For every business in the world, “sales” is the name of the game, and that means money is involved in ensuring a seamless customers’ purchasing experience becomes imperative. One of the most critical aspects of creating a seamless experience is the checkout experience. Now, if you’ve landed here, then it’s safe to assume that you already have a beautiful website along with quality web hosting.
We here at Zed specialize in providing comprehensive payment orchestration solutions for multinational businesses, and that means we know how you can optimize your checkout process. If you want your business to have sustainable growth, then you need to address the checkout optimization aspect. According to Zed Founder and entrepreneur Alan Safahi, the goal is to ensure the checkout process is streamlined and straightforward.
Once you achieve that, you’ll be inviting customers to, well, show you the money. The most vital aspect of ensuring a seamless checkout process is integrating the best payment gateway service provider. It’s a third-party application that provides an easy-to-use tool for processing payments from sales. So what is a payment gateway? How does it work? Those are all the questions we will address in the following passages and list out some of the best payment gateways you can integrate. So without further delay, let’s begin!
Payment Gateway Introduction
Around 96% of Americans shop online, which is expected to grow up to 230.5 million people in 2021 within the US. And that means smarter customers who already know and understand the basic steps of the e-commerce shopping experience. The online buying process for most of us is muscle memory. All you need to do here is browse, pick a product, add to the cart, hit the checkout. However, according to Safahi, for that to happen, you have to make sure you provide an outlet that allows your customers to pay for the product or service securely. And ensure that the payment is fully processed; the payment gateways handle all that.
It basically acts as in-between services, and processing inputted information provided during checkout and facilitating the authorization or fulfillment of payments made for e-businesses and online retailers. And payment gateways aren’t only limited to online businesses. You will find them at brick-and-mortar establishments as well. However, if you are still not convinced why payment gateways are so important, let’s check out why you need them.
Why Use A Payment Gateway?
Well, you need a payment gateway because they take charge of purchasing’s tricky tasks like encrypting sensitive info from credit card payments. While also helping you meet specific standards for data security, ensuring safe transactions between you and your customer. That’s not all. The third-party integration also saves you a lot of time and work because it removes the need to input info received on your end manually. Add to that the flexibility it offers business by being able to process different types of payments.
Remember, flexibility is helpful as it increases the likelihood of sales by widening accessibility for customers with various payment types. Besides, it would help if you offered a wide range of payment options, as people vary in how they pay for products. One Baymard article states that lack of payment options is one of the leading causes of cart abandonment issues. So now that you know what payment gate service is and why you need one, let’s talk about choosing the best payment gateway service for your business!
How To Choose A Payment Gateway Service?
According to Safahi, the right payment gateway will take your business a long way but finding the best fit for your business might seem overwhelming if you don’t know what you are looking for. As a general rule, it is always best to evaluate the individual features of each before choosing any third-party tool, and your choice should be based on the needs and capabilities of your online store. When it comes to finding the best payment gateway service, there are five main factors to consider, and that’s what you will find in the following passages. So without further delay, let’s check them out!
1st Factor: Security
Well, in the online business world, security is paramount. No one is going to fork over sensitive financial information to an e-commerce store that looks shady. Therefore, you need a reputable payment gateway that provides safe checkout experiences for your customers.
One of the most powerful tools for online businesses is displaying security signage. According to one article from Cox BLUE, more than 80% of customers feel safer seeing logos of trustworthy payment options on a website. Therefore, we recommend going with a payment gateway that handles your customers’ delicate data with care and if you can ensure that they stick around.
2nd Factor: Costs
You already know that when choosing any service, you need to know all the associated fees and costs, and it is especially true when selecting third-party tools like payment gateways. In addition, you will need to pay transaction fees for your business. So make sure you pay attention to your gateway’s costs and make sure you have the necessary research on hand before integrating it into your site, so you’re not slammed with surprise fees.
3rd Factor: Accepted Payment Methods
Remember, the internet is all about ease of use, so the easier you make it for your customers to make purchases, the more likely it is that you will make them. You need to make sure the payment gateway you choose incorporates a wide variety of payment methods. That way, you will be widening your “sales net.” According to Bounteous, 50% of customers say that they will move away from a brand if they don’t find their preferred payment method.
You can easily find out the most popular payment methods amongst your customers with the help of your site’s analytics. You can use the data to observe what countries have shoppers visiting your e-commerce website as preferred payment methods may differ by country. One study found that 40% of people feel more comfortable shopping from a business that offers multiple payment methods. So keep that in mind.
4th Factor: Compatibility
Another important factor when choosing the best payment gateway means finding one with the capability to integrate to your current platform from a technical and design standpoint. Make sure that you don’t choose one that takes an over-abundance of messy tricks to incorporate smoothly into your existing structure. There are plenty of different payment gateways out there that offers a wide range of services. Many can even be customized to match your site’s feel; We recommend choosing one gateway tool compatible with your brand.
5th Factor: Payment Location
So as you know by now, some payment gateways allow customers to complete a transaction within the checkout processes of the website. While others lead users to another site to finish their purchases. There are payment gateways that provide an API that incorporates directly into your site. However, others incorporate directly into your site.
Whenever you choose a payment gateway service, make sure it promotes the best user experience for your shoppers. Remember, once the customers trust your site, they might not mind the extra diversion, so now that you know the factors that go into determining the best payment gateway. So now, let’s tell you about a few of the best payment gateway solutions out there to make your life easier.
What Are The Best Payment Gateways?
Now, finding the best payment gateway solution amongst the hundreds out there can be overwhelming, and that’s why you should use those factors to find one that meets your need. Remember, 46% of cart abandonments happen at the payment stage of checkout.
So if you aren’t outfitted with a smart payment gateway, you are looking at lost sales and maybe even long-term harm to your brand. So to make sure you take into account those factors we’ve listed. Now, to make things easier for you, the research team here at Zed has compiled a list of some of the best payment gateways available right now. So let’s check them out!
Amazon Payments
The e-commerce giants created Amazon Payment. It helps build a trusted and familiar way to submit payments on your site. Here are some features of Amazon Payment: It has eliminated the learning curve for checkout processes and draws from the technical strength of an established platform. Back in 2016, Amazon reported that there is 310 million active customer account. Now current Amazon login information, Amazon Payments gives shoppers a simple, familiar way to make purchases.
By being available, it offers shoppers a simple, familiar way to make purchases. Since it is an API-driven payment gateway, you can easily customize Amazon Payments into your site’s existing look and feel. You can simply add a free plugin and be on your way. Add to that the transactions are completed on your site. It is one of the best payment gateways for responsiveness, and it has mobile capability upstanding critical for users as 79% of smartphone users have made a purchase online using their mobile device.
Originally Posted: https://zed.network/simple-way-to-choose-the-best-payment-gateway-service-providers/
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