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Choosing The Best Payment Gateway For Your E-commerce Store

Online payment is one of the key aspects of e-commerce transactions. An online store should, therefore, have a system that facilitates a secure and easy transfer of payments from the buyer to the seller.

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Choosing The Best Payment Gateway For Your E-commerce Store

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  1.     Choosing The Best Payment Gateway For  Your E-commerce Store  ___  By - ​​Magento Store      INTRODUCTION  Online payment is one of the key aspects of e-commerce transactions. An online store should,                   therefore, have a system that facilitates a secure and easy transfer of payments from the buyer               to the seller. The job is done by a payment gateway, which is a service that collects and encrypts                     all the sensitive information related to the customer's credit card and then authorizes the               payment. It facilitates the transmission of this confidential information between the website             and the payment processor. A payment gateway can be imagined as a virtual payment terminal,             which collects the credit card details entered at checkout and forwards them for authorization               to the credit card company. Once authorized, it gets them back to the store and completes the                 transaction.                                                                                                                                If you are running a Magento-based store for your online business, there are plenty of options                 to choose. You can even have multiple payment gateways for your store for delivering an               omnichannel experience to the users. However, certain factors are to be considered before                                                            

  2.           payment gateway integration so that you avail the most relevant ones. Here are the factors to             help you with the choice:                      Security S​ecurity is the most vital parameter related to online transactions as the sensitive,             financial details of the customer are involved. A breach in security translates into lost             trust and lost business reputation too. Therefore, PCI compliance is essential for the             gateway service. PCIDSS stands for Payment Card Industry Data Security Standard and           it ensures that the payment gateway is giving the highest level of credit card data               security.                                                                             Product Compatibility Besides being absolutely secure, the payment gateway should be compatible with the           store's products too. There could be certain terms and conditions that each service             provider comes up with. For instance, some of them do not support the sale of             intangible products such as digital goods and services.                                                 Mobile Friendliness Ideally, a payment gateway should be mobile friendly too because a majority of people             shop with mobile devices these days. This will ensure that your customer gets a             seamless experience on your Magento store irrespective of the device used.                                         Hosted or Shared  Another key consideration relates to the choice between hosted and shared payment             gateway for your Magento store. A hosted service is preferable for big retailers who             want to focus on brands and would not cringe on the costs. On the other hand, smaller                 sellers can do well with the economical option of shared gateways.                                                 

  3.           Countries, Currencies, And Cards To Be Supported  The selection of payment gateways is also influenced by the countries that you are             going to run your business in. You have to ensure that it supports global locations,                 multiple currencies, and various credit card options.                                Cost  The cost of the payment gateway service should fit your budget. There are certain               providers who offer the service with zero sign-up fees, making them perfect for low               budgets. The large-scale sellers with specific requirements should, however, invest in           the ones that are comprehensive. The fee structure should be flexible too so that the               business can handle it easily.                                                          Customer Support  The service provider should be reputed for providing excellent customer support as and               when required. This is because your Magento store has to be up and running 24 by 7 and             any issue related to the payment gateway has to be resolved instantaneously. Any delay               hampers customer experience and can cause loss to the business.                                                    Payment gateways are the backbone of online retailing and the success of a ​Magento e-commerce store greatly depends upon the right choice. The right combination of           multiple payment gateways enables your store to deliver a great experience for your           buyers. The customers are not only likely to complete the transactions but also come               back for more.                                                                              

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