Online payment is one of the most important parts of eCommerce business. Therefore an ecommerce store should have a framework that encourages a safe and simple transfer of payments from buyer to the seller. Payment Gateway is a service that safeguards and collects all the information between the website and online user. Payment Gateway can be imagined as a virtual payment terminal, which gathers the card details entered at checkout and advances them for approval to the card’s company. Once approved, it gets them back to the store and finishes the transaction.
If you own a Magento eCommerce store, there are numerous options to choose the best payment gateway. But you have to choose the payment gateways very carefully. Following are the most important points that you shold take care of :-
Mobile Friendly : Basically, a payment gateway should have to be mobile friendly, because a large amount of people uses mobile phones to shop nowadays. It ensures that your user gets a seamless experience of your online store.
Security: Security is the most important guideline related to online payments. As the sensitive, financial details of the customer are involved. Therefore, PCI compliance is very important for the gateway service. PCIDSS stands for Payment Card Industry Data Security Standard and it ensures that the payment gateway is giving the highest level of credit card data security.
Item Compatibility: Besides being totally secure, the installment passage ought to be good with the store’s items as well. There could be sure terms and conditions that each service provider comes up with. For example, some of them don’t support the offer of intangible items, for example, digital goods and services.
Hosted or Shared: Another key thought identifies with the decision amongst hosted and shared payment gateway for your Magento store. A hosted service is ideal for big retailers who need to concentrate on brands and would not flinch on the expenses. Then again, smaller merchants can do well with the economical option of shared gateways.
Cost: The cost of the payment gateway service should be in your budget. There are certain providers who offer the service with no sign-up fees, making them perfect for low budgets. The large-scale sellers with specific requirements should, however, invest in the ones that are comprehensive. The fpayment structure should be flexible too so that the business can manage it easily.
Payment Gateways are the foundation of web based retailing and the success of a Magento store enormously relies on the correct choice. The correct mix of multiple payment gateways empowers your store to convey an awesome experience for your buyers. The clients are probably going to finish the exchanges as well as returned for additional.