Having the best payment gateway is a crucial thing in the online business. Your online business support and service rely on providing the best Payment Gateway. We will see some useful tips on picking the best payment provider for your site.
When you choose a payment gateway, you have to test and make sure that it is compatible with your platform. If not appropriately integrated, it may cause some problems in UI. First, you should find out whether the payment provider supports your platform code and choose them. You can find the compatibility information on their website or call them to find out the information.
2. Usage Complications
Some payment gateways are not user friendly, which could create more failed orders. A payment gateway user interface should be more user friendly as simple as possible and organized. For example, you could take a look at Swiggy's payment page, and there are no fancy designs, it is simple and clear for any user to understand. So by creating a proper payment process using the above ideas will avoid any complications that the user may face. Only the prepaid orders mostly bring profit to your online business other than COD orders.
3. Failure Rates
It's often possible that some of the orders fail in the payment process due to technical errors or server issues. First, you should identify which payment gateway provider has low failure rates before you pick one. For example, In https://gtrendz.online has tied-up with two payment providers (PayUbiz and RazorPay). When compared with RazorPay, PayUbiz has a higher failure rate. RazorPay payments complete most of the time successfully. Since we are multi-vendor hence the two payment gateways. But it is not necessary to have more than one payment provider. You have to keep in mind to choose a payment gateway with low failure rates.
It is an essential part because when a customer pays for an order, that money will directly come to your business account; instead, it will go to the payment gateway provider's account. And they will transfer the funds to your business account within 24 hours. So this time-frame or time-taken to receive the settlement should be considered an essential factor when choosing a payment provider. Because when you sell a product and if the money settlement takes more than five days, it will create problems. Especially when your platform is a multi-vendor e-commerce platform, sellers expect the settlement money as soon as possible. So you should pick a payment provider with a shorter duration in settlements.
There are two kinds of payment gateway integration, and they are; paid integration and free integration. In paid integration, the settlement duration is shorter as much as within 24 hours. And in free integration, the settlements could take up to 7 days.
Refunds take place for many reasons, such as technical failures, ordering the incorrect product (customer errors), canceled orders, etc. So you would have to issue refunds for such requests. And this refund option is not provided by all payment providers, only premium payment gateway providers have such option. Only by choosing a provider with a refund option; You can properly refund your customer's money back. The payment gateway also notifies you if a refund is successful or not.
6. Wallet Integration
Generally, a payment gateway consists of payment modes such as NetBanking, Credit Cards, and Debit Cards. But today wallets are widely popular than Credit/Debit Cards, So it is a must to have a wallet payment option. Paytm, Freecharge, PhonePe, and Google Pay are some of the popular payment methods used by many people today. When you pick a payment gateway provider, it is best to choose one which also provides the modes mentioned above along with credit and debit cards. Some payment providers, like HDFC Zepay, are offering free wallet integration. By analyzing some of the payment providers, you can pick one for your online business.
Whatever payment gateway you choose, you will have to pay a fee for that. Those charges should be convenient for your online business. For example, every order that processed under a payment gateway charges a small fee. It may vary based on the type of payment modes such as Debit/Credit Cards, Netbanking, and Wallets. It would help if you considered your customer's preference when it comes to the payment mode. Choosing the right payment gateway will lead to some profit for your online business. If a payment gateway charges a high fee on orders, you could come up with an agreement for two or more years for a premium service and get them to lower charges for your business orders. This kind of contract and fees are negotiable if you contact the payment provider company. For example, if a payment gateway is charging a 2% fee for an order, with some negotiation, you can get them to accept a $ 1.75% fee. And it is based on your website's worth.
Other than all of this, integrate a payment gateway with proper customer support, that will help create a successful model. For example, In Gtrendz Online first, we have integrated with PayUMoney, which had low customer support, we had to wait 48 hours for a solution from support. But now we with Razorpay, and their customer support is fast. Any problems faced by us, solved in 6-8 hours with RazorPay support. Also, they notify their server downtime so that we can switch between multiple payment providers.
We hope this information about was helpful to you and understanding how vital a payment gateway is. Thank you for reading, Stay tuned for more business lessons.