10 Key factors to consider while choosing a payment gateway

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Every business owner needs to secure a system to receive online payments from his e-store. It is essential to charge every customer’s digital payment instruments securely through a safe and well-integrated payment gateway. An easy-to-use payment portal that is user-friendly for all kinds of users, from Gen X to Gen Z, can do wonders for a business. However, the market is full of service providers offering payment services with similar benefits. How can an online merchant find the most reliable and suitable service provider for his e-store?

The features and benefits of different types of payment gateways lay a picture of how well they will serve an online business. An owner must consider these factors in detail to analyse the suitability of a payment gateway for his business. A business owner can attract and retain customers on the grounds of offering easy and secure payment facilities. Read on to discover all the key factors to consider while choosing payment gateways. Also, analyse how all these features justify the services offered by Cashfree, one of the leading payment gateway service providers in India. 

A business owner must be well-informed about his options before saying yes or no to any services! 

Choosing A Payment Gateway: List of Considerable Factors 

Business owners must be skeptical and rational when it comes to choosing one of the best payment gateways. The list of the factors that will help them along the process includes the following items. Go through each aspect to chalk out what an ideal payment gateway must look like! 

#1 Payment Fee Structure 

First things first, considering how money can be a primary concern for every business owner, one must get the fee structure of all the leading service providers. Payment gateways charge a certain amount of transaction fees for different kinds of payments received through the portal. One must get the list that classifies all these fees and other charges associated with the integration of the gateway. 

#2 Multiple Currency Acceptance 

The pace at which the e-commerce industry is booming makes it obvious for business to expand their reach to customers. If a business owner wishes to sell products and services internationally, he must ensure a payment portal that accepts all kinds of currencies, including Indian rupees. 

#3 Easy Checkouts On All Devices 

Customers mostly use their smartphones to browse online stores and make a payment. The payment window must perform well on all kinds of devices. The checkout portal must be adaptable to every device, irrespective of its configuration. 

#4 Recurring Bill Payment Support

The recurring billing service helps a business owner set an automated billing cycle for their customers. Companies that offer monthly payment plans must have this service available on their payment gateway! Therefore, one must go through the terms of this service! 

#5 Payouts Time Limit 

The time limit of every service provider for deferring payments back to the merchant account can differ from one another. The shorter the defined period, the faster a business owner will receive his payments. So, one must consider and compare this payouts time set by every service provider. 

#6 Online Security 

The security norms of every online payment service provider determine its credibility and market performance. One should pay attention to every detail mentioned under this section to see all the steps a company has taken to ensure the safety and security of its customers. 

#7 Merchant Account Option 

Some payment gateway service providers create a merchant account system wherein the payments are first credited to this account before they are transferred to the primary bank account of the owner. The purpose of this account is to provide an extra layer of security and better fund management. 

#8 Round-The-Clock Customer Support 

The customer support service of the payment portal must be active round-the-clock to ensure responses to customers from around the globe! Since there is no fixed time at which customers use online shopping portals, a 24×7 customer support system is a must these days! 

#9 Mobile Wallets Processing 

The availability of different kinds of mobile wallets with numerous features has made it necessary for online payment gateways to enhance their service. A portal that accepts all the leading mobile wallet services is likely to attract more customers than the one that is limited to a few! 

#10 Terms of Service Agreement 

Lastly, the terms of service agreement of the payment gateway can be exclusive to a firm. One must go through all the conditions mentioned here to understand how the portal will serve and operate in the future. 

All these factors determine the reliability and market worth of a payment gateway service provider. Businesses must understand the need for hosting a reliable portal for their customers. These features are favorable for both parties involved in an online transaction. So, a service provider offering all these services and more is the go-to option for every online business!