If you have an e-commerce website, or are planning to have one, then you are going to need to turn your attention towards a payment gateway. However, the problem is that there are so many to choose from, so making the correct selection may not be as straightforward as you think.
This does then mean that you could be confused as to which company you should select and partner with for your website. After all, you want to be absolutely certain that everything is going to run in a smooth manner because, if it doesn’t, then you will have a whole host of other issues to contend with.
The Role of the Payment Gateway.
First, let’s look at the actual role of the payment gateway to provide you with a better understanding of what is going on.
People come to your website to hopefully purchase something. In order to do so, you need to provide a shopping cart and checkout which then leads them to a screen where they can enter their payment details. That is where the payment gateway is going to appear.
The payment gateway allows you to collect payment which is then sent to your bank account resulting in you having actual turnover and money in your account. It is the absolute basic requirement for your e-commerce website to be able to function or else you will just be unable to get any kind of money for your products.
Selecting Your Payment Gateway.
Selecting your payment gateway is not always as easy as you would think, and there is more to it than just having difficulty in choosing what to use from the plethora of options that are out there. Instead, you also have to look at the e-commerce software, or script, that you are using to run your store as not every gateway is going to be compatible for each script.
The good news is that the companies behind the actual e-commerce scripts will tell you which gateways can be linked up so that the entire process works in a seamless fashion. This alone will prevent you from getting a real headache when things just don’t want to link up in the manner that they should.
However, there is also more to it than just being aware as to which options are compatible. Instead, you must also think about the payment aspect as that too is going to play a role.
Different payment gateways are going to charge various transaction rates, and even the way in which they are calculated can differ. Some will charge a percentage. Some will charge a percentage plus a small fee, so looking around at the various options is advisable as it could save you a substantial amount of money.
Also, you have to think about when you will receive your money because not every payment gateway is going to supply you with your money in a short period of time. As you browse your options, you will notice that while some allow you to withdraw your money almost immediately, others will hold onto it for a period of time, sometimes over 30 days. From a financial and business point of view this is something that must be taken into consideration with your budget as you must be able to factor this into the equation before you launch or you will run into cashflow issues.
The main point we are making here is that you cannot just opt for the first payment gateway that you come across as there is no cast-iron guarantee that it is going to work in your favor. Compatibility, costs, times to withdraw cash are all key points that must be considered before moving forward. You need this part of your website to run as smoothly as possible because it will ultimately lead to people dumping their shopping cart and going to another website where they are not having the same issues.
Of course, you can make life so much easier for yourself by merely getting some professional help and advice from your web designer. They will not only advise you on the best gateway to suit your needs, but they can also make sure that it is connected in the correct and proper manner so everything runs as smoothly as possible from the outset.