Which payment system should I choose for my eCommerce?

Diego Katzman

By Diego Katzman. Follow: Linkedin Facebook Twitter
Published 11/11/2020

It all depends on your business and its needs. And we are not just talking about whether you sell clothes or cosmetic products, for example, but the type of lead, the payment methods you offer, the number of sales, the plug-in your shop requires, the speed of payments and so on. So, think about it...

Do you receive purchases from customers in different countries? Do they complete their payments on an external site? Is your range of payment methods very limited? Is there a lack of control over transactions?

If you have answered YES to most questions, the most appropriate solution for your eCommerce is a comprehensive payment gateway. Let’s see what this system is all about!

 

What is a payment gateway and what is it for?

Surely, you've heard of PayPal, Amazon Pay and other payment options. Or better yet, you've used them at some point. These are two examples of payment gateways, a service offered by suppliers to provide e-commerce with the possibility of doing the entire process of collecting transactions from their customers.

This is a kind of Virtual POS (Point of Sale Terminal) in which only the card details are needed to make the payment online. It's ideal for simplifying and optimising your payments with the best technology, optimising your business, and improving the customer experience.

Below, we show you some of the features of payment gateways in online shops:

  • From this payment system you can process all your collections and offer the different payment methods used by your customers, as well as attract new national and foreign consumers.
  • You will reduce the number of abandoned carts thanks to the unified login and the common interface, which allow the user to finish the purchase within your site and not in an external place that generates mistrust.
  • You will bring together all the alternative payment methods adapted to your business on a single platform, as well as complying with data security standards and the current regulations, PSD2.
  • By having all the data gathered in a single site, you will increase the control and monitoring of transactions, improving decision-making.
  • You will protect your debit or credit card data throughout the process, and in a confidential way, guaranteeing the privacy of each client’s personal data.
  • You will offer a great shopping experience to consumers while solving your business’ payment problems.
  • You will attract new segments of potential customers.

Do you have any questions? Would you like to tell us?

 

The integration and usability of payment gateways in online shops

When choosing this payment system, it is important to remember that it must be adapted not only to your business, but also to your customers’ preferences (needs, most used methods, country of origin, concerns, etc.).

That's why it's so important to ask yourself if we're going to need any plug-ins or extensions, or if the payment processor integrates with our existing POS. Whatever provider you choose, make sure it works perfectly with your point-of-sale solution.

If you finally manage to integrate the payments at the point of sale, you will increase sales and make them flow from your POS to the card reader, which provides various benefits in trading:

  1. A much faster and safer payment process. You will no longer need to manually enter the transaction data into the card reader, which speeds up the process of cancelling sales, eliminating double entry, and the possibility of error.
  2. Saving costs. Many payment processors offer special rates to merchants using their preferred partners, so you can receive better rates by choosing providers that integrate with your POS.
  3. Increased visibility of transactions. By having a system whose payments and sales work together, you can access detailed information about consumer behaviour and their transactions.
  4. Avoiding manual reconciliation. If you have integrated payments, the need to make reconciliations at the end of the day is eliminated, so you have more time to invest in what really matters for the growth of your business.

Ideally, the payment system you choose should ultimately be from a provider that supports your business processes and operations.

 

Is this payment system a good option to sell abroad?

The answer is yes, since some payment gateways offer methods tailored to both the needs of your shop and those of your customers. For example, imagine you are a European business receiving purchases from Chinese users. In this case, it would be a good option to integrate the most popular payment methods in China, such as WeChat Pay or AliPay, into your gateway.

For more information, you can ask suppliers which currencies the business accepts, consider whether you sell products to users in many different countries, etc. In the end, it's best to set up a payment system that includes different methods and that suits your consumers' usual payment methods.

 

Payment gateway to adapt your business to PSD2

Are you worried about the security of your online shop? Have you not yet adapted it to the new regulations? Is it possible to identify operations with a high risk of fraud?

Let’s see... The only way to keep your business safe is to comply with PSD2 regulations, bringing new forms of electronic payment to life and increasing consumer confidence in them. This is why some providers have made available to eCommerce the possibility of optimising rejected operations, accessing unlimited lists of filtered transactions, having permanent processing and optimisation, monitoring the business with a single click, etc.

Build healthy relationships and choose a system that meets all the requirements your business needs.

Are you ready?

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Practical guide: all you need to know about payments gateways

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