Using payment gateway provider can help to lessen frequency and severity of credit card fraud within e-commerce business. Payment gateway allows the merchants to process credit, debit and other alternative online payments. Payment gateway act as the go-between to make sure that customer data is encrypted and secure. There are some reasons of using payment gateway.
Setting up a payment gateway is very easy for merchant who already have an account and website. It also requires slight maintenance. Since majority of online retailers are using payment gateway, it will be easy for merchants because most online shoppers already familiar with the technology.
Payment gateway refers to an e-commerce service that process, verify and accept or decline direct payments or credit card processing on behalf of merchants using secure internet connections. It is assign to fulfil the important roles in e-commerce transaction process between merchant and customer. It is used to help facilitating online transactions and get approved by issuer bank.
Using payment gateway also allows the customers to stay at merchants’ site without troubling of pop up new pages. Merchants can control and branding their checkout pages which is an advantage for them.
If you are setting up an eCommerce store or selling digital products from your website, you’ll need a payment gateway to accept payments from your customers.
Until couple of year back, setting up a payment gateway as a mammoth task. It used to involve lot of documentation, verification, huge setup feeds and technical know how to make it work. But now, it has become very easy to setup a payment gateway for selling your products in India.
When we started Humbingo Technologies, we evaluated lot of payment gateway providers and finally settled for 2 of them. I’m sharing what we had learnt during past few years.
5 Things to consider before setting up a payment gateway:
- Payment gateway cost (Setup fee, TDR, Annual free, etc)
- Time to setup everything
- User Interface of the gateway
- Payment options (Credit/Debit Cards, Netbanking, Mobile Wallets, UPI, etc)
- Aftersale Support