What are the factors to look for in a payment gateway?
Now
that you have decided to go ahead with a payment gateway on your
online retail site, you should look at various payment gateway
providers and see what works best for your requirements.
Here is a
list of factors you can use to gauge a payment gateway’s suitability
for your needs:
Transaction
Time
Face
it, no one likes to shop at a site that takes too long to process
payments. So, opt for a payment gateway that takes a short time to
validate a payment. Else, you will lose business for the gateway’s
fault.
Compatible,
configurable interface
It’s
prudent to know beforehand if the chosen payment gateway is
configurable and compatible with your site. A payment gateway that
looks very different from your site will scare off customers and they
would leave thinking they are transacting with someone else and not
you.
Global
Support
If
you want a pan global audience for your retail site, go for a payment
gateway that facilitates payments all over the world. Or at least in
countries that you have clients in. As of now, Google Wallet accepts
payments only in the USA. PayPal is viable in several countries
throughout the world. So, give some thought to the idea of where your
customers come from before choosing your gateway.
AVS
Protocol
AVS
is Address Verification Service. And it matches the billing address
of a card holder to the delivery address a customer specifies. Using
this, one can screen out most fraudulent card transactions.
If you think these posts are useful to you, let us know. Leave a comment and we will make sure you don’t miss out on our forthcoming posts in this series!
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