Magento is a popular platform for building eCommerce stores and one of the most essential parts of selling process is online payments. Payment gateway takes care of the entire procedure of payment data transfer. It connects the customers, banks and merchants. The former encrypts the personal data of customers thus preventing identity theft as well as phishing. A payment gateway is defined as an e-commerce service, by which merchants can accept online payments securely through a website.
Why Payment Gateways are important?
Your e-commerce store may be incredible in terms of look and function. However commercial success hinges upon how well your items are being sold to customers. The first step of success is to gain the confidence as well as trust of the visitors to your site. Having a quality payment gateway builds trust of online visitors towards your eCommerce store.
What properties should the payment gateway have?
Superior customer experience
The gateway should deliver a great user experience and possess an attractive interface. An example of this is auto-population of payment data that significantly boosts the check-out process.
Offer high security
Many international transactions don’t go through as they are perceived to be easy targets for fraud. The gateway selected should be free of security vulnerabilities.
Should be able to operate internationally
The whole world is a market for an online store. There should exist facilities to make payments in different currencies and from various geographical locations.
Cover all your business needs
Certain gateways are supported by Magento by default. Others need to be integrated. Make sure the payment gateways offered on you store meet your entire business requirements.
Let’s take a look at some of the major payment gateways supported by Magento
This is one of the most famous and popular payment gateways. It is available in more than 200 nations and can deal with as many as 25 currencies.
PayPal owns this gateway. It boasts of a one-click checkout process. Various ways to pay include the likes of Bitcoin, Android Pay and Apple pay among others.
This is in existence for more than two decades. It has a free mobile app. The gateway leverages Advanced Fraud Detection Suite for security purposes.
Finally, there are four attributes, a payment gateway should have
Flawless security of payments
Simplicity of use, intuitiveness and user friendliness
Range of capabilities
Transparent and affordable pricing