Just opened the online shop, the second thing we worried Payment gateway
\”? First, of course, we are ready for our products. Because we are engaged in customers’ business, we need to accept cash or online payment. Now, when digital payment methods are so generally and account for 70% of all transactions, choosing the correct payment gateway may be a wise business decision.
For anyone who does not know what the payment gate is? Let us start with the rapid introduction of the term.
Payment gateway
: Any payment gateway allows sellers to accept customer payment on their website. They provide a security gateway to the transmission of customer information to the banking institution.
Merchant Account
: Merchant bank seller account. Merchant banks accept customers’ payment and deposit them into merchant accounts.
Payment method
: This is the way any customer chooses to pay products and services to the seller. Some widely used payment methods include credit cards or debit cards, online payment services, bank transfers, goods delivery, checks and bills.
Typical payment method
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123] The factors to be considered when selecting the payment gateway
There are many payment gateways on the market. Everyone has some special things to provide. Our choice of payment gateways should be based on our business needs, risks we are willing to bear, and our growth strategy. Here are some factors that need to be considered:
Available
Because our goal is to have a barrier -free gateway suitable for our business model. We will choose a payment gateway that allows us to create a very simple, fast and user -friendly payment scenario for our products or services.
No one likes to fill in the lengthy table and requires less information. Any inconvenience during the transaction may cause almost 70% of the time to abandon the shopping cart.
Reasons for the abandonment of the shopping cart
Therefore, the payment form that is safe, easy to use, quickly fills in and provides valid message transmission is closely related important. The appearance of the payment method is not only decisiveTo determine our conversion rate, we can also make our buyers have lower or higher trust.
The main points needed: The simple appearance of form.
The simplicity and transparency of the gateway.
The transaction occurred on our website or was redirected to some third parties.
Custom features or messages.
PCI compliance
We should check whether the gateway to accept, process, store or transmit credit card information maintains a safe environment.
The PCI Security Standard Committee (SSC) defines the \”cardholder data\” as a complete main account (PAN) or a complete PAN and any of the following elements:
Name
Deadline
Service code
SSL certificate cannot protect the web server from malicious attacks or invasion. High guarantee SSL certificates provide the first layer of customer security and guarantee, as shown below, but there are other steps to achieve PCI compliance.
PCI
They should ensure the protection of sensitive authentication data, including complete magnetic stripe data, CAV2, CVC2, CVV2, CID, PIN, PIN blocks and other data. Read more information about the PCI guide.
Classic or modernized gateway
] Classic gateway type : These gateways require merchant accounts to directly associate with banks. This makes the transaction process rapid. In addition, the transaction costs are very low compared with modern types of gateway. This type of gateway is most suitable for large -scale enterprises with a large amount of daily transactions. But for small companies, this may be a problem. Classic gateways need to be set up for a long time, low integration flexibility with API, and merchant accounts. Some popular classic gateways are Authorize.net, WorldPay and 2Checkout.
Modern type of gateway
: This type of gateway does not require us to have a merchant account. Compared with classic types, its settings are easier. But the transaction fee is higher than the classic type. This type of gateway redirects the customer to the payment site. If the redirection is compared withSlowness may lead to a decline in our transformation costs. Some popular examples of modern gateways include PayPal and Stripe.
Available
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If our payment gateway allows us to choose the country/region we want to sell, it is great. The gateway should cover most of our target customers. We should be sure that our gateway includes the consideration of our future business expansion.
Before making any decision, we should also understand different markets and their preferred payment methods. We should also consider which service providers dominate the market and have the most users. Because this is not just entering the market, but the success of the needs of these customers.
Host
The two ways to host any payment gateway are:
Different places may be used for hosting
Integrated gateway
Different places
This type of gateway redirects customers to them to them The platform. Once the customer is regained to the host site for verification, transactions will occur. The biggest advantage of this payment gateway is that off -site providers are fully responsible for any PCI compliance and data security. However, this type of processor is not very popular in a few countries in the world. This makes it difficult for us to understand the user’s views on such gateways. However, we do know how to redirect customers to different websites, no matter how trusted it is, many of our customers don’t like it.
Comprehensive gateway
This will be our online store Connect with the prepaid API provided by the gateway service provider. This integration helps our customers to complete the transaction from our site. This ensures a smooth and seamless purchase experience for our customers.
Here, we need to choose any specific integration. Because their ability in perfect integration may be very limited. We may need to customize the gateway so that they can integrate in an appropriate way.
You can find the highest quality payment integration service provider, for example:
PA’s PA of WoocommerceYPAL Express Checkout payment gateway Stripe payment gateway plug -in (credit card, debit card, Alipay, Bitcoin, Apple Pay)
In WebToffee. Integrated APIs in all countries/regions around the world support almost all card types.
Innovative development partners like XADAPTER, you can always add a wide range of additional additions Features. You can add the functions of cross -sales or \”remembering me\”, multi -language checkout, one -click sale (allowing the backer to click to make payment functions) and other functions to their high -end integrated APIs. Adding these features can of course increase sales and profits.
Safety/Fraud Protection
Woocommerce store can easily become online payment fraud and currency differences events Target. Because merchant accounts and customers and their financial information need to be safe. Take action for security is the common responsibility of users and service providers.
Therefore, while ensuring the security of the payment gateway, we should ensure that all data encryption, Verisign SSL certificate and CVV2 verification, and any other related addition algorithm are synchronized with our service providers. We should also ensure that service providers provide fraud protection and provide anti -fraud systems with the initiative to refuse to pay.
token technology is the next level of security. We can use it to replace the card position with meaningless numbers to prevent the fraud from deceiving our website. Adding this technology to our website can help us protect our loyalty and prevent card abuse.
I believe
We hope that our customers think that we are a real store, And care about the security of their financial vouchers. This needs to accept payment from a wide range of service providers. This is because there is an inconspicuous bank account, and the credit card/debit card option will have a negative impact. It reduces the trust of any buyer.
With more payment options, not only can increase customer trust, but also allows us to contact buyers using different types of payment options. For example, Authorize.net Payment Gateway will bring Visa, MasterCard, American Express, Discover, JCB, Diner \u0026#39; S Club .
In addition, in addition 59%of all transactions in 2017, our payment gateway must be able to handle this diversity.
speed
No need to emphasize the necessity of rapid execution of transactions. Any lag in the transaction will cause our customers to doubt. This directly hit their trust in us. The next lagging leads to abandoning the shopping cart.
Because the speed of transaction is important for our customers; we should avoid the unnecessary ability of the gateway to complete the transaction quickly, allowing customers to hang out.
Although it is difficult to test, speed is an important consideration. Find comments and other reputation factors to determine actual performance. Of course, reputation is essential for many other factors such as support and stability, as is our due diligence.
cost
Before receiving any service, we need to understand and understand the charging structure in advance. Then we should choose the easiest to understand and the easiest to execute. Since we involve our money, we should not have any accidents or lack of trust.
Sometimes we will be excited because of the highly competitive costs on the paper. And may think that this is the fee we will eventually pay. Unfortunately, some payment gateways charge additional fees to certain services, or when we meet certain conditions (such as local traffic, the minimum transaction volume required, or refer to only one currency), they will display the cost.
Here is a quick reminder!
Do not believe the charging structure on the paper on the paper.
It is ensured that there is no hidden cost and the pricing policy is transparent.
Asked and confirmed everything before integrating our store.
Record everything in the case to avoid paying more fees due to paymentAnd unpleasant accidents.
We should clearly understand any expenses mentioned below:
Establishment fee,
monthly rental fee,
Register Cost,
Processing fee,
Transaction fee (success and rejection),
refund,
refund fee,
Book
and any other expenses, according to certain situations.
Evaluate our business scale! Evaluating the overall cost of our business is also an important factor in choosing a payment gateway. What is the average transaction amount? How much transaction volume do we expect? How stable will it be? We attach importance to the simplicity of integration/operation or reduce costs? What additional services are we looking for?
Therefore, we may choose a higher fixed monthly fee, but the transaction cost is lower, otherwise That’s true. We may choose a variety of advanced services or the lowest cost -free system. By thinking about these issues, we will formulate a strategy to obtain a pricing model that is most suitable for our needs.
Fortunately, we have a variety of excellent choices to choose from in the payment gateway.
Receive funds
Most service providers claim that they will transfer funds to our merchant account within 3 working days. Bei Bao deposit in a few minutes. Now, this time period will change, but we have the responsibility to consult the person who is already using such gateways and choose the most consistent one.
We should know the payment schedule. if so. Any such timetable must be perfectly consistent with the situation of our payment for suppliers. Any gap in cash flow is what we don’t want to see the most. The gap will have a different impact on all levels of our business process.
Customer support
Looking back at our annoying feeling when online banking, and we want to be with The time for someone to talk, not an automatic response or common question answering. We waste time, lose our direction, and upset. We don’t want this. Do we want it? Automation has its limitations, but also has its advantages.
Therefore, please select the service that responds fast and can quickly solve all problems. This is important because payment processing is essential in each e -commerce business. Sometimes there is no need to provide 24 × 7 services at all. But the important thing is to have the place we needThere is service.
We should know where to seek support, because we can’t wait a long time to get a reply. Any good payment gateway should refer to a customer manager to prevent any help.
End comments
Integrating our online store into the correct payment gateway is undoubtedly an important business decision. The speed and reliability of transactions and service providers will determine our future customers’ views on our business. Fast and reliable gateways ensure the success of our store.
In addition, payment technology is developing rapidly, so any research we do will always help determine our business direction. The provider may not be the best choice over time. Because it requires time and work. So choosing a smart gateway is basically good, it can be quickly adapted.
Finally, after selecting the payment gateway, we should understand all legal restrictions that affect our enterprise. For example, we need to conduct extra identity inspections on customers, when they surpass a certain limit in China to continue using the account. In addition, if the account type or account owner has a high risk of money laundering or terrorist funds, then it needs to conduct a strong due diligence (EDD) in Canada.
Therefore, we should spend time, do some research, and follow the comments from ordinary customers. Of course, this is boring, but it is worth spending time and money.
If you use Woocommerce as your platform, find the best payment gateway integrated API from our product page. Contact our online support for pre -sale consultation. Publish a comment at any time, we are happy to reply to your question.
Therefore, the payment form that is safe, easy to use, quickly fills in and provides valid message transmission is closely related important. The appearance of the payment method is not only decisiveTo determine our conversion rate, we can also make our buyers have lower or higher trust.
Before making any decision, we should also understand different markets and their preferred payment methods. We should also consider which service providers dominate the market and have the most users. Because this is not just entering the market, but the success of the needs of these customers. 
