Choose and Add the Right Payment Gateway to Your Website
You would like to start selling your products or services online through your business’s website but you’re not sure what to do next. The solution? You need to add a payment gateway to your website.
What is a Payment Gateway?
A payment gateway is a tool that lets you add the ability to accept online payments directly through your business website. It works in the background to securely transfer money from your customer’s account to yours, while keeping sensitive details—like credit card numbers—safe. Customers can pay online with credit cards, debit cards, digital wallets, or even in different currencies.
How payment gateways benefit merchants
There are three ways your business can benefit by adding a payment gateway to your company website. They are:
- Open up opportunities for growth. Instead of being limited to local customers, you can sell to people across the country — or even around the world — by accepting secure payments online, anytime of day or night.
- Give your Customers more flexibility in how they pay. Whether they prefer using a credit card, debit card, digital wallets like Apple Pay and Google Pay, or international payment methods like Alipay and WeChat Pay, you’ll be ready to meet their needs and make checkout fast and convenient.
- Help you save time on admin tasks. Most payment gateways include useful tools such as sales reporting, recurring billing for subscriptions, and speedy deposits into your bank account.
How to Add a Payment Gateway to your Website
If your first thought when it comes to connecting or integrating a payment gateway into your website is that it will require advanced technical skills, you’re wrong. It’s actually very simple and straightforward.
Once you have chosen a payment gateway provider, they will provide you with a ready-made plug-in or app that’s designed to integrate with popular website platforms such as WordPress, Wix or Shopify. This implementation can be done in a few simple clicks.
If you’re website was custom built from scratch, the payment gateway provider will give you a small piece of code that your web developer can paste into your website’s code to create the secure payment connection.
Once the payment gateway is connected to your website, activate the payment options you want to offer such as credit cards, debit cards and digital wallets.
Next, make a test purchase. If everything goes smoothly, your website is all set to start accepting online payments from customers.
How payment gateways work on the backend of your website for e-Commerce
So, you’re probably wondering what takes place when a customer’s purchase is processed by a payment gateway. Here’s a high-level breakdown:
- The payment gateway takes the customer’s payment details — such as their credit card or digital wallet information — and encrypts it so the data stays private.
- The information is sent to the customer’s bank or card provider to check if the funds are available and if the transaction is valid.
- The bank approves or declines the payment and sends that response back through the payment gateway to your website.
- If the payment is approved, the money is then moved into your merchant account and later deposited into your business bank account.
The amazing thing is all of this happens in just a few moments, ensuring your customer of a quick, efficient checkout experience while keeping their sensitive payment details safe and secure.
How to Choose the Right Payment gateway for your Business
There are a variety of payment gateways on the market to choose from. The process of selecting one doesn’t have to be overwhelming. To help you make easy work of comparing what’s out there, here’s a checklist of what to keep in mind.
1. What are the fees?
Some payment gateways charge a flat fee per transaction, while others take a percentage of each sale. Plus, there could be setup or cancellation fees, and refund and chargeback fees.
2. What payment methods does it accept?
Being able to offer a variety of payment options will make your online store accessible to more customers. Confirm that the provider’s payment gateway takes credit cards, debit cards, digital wallets, and international payment methods like Alipay and WeChat Pay.
3. Will it integrate with your existing tools?
A payment gateway that integrates with your POS system and accounting software will allow you to reduce administrative hours and keep your records accurate and up to date.
4. Does it have omnichannel capabilities?
An omnichannel payment gateway lets you accept online payments as well as in-store, mobile and QR code payments.
5. Is the security strong?
A secure, compliant payment gateway will protect your business from fraud and your customers from identity theft. Plus, it ensures you’re operating within legal and industry guidelines.
6. Does it come with any extras?
Investigate whether the payment gateways you’re considering include added tools such invoicing, recurring billing, reporting, and inventory management.
7. Can you customize the look?
By adding your logo and colours to the checkout page of the payment gateway you create a professional, branded checkout experience that reinforces your business identity.
8. Is there 24/7 support?
You’re a busy small business owner. When an issue arises you want it resolved as quickly as possible. Ask each payment gateway provider if they offer 24/7 support with live agents.
Conclusion
Choosing and adding the right payment gateway may feel like a big step, but it’s one that can lead to new markets and an increase in sales. The good news is that integrating one into your website is often as simple as implementing a plug-in or app with just a few clicks or, with custom-built website, a small piece of code.
OTT Pay’s payment gateway lets you accept payments online, in-store, or on the go—all through one streamlined system.