If you’re about to start your eCommerce business, here are the most important aspects to consider while accepting online payments through an e-commerce store.
Accepting credit card payments for products or businesses is critical to inaugurate new business opportunities on your eCommerce site. But determining the online payment gateways to offer smooth financial transactions is more thoughtful whether they are compatible with your e-commerce platform or not.
Buyers want fast, safe, and convenient online payment gateway options. To create a smooth process and workflow as much as possible, you need to integrate a suitable payment gateway for your e-commerce.
The Common Payments Receiving Methods
Digital advancement continues to evolve, and the prospects for your business are boundless. Here is the compiled list of all the regular ways you can implement to accept online payments in 2021. These online payment methods are simple, sensible, and easy for visitors.
- Payment Acceptance Through Credit & Debit Cards
Empowering your buyers to pay with debit cards on your website is the most common way to accept online payments. To provide this feature to your buyers, you need to choose whether to have your reliable merchant account or set up an intermediate portfolio account.
- Processing And Accepting E-checks
The second most viable way of accepting payment is direct debit from bank accounts with e-checks via automated clearing house ACH payment option. This lets your customers feed their financial information like bank, account, title, amount, and approval into an authentic online payment form or deposit interface. This payment process is ideal for large-scale businesses since electronic payments eliminate the need for paper checks.
The Mechanism Behind Online Payments
Online payment processing is a complex process, and considering how quickly it ensues, you may not have thought of it. After the customer clicks the “Book Now” tab on your website, various sponsors will open and close a message box to determine whether the transaction is legal and can be processed. This sequence of events is impossible, except you have to carry out three important elements: payment gateway merchant account and payment plugin.
Let’s see how these things fit into the online payment process.
What Is An Online Payment Gateway?
A payment gateway is a financial interface that connects your e-commerce with an approved online payment platform. It helps think of the payment gateway as an intermediary between your bank and the buyer’s debit card channel.
When consumers buy items from your online store, the payment gateway transmits their credit card details to their bank. If a transaction is sanctioned, the payment gateway will communicate with the customer to be accepted or rejected. The payment gateway exists because it is forbidden to show information directly from the website to the payment processor following standard PCI compliance.
To obtain an effective payment gateway, you need to complete an application and provide financial details. There are multiple payment gateway providers, most of them will charge transaction charges and service fees. Once you get one, you have to set it up in your e-commerce store, which can be complicated.
What Is A Merchant Account?
You might be confused about how payment gateways are connected to your bank; it is connected with a merchant account in the real world. A merchant account is a business bank account that enables business owners to receive and process payments through electronic transactions. When the merchant account receives the amount, it will be transferred to your approved business bank account according to the payment schedule established by you and the provider as per the contract.
The entire community of business owners who want to accept payments through credit or debit cards or otherwise need a merchant account. Only e-commerce companies need payment gateways.
The process of opening a merchant account is similar to obtaining a payment gateway. You need to consent to an application and pay a small amount, especially the application and scheduled service fees. As per the rules of the transaction service provider, you will be charged transaction fees, exchange fees, or based on your business transaction volume.
Last but not least, you need to choose a dedicated payment plugin. There are many global payments plugins to simplify the payment process more simply, fast & secure. A dedicated plugin is powered with functionalities that only authorized administrators can access, allowing you to control your payments better. Payment plugins are combined with several other gateways to open more opportunities.
Some excellent payment plugins include:
- WP EasyPay
These are the main factors you need to consider as they can affect creating a smooth collection process. These are some best practices you can set up on your eCommerce store.
Setup Different Online Payment Gateways
Once you apply several payment gateways on your website, you can raise your probability of providing reliable payment options for your potential customers. This is an ideal approach if you have many global buyers.
Integrate Valid SSL
When buyers pass in their personal data and payment specifics, they are urged to realize that they believe your website. The SSL certificate indicates that your website is safe and encodes your bank details or personal information. It is mandatory to display SSL certificates or further security protocols on your website or throughout the checkout to keep your buyers safe with their shopping and payments.
Receive Payments Deprived of User Account
It is ideal for lessening the checkout process’s cancellation; eliminating the need to create an account can reduce friction during the checkout process since it’s a time-consuming process no one likes to fill in lengthy fields. Imposing users to register for a single order on your website can rapidly end your sales.
Collect Mandatory Information
Eliminate the unnecessary questions from your customers since they are irrelevant to complete the transaction. If you know the mandatory questions, then, of course, you can ask them on the payment form, but if not, you should probably decline it. It is best to request basic details to simplify the checkout process.
In case you required further information, it would be helpful to explain the reason for the request. For instance, if you need a valid email address, you can add a clarification, such as “Please Provide your Email to confirm your booking/ order or customize your order.”
Error Free Checkouts
There is nothing more annoying than carrying out the checkout page and deleting all the information because of a single error, or it is worse if not finding the error. Make sure that your checkout page can easily view the lost content and will not delete completed data.
With a better understanding of the gateway’s price, functionality, and security, your eCommerce will be able to choose the best options for its corporate needs and increase the new layer of security and contentment for online buyers. If you are not paid your expense, your e-commerce site will be inoperable.
It’s time for you to comprehend that not all buyers have the same partialities. Setup as many opportunities as possible to boost the conversion rate. Digital wallets are becoming more and more popular. Buyers can easily use these alternate payment methods instead of manually entering their payment information. Activating the best online payment gateway, merchant account, and payment plugin can drop the bounce-back rate during checkout. You will be able to generate more ROI and visitor traffic.