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Magento is one of the most sought-after platforms for beginners and experienced businessmen alike when it comes to setting up online stores. Think of it as a Content Management System (CMS) with a shopping cart software’s capability. It is an ecommerce platform built on open source technology, initially developed by Varien Inc. Adobe Inc now owns it.
Magento provides businesses and merchants a flexible shopping cart system with control over the look, content, and functionality of their e-commerce or shopping portal.
Secure online payment is one issue that spells trouble and inconvenience for anyone looking for any transaction over the Internet. For a successful e-commerce venture, making certain that your clientele is completely satisfied with the payment options is vital. But with a plethora of options, it is confusing, to say the least.
On any Magento e-commerce website or shopping portal, once the submit button is pressed on the order page or through the shopping cart, the payment proceeds through different channels. Magento to payment gateway is not something that you can easily adapt but selecting the right payment gateway may be a bit confusing. Below are the four top payment gateways described for your reference.
PayPal is perhaps the most popular online payment gateway accepted around the world. It can be used with any device like a smartphone, tablet, or laptop, to name a few. With over 200 million users globally, the PayPal option makes shoppers on any website that they are going through a safe and secure payment option.
It is also a popular payment gateway that is used by over 500,000 merchants worldwide. Some of the top features of this service include easy payment through online and offline modes and also through mobile devices. Monthly charges and per transaction charges are also very less.
Braintree is a famous payment gateway that was acquired by PayPal in 2013. Companies like Airbnb and LivingSocial are using it and are completely satisfied with it. With low transaction fees and secure payment checkout for your e-commerce store.
Worldpay is another payment gateway that is used by customers predominantly in the USA but has a presence in over 120 countries across the globe.
Now that you are aware of some of the payment gateway systems, it is time to select a single or multiple ones, according to the requirements of your business. Go through this blog with five great tips about selecting the best Magento Store payment gateway according to your preferences. And also the features and options to look out for.
1. Choose a Gateway that will Adapt to Changes and Growth on Magento
Firstly, think of a dynamic gateway rather than one that will save you some money. Don’t make this grave mistake as a payment gateway that may not accommodate your business’s varying size will not fit into your plans. Magento offers two variants, i.e., enterprise and community editions.
The community edition fits the small businesses like a T, and the enterprise edition is for medium and large businesses. It would be best to decide about a payment processor that supports both variants as most Magento gateways do not expand to the enterprise level.
2. Location and Incorporation
Payment gateway providers’ location and incorporation are important. The most important reason is that no business would want to run into trouble. Some banks and financial institutes are based in tax havens, and that is okay. But no one wants to end up with a payment gateway that is illegal or involved in racketeering or money laundering.
There are two types of payment providers, which are US and European. Usually, a US incorporation will link you to a payment provider in the US, and European incorporation will link to a bank that is based in European Union. This is understandable as geographical regions play an important role. The US and Europe are separated by a large area of the Atlantic Ocean. And that’s why many businesses based in the respective regions prefer a payment provider based in their region. It’s worth mentioning that one of the benefits of the US-based banks is that a plenty of them are offering free checking accounts to their users.
However, there are some payment providers available who have operations both in the USA and Europe. That’s how you can use the services on both continents.
3. Security Policy and Transaction Interface
Payment gateways must have some specialized software and processes to detect fraudulent activities and anyone trying to hack into the system. Shoppers need to be content that the system they are using is perfectly secured, and it is fine to use their credit/debit card information.
Cart abandonment is very common, and one of the top reasons for this concern is security and transaction issues. The payment gateway must be immunized against any fraudulent activities so that the transactions can be performed easily.
4. Fees and Service Agreements
Payments gateways and processing are based on the type of transaction businesses carry forth. That’s why they need to compare the fee and service agreements. The terms and conditions should be read carefully before signing in the dotted line. If they have any objection or want clarification for any point, then this must be done before signing the agreement. After that, it would be of no use, and they must end the current agreement and sign-on a fresh one according to their preferences.
5. Functional Requirement and 24/7 Customer Support
The new version of Magento has already payment gateways built with it by default. The other gateways needed to be integrated to function as expected, and you must keep in mind for a smooth flow. Furthermore, after everything is dealt with, 24/7 customer support is required so that even a minor issue can be resolved at the earliest. Any delay can be disastrous from a business point of view so that the shoppers will face problems in completing the transaction and buying a product.
Over to you
I am sure that some of my readers would want to know more about any aspect mentioned here. And if you think that you can add something valuable to this blog or want to ask a question, you are more than welcome. For any feedback too, please use the comments section below.