Factors a business owner should consider while choosing a payment gateway service provider
The Indian e-commerce industry is expanding swiftly as more and more businesses are taking the e-route to reach customers. The ideal payment gateway has to be the one that understands the needs and flexibility of different groups of people. Like, Gen X in India is not much familiar with the online platform as Gen Z. So, your focus should be on building a system that is easy-to-use for all age groups! This decision requires a detailed walking through some primary factors that are important to choose the best payment gateway in India. Let us have a look at the factors that merchants must consider while making this crucial decision.
Factors To Consider Before Choosing A Service Provider
Payment gateway India integration is a major step that online merchants have to take to get the business running! One cannot rely on agents or some pieces of opinionated views to get to the decision. The decision-making process has to be based on these factors that work as filters. Analyzing the available options on these scales will help one gain a better perspective.
Software Integration
The software integration process and language make the payment gateway a reliable system. One should get the technical details and cross-verify its run and reliability in the business. Also, some programming languages can make the software heavy, which can cause lags in low memory smartphones. Merchants should not take this risk of causing discomfort of usage to the customers. Language and everything required to build the tool should be chosen appropriately, taking users’ experience as the top priority.
Processing Speed
The processing speed is the second-most important factor since we are always on the clock! Yes, no one enjoys a late payment processing experience filled with lags and crash downs! So, one should check the speed of the software provided by the service company to make it count. One can try using the websites/applications that are using their preferred payment gateway in India.
Auto-Detect Facility
Nowadays, the leading payment gateways offer this facility where the software detects the OTP from the message received by the customer if it is on the same phone. This service helps customers a lot in their day-to-day transactions, and they look forward to such experiences from every service provider.
Customised Services
Customised services are also trending on e-stores as the payment gateways create a window for the merchants to promote their business and add their input to the wall. Merchants planning to make it big and expand their business should consider this factor before choosing a payment gateway in India.
Cost of Setup & Service Charges
Service providers charge a fee for setting up the payment gateway software and integrating it into the merchants’ websites and applications. They also charge a percentage fee against every online transaction. Since businesses keep looking for loopholes to reduce costs, one must pay notice to what benefits they are receiving at the price they pay!
Multiple Payments Window
Customers must have the convenience to choose the payment window they are comfortable with! And there are plenty of options available in the market. So, merchants must focus on offering this feasibility to them by choosing the service provider that offers almost all the payment options out there!
International Transactions
A payment gateway that accepts multiple currencies and offers international transactions is worth paying the service fee. This feasibility is crucial for Gen Z who shops from all over the world!
Establishing professional relations with a payment gateway service provider is a vital and long-term decision. Merchants not only invest money and time in it but also put their market goodwill in the service. So, it is their responsibility to consider all the meaningful factors and make a wise decision. After all, the payment gateway is the exit point of the e-stores!
