A Rundown of the Type of Information You’ll Need to Know about Payment Gateway

Understanding the intricacies of selecting a payment gateway that is right for your company can be difficult. But you have to start somewhere, and the good news is that when it comes to selecting their first online payment gateway, most people have little knowledge or experience in the payments industry. We've compiled a list of the types of information you'll need to know to make the best decision possible.

Time for a quick recap! What is a payment gateway?

For the sake of simplicity, a payment gateway's primary function is to connect your customers' bank or credit card information to your merchant account (an account that allows businesses to accept and settle payment card transactions). This transfer of funds is made possible by the gateway, so it is a critical step!

A payment gateway securely stores and verifies your customers' bank/card information. This is another critical step because the verification process ensures that funds are available before they are transferred to you.

Prepare for your background check

Hold on to your horses! Before you can begin properly comparing payment gateway providers, your company must undergo an internal audit. This is standard procedure before accepting payments online, and you'll need to prepare a few documents and other information about your company before submitting your answers.

To get started, follow our four-point plan:

1. Define your business operations

The type of gateway you'll require is determined by how your business operates. Will you sell your products/services online, in person, or both? Some payment processors only provide online services, so if you intend to sell both in-store and online, it's best to find a payment processor that allows you to do both. This is not only easier, but it also means that your total card income will be pooled into a single, much more manageable system, allowing you to make better decisions.

2. Do you have a merchant account?

It's fine if you do, and it's not a problem if you don't. If you already have a merchant account, you'll need the best payment gateway India that integrates with your bank. While bank agnostic gateways can integrate with merchant accounts from a wide range of financial institutions, keep in mind that not all gateways are bank agnostic. If you don't already have a merchant account, compare payment processors based on both gateway and merchant account functionality.

3. How big is your sales funnel?

It's a tricky question, but think about your current and projected processing levels. You may be able to obtain lower rates for small or fledgling businesses that do not process a significant amount of sales. It's a good idea to inquire about your current (and projected) processing levels.

4. eCommerce functionality

Many businesses prefer to use eCommerce platforms such as Shopify and other well-known shopping carts. This entails integrating their eCommerce technology with your website and will play a significant role in your payment gateway selection. Check that the payment processor you select can integrate with your current or desired eCommerce platform.

Let us now compare!

You've defined how your company will operate, so it's time to make the big comparison. While payment processors may appear to be the same at first glance, they are not. There are a few details to keep in mind, such as:

How do you want to service your customers?

What do you envision for your on-site payment process? Consider whether you'd rather have a payment form embedded on your website or direct customers to a separate, off-site page. Consider whether you want to integrate the payment form via API or via a series of code, as well as what mobile SDK capabilities the payment gateway provides.

What payment options do you want to provide to your customers? In today's payments climate, accepting Visa and Mastercard is a must, but you may also want to consider the benefits of accepting alternative payment methods such as PayPal and Apple Pay.

Do the math!

Returning to your sales funnel, calculate the cost per transaction for each online payment gateway India – these can vary depending on payment type. Gather information on all fees, from minimum processing fees to standard monthly fees and cancellation fees.

While you may feel local, you can broaden your company's reach by accepting global currencies. After all, your website can be accessed from anywhere in the world, so offering your customers' local currency is likely to increase conversions. Keep an eye out for any fees or charges.

Quality and delivery should come as standard

Determine settlement times to get a good idea of how long you'll typically have to wait for your funds.

Consider the sign-up and onboarding processes. Some payment processors can take days to set up, while others can be done in minutes.

Whether you're just starting out with payments or a seasoned pro, the emphasis on support should be the same. Check out the support services you'll be receiving: what hours can you reach out to your provider? Will it be done over the phone, through live chat, or through an automated system? If this is your first foray into payments, support – particularly with a human touch – may be a top priority.

Don't forget PCI

It's best to look elsewhere if a provider isn't PCI compliant. While PCI compliance requirements vary by business, you'll want to work with a Level 1 PCI compliant provider to ensure the highest level of security for you and your customers.

Basic fraud tools, such as velocity checks, should be provided as standard by payment providers. Additional fraud prevention tools should be available, and you may want to consider using tokenised transactions – a method that securely encrypts card data.

Choosing a payment gateway is a critical business decision, so ask as many questions as possible. Understand your business requirements thoroughly and compare providers thoroughly before making a decision.