Choosing an e-payment gateway: A Smart How-To Guide

How to choose an e-payment gateway?

An e-payment gateway is an online payment solution on your website. It can be understood as a virtual credit card terminal where your customers can pay for the goods and services online. Online banking is very cumbersome and it takes longer time for the payment to be deposited in your account which in turn delays shipment of products. The real time processing feature of E-payment gateway which means the merchant gets the money immediately while the customer gets a feedback regarding the payment, has made it very popular amongst online enterprises. The growth of an online venture experiences an exponential boost when this technology is implemented for online payment processes. It is undoubtedly the easiest and fastest mode of payment for you and your customers.

e-payment gateway

A payment gateway is a mediator between you, your client, your client’s credit card and your bank. The main function of this application is to validate customer’s credit details and facilitate the transaction.

Features of an e-payment gateway

An E-payment gateway may require a merchant account which handles your funds received through credit card. An online merchant account can be easily availed from your bankand gives you the ability to process credit cards without the card being physically present. The cost of services of an e-payment gateway provider is distributed broadly into three sections:

Monthly fees

This depends on the number of services and kind of features you choose. Value added services like fraud detection tools add to the overall cost.

Per payment fees

Most payment gateways charge a flat fee per transaction. It accounts to be a necessary part of the revenue earned by gateway providers.

Set up fees

As the name suggests this is the cost of software installations and terminal setup. Many gateway providers provide free setup facility to their clients.

How to choose an e-payment gateway

A number of factors need to be considered before you choose an E-payment gateway for your online business transactions. It is important to realize that availing the services of a gateway that aptly fulfills your business requirements is very essential for your online venture. Research into the services offered by providers in the market with a complete understanding of your requirement will surely help you choose the right gateway for your enterprise. Choice of the provider should be based on the following key points

Security of user details

The e-payment gateway must follow HTTPS protocol; this ensures the security of user credentials. Many renowned providers follow 3D secure protocol that is verified by Visa and Mastercard.

Transactions expected per month

Small enterprises with low volume of online payments should try to avoid the burden of high monthly fees and setup cost.

Auto billing requirement

This feature allows you to store the details of the customer so that you can charge them on a regular basis. In order to avail this feature it is necessary to have an online merchant account.

Provider reputation

The reputation of the payment gateway in the market place is an important consideration. Customer reviews about the services offered by the provider can give you a sense the credibility of the gateway.

Support

The provider you select must provide active support assistance in case anything goes wrong with your payment processing.

Where is your business based

Certain payment gateways only accept US dollars and are associated with US-based companies only; therefore you need to choose the provider based on your location and client’s location as well.

The E-payment gateway you choose for your online business requirements must be reliable and cater to the security of the user credentials, must facilitate quick and smooth transactions and provide active support if any issue occurs.

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