How to select the best Payment Gateway for your Magento website?
Posted: Mar 30, 2019
E-commerce has offered ample possibilities and the users can now get the desired goods at a single tap on their smartphone’s screen! The advanced development frameworks provide you the best development and payment gateway integration experience, which wasn’t available in the previous development environments.
If you too are about to step into the e-commerce trade through your Magento website, you should better finalize a reliable payment gateway first! It is always a great decision to pick the optimum payment gateway so as to ensure that you get the finest transaction services on your e-commerce platform. Here is a brief guide that would surely help you out in selecting the optimum payment gateway for your Magento e-commerce.
The Need for a Payment Gateway
Most of the people out there aren’t actually sure about the need for a payment gateway and why they need one. This is perhaps the reason why we are emphasizing the fact that you should be aware of the things that can impact the user experience on your website. Here are some of the things that a payment gateway can do for you:
- A payment gateway is responsible for verifying every customer’s details
- Provides a secure way to transfer funds from the user’s bank account to the merchant’s account
- Ensures adequate safety while the transactions are being done
These are some crucial things that you exclusively get from a third-party payment processing system. Here are some prominent ways you can find the best gateway for your e-commerce venture:
Analyze Your Business Requirements
It is crucial for you to research your exact business needs and then make a plan regarding the integration of a payment gateway. There is no point you can consider a classic payment gateway when your business eventually needs a modern payment gateway. Some of the businesses that aren’t immense enough can rely on a hassle-free classic payment gateway that can be easily set up.
The reason behind relying on the classic ones and not the modern ones is the overall charges, which can be quite high when it comes to the modern payment gateways. These modern gateways are easy to integrate but you need to stretch your budget if you need to get any of these. Per transaction, charges are quite high in case of these gateways, which is the main reason that only huge e-commerce platforms rely on them. You can also consider them if you think your Magento e-commerce store is capable of catering huge traffic.
Choose between the Transaction-based Gateway or the Setup-free
There are two payment gateways available that you can choose from. For the ones that are new to the e-commerce; the best option is to consider the transaction-based payment gateway that could further
lend a hand setting up your business. A Magento Developer could help you in integrating the same in your e-commerce venture without any hassle.
These payment gateways usually charge $4 to 5$ per transaction, which is quite justified if you are new to the online trading. Most of the startups prefer these kinds of gateways that don’t demand annual setup charges and charge on the basis of the overall transactions. You can explore the internet to find the available options when it comes to per transaction-based options.
On the other hand, the setup-based gateway is the best option for the ones that have a great revenue model and require an adequate gateway to manage the transaction in huge quantities. In this option, the merchant account needs to be created where the payments are transferred. You can always get benefitted from these gateways that charge annually where you have an unlimited number of transactions that can be carried out without any hassle.
There are several options when it comes to picking the optimum one for your business needs. It would be a wise decision to perform a general comparison between these service providers. This would again help you in getting the best out of your investment.
Always Consider the Reviews
Reviews and ratings play a crucial role when you are on a hunt for the optimum payment gateway for your business needs. This simply means you have to do some research on the internet to find the best in the class gateway that can cater your exact needs. The forums available over the internet help you in getting the right information about the particular service provider.
The ratings available over the third-party websites are quite helpful in analyzing the market repute of a company on which you can rely to the fullest. So, you just need to explore the market and pick the one that meets your exact requirements and offers you the desired services without burning a hole in your pocket.
You can always Switch Your Payment Gateway
Most of the people are unaware of the fact that they can actually switch their payment gateway after a certain period of time. If you are not satisfied with the type of services that you are getting from the service provider, you can move to the others without a second thought!
There are numerous businesses that change their website’s payment gateway when they get some better deal or the type of services they are expecting at a better price. Just compare the services and the prices to know whether you need to stick to your current service provider or need to change.
These are some aspects that help in making a wise decision whenever you are seeking the best payment gateway for your business needs. The e-commerce stores built in Magento could be easily customized and it won’t be a bad decision to get professional services if you are facing some issues with your current payment gateway.
As an Android App Developer, I have developed numerous android apps for different nature of businesses with advanced tools and technologies. As a result, I come to know the key components of success for the different projects.