Whether it is due to a wide variety, better cost, or accessibility, more folks buy things online than in person. Consumers are still afraid of the drawbacks of paying for products online, regardless of the rapidly increasing number of internet consumers. People are still apprehensive about providing data such as credit card info to online vendors.
If you own an eCommerce store, delivering a solid, trustworthy, safe, and seamless online shopping experience will entice and gratify your customers. The first step is to set up your ecommerce payment options or gateway.
Steps to Set up an eCommerce Payment Gateway:
A payment gateway is a digital front-end aspect of processing payments that connects your company’s financial instruments with the financial instruments of your users during a transaction.
The user’s banking firm, on the one hand, must approve or disapprove the transaction. Your merchant account and payment service provider (PSP), on the other hand, require this information to complete the transaction and receive the money transfer. Your payment gateway is in charge of coordinating all of these variables involved.
Here’s how you can set up your payment gateway:
- Start a Merchant Account: A merchant account is a sort of company account that allows you to add various payment options, including credit cards. After online transactions are processed, money is deposited in your merchant account, which you can transfer to your desired bank account.
It benefits from possessing a complete set and ready merchant account to build a payment gateway, as this will be the final stop for payments from successful transactions.
- Pick a Payment Service Provider (PSP) to Work With: A payment service provider supports the financial operation on the back-end, transmitting financial data across all the necessary components.
At the same time, the gateway serves as the front-end of electronic payments for a transaction (i.e. the UI that buyers directly engage with). You should first establish a PSP before developing a payment gateway for your website visitors to use.
- Choose Between a Custom or a Standard Payment Gateway: You can design your own payment gateway (custom) or work with a third-party provider. Custom designs may be able to accommodate a wider variety of your specific requirements while also saving you money on transaction fees. It may, however, be expensive to develop and manage.
Although a standard payment gateway is easier to set up, make sure it includes all of your required functionality. Some may even have PSP functionality, saving you time during installation.
Stripe, Authorize.Net, and PayPal are among the sector’s top gateway providers. If you want to accept payments on your webpage, make sure you tick all of the boxes on the list below.
The Following Are the Most Important Features for Accepting Payments on Your Online platform:
- Layers of Authentication and Login: Visitors who have opened a profile with you want data security assurance, even if they forget their password. Before you reinstate their login details, set up numerous authentication stages to give them a sense of security; if a consumer forgets their credentials, your site could ask them to answer a series of security questions prior to sending a password reset email to a predetermined account.
- PCI DSS Compliant: The PCI Security Standards Council (PCI SSC) establishes a set of Data Security Standards (DSS) that apply to all vendors, regardless of their turnover or credit card transaction volume.
You must maintain PCI compliance at the statutory compliance threshold, based on any card transaction volume over twelve months if you host and administer your own eCommerce website. PCI compliance is embedded into most SaaS shopping carts.
- Payment Processor Integration: Suppose you run a relatively small website and have a limited volume of transactions. In that case, ecommerce payment options like Google Pay, Stripe, PayPal, and Amazon Pay may suffice, but it’s far better to integrate a payment process natively into your online platform.
An integrated payment system that processes your visitors’ data on your server provides more versatility and customization. Plus, your consumers will have a lot better user experience.
- Option for Mobile Payments: Today’s buyers do not buy majorly from their computers. They prefer to shop from their phones; therefore, your payment system must be secure and straightforward for mobile users. You may need specialized features to accept transactions on iOS and Android if you run a smartphone application.
Summing Up:
Even if all the technicalities can be overwhelming, starting an online business is exhilarating. You will be well on your way to completing eCommerce transactions like a boss with some forethought and sticking to the pointers mentioned in this guide.
