As an eCommerce merchant, choosing the right payment gateway for your Magento eCommerce store is one of the most important decisions you can make.
In fact, you could risk losing 42% of their customers if you don’t offer your customers their preferred payment methods. Similarly, almost 50% of customers who can’t use their desired method of payment will abandon a purchase.
The market is filled with a range of payment gateway providers that can be integrated into your website. However, they are not all created equal. Therefore, finding an ideal solution for your business requires you to do your homework. Payflex outlines some of the most important considerations for merchants looking to add a new payment gateway to their Magento eCommerce platform.
Cost is a key consideration, especially for a startup or a small business. Explore and compare the fees that different platforms offer including setup fees, subscription fees, and transaction fees. Your choice will depend on your budget and how you expect your business to perform. It is also important to ensure there are no hidden fees or plan limitations that may force you to overspend.
Safety and compliance must be top of mind when reviewing payment gateway options. Look for a payment gateway provider who takes online security as seriously as you do. Some basic security requirements include card verification value, SSL security certificates, Address Verification System and PCI compliance. You’ll want to partner with a provider who is Level 1 PCI compliant to ensure the utmost security for you and your customers.
3. Location, location, location
Ensure the payment gateway supports the countries and currencies where you not only currently do business, but where you plan to do business in future.
Customer support is often overlooked when deciding on a payment gateway. If your gateway goes offline or you encounter unforeseen problems, you won’t be able to process transactions . This means you will most likely land up losing valuable customers. Therefore, make sure the gateway you choose is equipped to address any interruptions as quickly as possible.
Some payment gateways are easier to integrate than others. It is therefore critical to ensure the gateway you choose can integrate into your Magento platform. In addition, as your business continues to grow, the payment gateway selected must be able to scale to meet your and your customers’ changing needs.
6. Factor in user experience
A positive customer experience should always be your top priority. A significant number of shopping carts are abandoned as a result of the payment process being too complicated. Make sure the gateway you choose offers users a seamless experience.
The bottom line
Choosing a payment gateway is a critical business decision. Therefore, make sure you fully understand your business requirements and take time to properly compare providers before deciding. Your bottom line depends on it!