If you are a subscription business, you need to choose a payment gateway that will enable you to accept recurring payments. This is a critical step in the process that will help you generate revenue for your business.
There are two main types of payment gateways: external and direct. You need to choose the right one depending on your business needs and customer expectations. To make this decision, consider the following factors:
Cost
The first factor to look at when choosing a payment gateway is cost. You can get a quote for different payment gateways to compare pricing and see what they cost for your specific business needs.
Price is a major consideration because it can have an impact on your bottom line, and the quality of the service will determine how reliable it is.
Payment gateways are a vital part of any online store. They support a wide range of payment methods, provide security, and are convenient for both merchants and customers.
For example, payment gateways encrypt sensitive information and make it easy to process credit card payments. They also give customers more options, such as digital payment methods like PayPal or Apple Pay.
Whether or not to use an external or a direct payment gateway depends on your needs. For instance, if you’re a small business, using a direct integration might be ideal, since it will keep your customers on your website during their checkout experience.
However, a direct payment gateway will cost you more than an external one. This includes monthly fees and transaction fees. In addition, you’ll need to pay for the set up of the gateway and PCI compliance.
Security
If you’re looking for a payment gateway, security is one of the most important considerations. This means picking a gateway that’s secure and follows industry standards.
The best payment gateways offer several security features to protect your business and your customers. These include security measures that keep credit card details encrypted, prevent identity theft, and ensure complete security throughout the checkout process.
A payment gateway also enables your customers to use mobile wallets, such as Apple Pay or Google Pay. These services can help you increase conversions and boost your sales.
There are two main methods of integrating payment processing on your website: hosted and non-hosted. With hosted methods, you redirect your customers to an external payment service provider’s website to complete the checkout process.
Convenience
A payment gateway is software that enables businesses to accept credit and debit card payments online or in person. It links a paying customer to the merchant in ecommerce stores, and it is also installed in physical point-of-sale (POS) devices that read and process card payments.
During the checkout process, a customer enters their credit card information and clicks “pay.” The gateway then checks with the associated bank to verify that funds are available. If the bank does not verify the transaction, the buyer will be redirected back to the merchant site.
There are three main types of payment gateways: hosted, self-hosted, and API-hosted. Hosted gateways redirect buyers to a payment service provider (PSP) webpage to fill out their information before sending them back to the merchant site to complete the purchase.
Reputation
Reputation is a socially determined and dynamic process that affects individuals, organizations and societies. It is a fundamental instrument of social control and is studied in management, sociology and economics.
Reputation measures include media analysis, surveys of stakeholders (customers, employees, investors, NGOs and industry executives), focus groups, public opinion polls and more. It is a powerful tool to understand what consumers believe about your business and its products and services.