4 Things About Payment Gateways You Can’t Afford To Ignore

magento module development

eCommerce industry is growing at a lightning pace. Thanks to a host of affordable and sturdy online cart platforms, both the businesses and the shoppers of today are now confidently transacting online and paying as per their convenience. However, with the technology advancing, the hackers are also getting more and more sophisticated, calling for highly secure and safe payment processing systems.

As a business owner, you would obviously want to ensure you receive the payments safely. On the one hand, it would mean, getting the oil required to run your business machinery, on the other hand, it would also ensure that your customers are able to pay on your store without any doubt or fear. While making a payment, a customer would be giving out his bank details to you and would obviously want the business owner to not only ensure the highest levels of security but also that the information is not passed onto some unreliable sources.

In such a scenario, when there is a dire need to offer personalized user-experience, modules come as a savior. Designed to incorporate additional functionalities on your store, these add-ons can do almost anything. Be it a system to help you manage festive sales, coupons or discounts or a payment gateway for highly encrypted transactions, there is an extension for everything. And if you have a unique functionality in mind for your Magento store, you can always go for Magento custom extension development.

So, before you go on and install a payment gateway on your Magento store or hire a developer for a custom payment gateway, here are a few crucial things to keep in mind.

Key Things To Ensure a Right Payment Gateway

1. Mobile friendliness

Google, one of the most powerful search engines prefer mobile-friendly websites. As per a report by Statista, the global mobile population in January 2018 stood at 3.7 billion unique users and the 49.7% of web pages view around the globe was from mobile devices. Considering the booming number of mobile users, it is really important to offer a smooth and hassle-free shopping experience and a fuss-free payment processing system.

2. Security

When money is involved, security is imminent. Your customers would be providing their confidential account/card details, and would obviously be concerned about the safety of their credentials. It is therefore important to ensure PCI compliant payment gateways. Always go for the payment processing systems with PCIDSS (Payment Card Industry Data Security Standard) so as to provide the highest level of credit/debit card data security.

3. Payment services

There are two main types of payment gateways – hosted and shared. Hosted payment gateways are a bit expensive and are often the preferred choice of the big brands, who can bear the expenses. Shared payment gateways, on the other hand, are an economical choice and a favorite among the SMEs. However, both the options are safe and secure. Only things that vary are the ways in which it handles the requests and the time taken to complete the process.

4. Cost

Whether you are planning to simply integrate a turnkey solution or want to hire a professional for Magento module development, always consider your budget. Many service providers don’t ask for any sign-up fee, thereby, making it a perfect choice for businesses on a shoestring budget. However, for businesses with some exclusive requirements, comprehensive services are the best. Also, it is better to look for a flexible payment structure so as to ensure an efficient management of your expenditures.

Conclusion

Money is at the core of every business unit and the success of a Magento store heavily relies on the payment gateway you choose. The right way is to choose a payment gateway with multiple payment methods. While this will give the user a great shopping experience, you as a business owner would also be saved from the hassles of managing multiple payment gateways. And if done right, the clients would obviously return to shop again and again.

These are a few of the things that you must bear in mind while choosing a payment gateway for your eCommerce store. However, when it comes to finding the perfect one, it can really turn out to be a tiresome task. The right way then is to consult Magento experts to guide you in the right direction. Magnomates is one such company offering end-to-end Magento solutions. You can simply drop them an email at info@magnomates.com and claim your free consultation. After all, opinion from an expert would obviously ensure better results.

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21 Replies to “4 Things About Payment Gateways You Can’t Afford To Ignore”

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