by Peter Yap
Have you ever wondered why your online business stopped growing at a certain point?
Or why your competitor is expanding faster than you, without significant product differentiation?
The most entrepreneurs may do is review their product or service quality, but the answer may just as simple as the types of payment options available to your clients.
In today’s tech-savvy global market, the majority of business establishments have been constructed with an online foundation offering the buyer a boundary-free environment, the merchant may receive orders from all over the world.
Therefore, a smooth and satisfying online shopping experience will be critical to your business success, a broad range of card acceptance and efficient checkout process can enhance your sales and minimize dropout rate.
An integrated, secure and reliable online payment partner will be the key to success.
What is a payment gateway?
Payment gateway companies fulfill a vital role in e-commerce to serve as an IT solutions provider and a middleman between the acquiring bank and the merchant, authorize and process credit card and debit payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar store.
Payment gateways provide the tools to process payments between customers, businesses, and banks.
What are the different types of payment gateways?
Payment Gateways can be categorized into two major types:
Hosted Payment Gateways
- The customer is redirected to a secured payment gateway page
- Return to merchant website after the transaction is completed
Here's an example of how the flow would look like:
Self-hosted payment gateway
- Payment details are collected from the customer within the merchant’s website
- PCI DSS required (Security standard to process and store credit card transaction)
The flow would look like this:
How do I choose the right payment gateway for my business?
A good payment gateway company should offer Omni-Channel Payment Platform:
1. Multiple Payment Options
2. Security and Fraud Management Practice, PCI DSS Compliance
3. Ease of access and use, Integration Support and Local IT Support
4. Risk Management Control
5. Country Extendibility (Multi-Lingual page, connections with local andinternational banks)
7. Comprehensive report (Sales performance, Business trend, Periodic analysis, Geographical payment analysis, Peak Hours Traffic)
8. User-Friendly Interface and Backend system
9. Multi-User Access Control
10. Strong connection with local and international banks
How do I integrate a payment gateway to my eCommerce store?
PayDollar Payment module enables the merchant to integrate with PayDollar Payment page from the open source shopping cart such as Magento, Open Cart and WooCommerce.
What fees should I be aware of?
Firstly, DON’T get too excited for a competitive fee on paper, the offer price might be conditional (local traffic, minimum volume required or refer to just one currency) and additional fees will apply for certain services, you might end up paying double of the listed fees.
You should fully understand the entire fee structure of your payment service provider before tied to any contract. Fees must be simple and clear (no hidden cost), there should be no room for surprises.
Below is a checklist of the common fees:
- Set up & Registration Fee
- Monthly fee
- Processing fee
- Transaction fee (successful and declined)
- Refund fee
- Chargeback Fee
- Testing fee
Potential hidden charges:
- Termination of contract fee
- Chargeback Fee
- Customer Support Fee
- Cross-Border fee
- Failed withdrawals Fee
- Additional Service Fee
If you are interested in getting more details, we are happy to share with you.
Feel free to contact us at firstname.lastname@example.org or (852) 2538 8278.
About the author: Peter Yap is the Sales and Marketing Manager at AsiaPay Limited. With 6+ years’ experience in e-commerce and direct marketing, Peter assisted a corporation to expand to 25 countries and serving over 700,000 customers by adopting an innovative and comprehensive online payment platform and business solutions.