5 CRITERIA OF THE RIGHT PAYMENT GATEWAY SERVICE FOR YOUR BUSINESS

Doing business in a digital age is incomplete without a secured payment gateway integration protecting buyer’s sensitive information to make every transaction a safe one. Not only is it important to gain loyal customers by creating a secured ecosystem for product purchase, but it also gives your e-commerce platform a significant competitive edge with a plethora of additional benefits.

However, selecting the perfect payment gateway service among the thousands available in the market is rather challenging especially for new businesses. Although there’s no straightforward answer to what makes the perfect payment gateway solution for your business, there are 5 major criteria on which you can judge top payment gateway systems from the ordinary ones.

So, without any further ado, let’s take a look at each of these criteria.

1: Variety of Payment Options

Your priority to find the right payment gateway solution is the variety of payment options it can process. As digital payment is getting more and more hassle-free with mobile payment options like Google Pay, Paytm, UPI, QR codes, Net Banking, Wallets, Debit/Credit Cards, etc. the right payment gateway platform should be compatible with these options to create an easy payment environment for buyers.

Additionally, it should be well connected to all major banks to efficiently process various credit card and debit card payment alternatives.

2: Secured Encryption

Handling the financial data of millions of buyers every month requires a secure encryption system that prevents data leaks at every step of the transaction. Make sure the payment gateway service you’re opting for has a robust encryption system.

Most of the leading payment gateway service providers are also equipped with a tokenization facility that enables you to save the credit card information so the repeat purchase by your customers can be even faster, thus building customer loyalty.

Having a strong encryption system like AES 256-bit is imperative for your payment gateway partner to give you the best transactional service at all times.

3: Cost-Effectiveness

Having a world-class payment gateway partner is amazing, but if its services are breaking your back financially, it’s not beneficial for business in the long run.

What you should look for is the flexibility of a payment gateway service provider to understand your business needs and create a bespoke transactional system that is unique to your business.

Choose the one that suits your budget and doesn’t compromise on the quality of service.

4: 24/7 support

In the digital age of doing business, having your digital shop open 24/7 is mandatory to survive and thrive. Not only, it allows local customers to reach your website and buy a product at all times, but you can also expand your business overseas with various time zones, thus making your business global.

In this scenario, it is mandatory that your payment gateway partner provides 24/7 support for transactions and quality control.

5: Client’s they’ve worked for

Last but certainly not least, if you’re still unsure of choosing the right payment gateway partner for your business, take a look at various clients they’re working for. Check the various domains of services the payment gateway system is catering to and look at how satisfied their clients are.