should get a payment gateway with proper security standards certification, such as PCI-DSS.
- Costs
Look at the offered payment plans and fee structures. Make sure there are no extra costs to you or your customers.
- Simplicity
The simpler the checkout experience, the more customers you can retain. Choose a payment gateway provider that offers a guest checkout option so customers can stick with you until completion.
- Convenience
Apply for a payment gateway that guarantees convenient operation for both your customers and you. Makes sure you can customize the user experience. See whether the payment gateway reflects your business with fonts, logos, and colorways. Also, find out whether it has an automated receipt email once the transaction is complete. Finally, make sure you can use advanced shipping notice once the goods are being shipped.
- Streamlined Experience
Go for a payment gateway that guarantees a streamlined experience from browsing to completion. This is important for keeping customers on your site so they won’t get redirected.
By working with a payments comparison expert, you can easily choose reliable payment gateway merchant account providers to work with. When turning to a comparison specialist, pay attention to whether the company is particular about terms, integration, and complaints.
Picking the Right Payment Gateway for Your eCommerce Business
A reliable payment gateway is critical to the success of your eCommerce business. With the right payment gateway, you can enjoy ease, speed, and security for your transactions and fight the growing competition in the market.
Author Bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant account providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
