5 Things To Look For In a Payment Gateway
Payment gateways are merchant services e-Commerce stores use to enable online transactions. A payment gateway allows merchants to receive payments from their buyers’ accounts safely and swiftly. While most online stores are particularly concerned about their website, branding, and content, choosing the best payment gateway in India adds to the overall customer experience and security.
India’s active internet user base was 622 million in 2020, which is expected to reach 900 million by 2025. Since it will automatically increase the number of online shoppers in the country, payment gateways will enable online businesses to take advantage of this multi-fold growth. So, how a company can choose a gateway best suited to its needs? Find some practical things to look for while making the final selection.
- Integration
Online payment gateways never function independently. They are a part of a broader infrastructure, including multiple financial institutions, payment processors, credit card providers, and other entities. Therefore, one crucial thing to check is its integration with various platforms. If the gateway integration does not work well, the payment process becomes glitchy, thereby increasing the cart abandonment rate. A robust payment gateway with seamless integration ensures a flawless user experience at each step.
- Device Compatibility
Depending on the business type and products sold, an e-Commerce website may receive different visitors from various devices. The best payment gateway works with all payment processors in India on most devices. The gateway should not get buggy when users access it on different platforms. Before selecting a payment gateway, check how it works on different devices, platforms, and operating systems.
- Security
Security is of paramount importance when it comes to accepting payments online. The payment gateway should meet the PCI-DSS standards while processing payments online. P2PE is an ideal method to protect customers and merchants from online fraud, as it is tested rigorously to minimize risk and breach. Ensure that the payment gateway is PCI compliant and certified since it will protect the company from credit card fraud. At the minimum, the gateway should encrypt transaction data, verify addresses, and configure security codes while checking transactions.
- Supported Payments Methods and Currencies
Digital payments are no longer limited to debit and credit cards. It’s imperative to give customers multiple payment options, such as e-wallets, UPI, net banking, etc. The best payment gateway in India covers most payment methods, giving customers the flexibility to pay using their preferred mode.
Since the internet can make an e-Commerce business accessible across the globe, it would be of no use if the payment gateway accepts payments in one currency only. So, choosing a gateway that accepts payments in multiple currencies without separate API integrations would be a bonus.
- Speed
The payment gateway should process payments as fast as possible to maximize user experience. Besides that, it should quickly secure money in the merchant’s account with minimal downtime and loading speed.
These are a few crucial factors that one must review to select the best payment gateway in India. Thorough research can help a business owner decide which gateway best suits their specifics and offers convenient features for better transaction rates and enhanced customer satisfaction.
