We do not doubt that your eCommerce store is flourishing in delivering its customers an online shopping experience that is functional, safe and simple – but your competitors aren’t taking a rest and neither should you! Many are investing a lot of time, energy and money into eCommerce payment gateways that make their shopping cart solution more attractive, convenient and secure. To make sure you stay ahead of the competition in the 2023 eCommerce game, it’s essential to know which payment gateways are leading the race today and where they’re heading tomorrow.
Payment Gateways: What should you Take Into Consideration?
When choosing a payment gateway, several factors should be taken into consideration:
Security
How secure is the payment gateway? Does it use strong encryption and other security features to protect customer data? Data encryption and privacy is pivotal in the age of eCommerce. A single data breach could cost you your customer base and your business’s reputation, so be sure to invest in an eCommerce payment gateway that’s robust in its encryption.
Speed
Is it fast? Can it handle high-volume transactions without slowing down or causing errors? Customer want a fast, seamless shopping experience and if they’re endlessly waiting for pages to load, they’re going to get impatient and click away. And it will be near impossible to win them back once this happens, so make sure your payment gateway has a speedy loading and resolution time.
Ease of Use
How easy is it for customers to make payments using this gateway? Does it require them to register an account before making purchases? If so, how easy is the registration process? During registration, do they need to provide sensitive information like their social security number or bank account number?
The more accessible these steps are for customers, the better chance your eCommerce store has at driving sales and creating rock-solid customer relationships.
Noteworthy Payment Gateways for 2023
Stripe
Stripe South Africa is one of the most popular online payment gateways in South Africa. It’s easy to set up, has excellent customer service and has some handy features.
However, to customise Stripe as your payment gateway, you need to have a solid technical background or hire a developer due to its API (Application Programming Interface).
Paypal
Paypal is one of the most recognized payment gateways. Most people have heard of it, and it’s easy to set up. It has excellent security features and is accepted in over 200 countries worldwide.
Keep in mind, though, the chargeback fees can be pretty high, and your customers are subject to account suspension at any moment in time. This means that if their account is suspended for some reason, funds could be frozen for months.
Yoco
Yoco offers its own payment platform that is both secure and flexible. It allows you to accept payments in more than 100 different currencies, including Bitcoin and Ethereum.
Unfortunately, Yoco is only connected to WordPress and WooCommerce, which could hinder your store’s ability to reach far and wide.
Payflex Could Be Your 2023 Gamechanger
Announcing the underdog of the story! Payflex is more than just a payment gateway; it is the middleman between creating powerful and honest customer relationships. It is as flexible as the name entails and is aimed at the younger generation of shoppers, who are drifting further away from credit and arriving at the shores of interest-free shopping trends – which are expected to grow by $4 trillion by 2030.
How it works is simple:
Payflex offers your shoppers a Buy Now Pay Later service. This means that when they purchase one of your products, we pay you, and they pay us back in 4 instalments over 6 weeks at 0% interest. It is purposefully designed to grow your customer base, drive sales, and increase cash flow while keeping you risk-free.
Payments Gateways Are an eCommerce Necessity
Bridging the gap between customers and businesses is paramount to success in the eCommerce business. Payment gateways play a crucial role in helping you with your 2023 eCommerce game. So, armed with this information, tap into exceptional payment gateways like Payflex, and take your eCommerce store to a league above the rest! For more information on payment solutions, take a read through this article on the right payment solutions for your online store.
