Aug 01,2011 Shopify API
Payment Gateway Choices
There are many payment gateway options out there for e-commerce stores and when you are new to selling online, choosing between all the payment gateway providers can be really stressful.
Some providers charge all kinds of fees, joining fees, per transaction fees and % of transaction costs, but with so many companies out there offering completely different payment gateway solutions, how do you decide which is the best for you and your business?
Unfortunately, it's not as straightforward as choosing the cheapest provider based on the size of your business and your average basket value. If problems arise then you would need to speak with someone about the matter immediately and come to a swift resolution. When it comes to something as vital as your payment gateway, the level of customer service your provider offers should be a top concern for you.
Paypal is a very popular e-commerce payment solution that is instantly recognisable and trusted across the internet. If your customers already have a Paypal account then it is incredibly easy for them to make a purchase with you which is certainly a bonus! However, you need to take into consideration that Paypal is selective about who they work with and they will quickly drop retailers if they suddenly decide that they don't like your business. This could leave you without a payment gateway while you try to find an alternative provider.
Another thing you need to consider is the security of your customers' personal data. Some payment gateway providers provide a bare minimum service and fully expect to “up-sell” to you at a later date. This is not something most online businesses are happy to scrimp on as any security breach with personal data is fatal to smaller businesses who don't have an international brand.
The most useful advice will come from speaking with your web design agency as they will know which payment gateways are the easiest to integrate and maintain in the long term. They will also know who provides the best value for money and best customer service based on their other clients' experience. This advice can be truly invaluable if you are a new start up e-commerce company so do your own research but don't be afraid to ask for advice.