What is an online payment gateway? In 2015, the UK was the third biggest e-commerce market in the world. The UK Government estimated that the total value of e-commerce sales was £533 billion. All of these sales were processed by online payment gateways. The online payment gateway is the facility through which these payments are made.
E-commerce is booming. In 2015 it accounted for a 19% share of total business turnover in the United Kingdom. Moreover, nearly 80% of UK internet users were engaged in online shopping, the highest percentage in Europe. Little wonder that so many business people want a share of this colossal market.
Online customers and merchants alike consider having secure digital payment options a must have. When you set up a business with an online element it is vital that you offer customers a secure online payment gateway.
Choosing the right online payment gateway provider is essential for not only taking online payments quickly and effortlessly but also for keeping your customer’s details and payments secure. Moreover, your customers expect their data to be handled safely. Therefore, it is vital to consider a number of different factors before making an educated choice in terms of a suitable supplier.
You are able to have payments complete both on and off your site. Some payment gateways allow customers to complete their payment processing whilst remaining on your website’s URL. These gateways also allow you to have the design of your payment page match that of the rest of your website, strengthening and reinforcing your company’s identity.
Alternatively, you can opt for payment gateway that redirects a customer away from your site to check out on a different URL which means your site will not host the payment form. This option may limit the design of the payment form but the added encryption renders it extremely secure. With this gateway option you eliminate your personal exposure to payment details, significantly contributing to your ability to meet the Payment Card Industry Data Security Standard.
Most payment gateways are rather specific in the functionality they provide making it of the utmost importance that you find one that has all the features that you need. Factors to consider include whether you are selling physical items, a service or digital products as well as whether you only take card not present transactions or need to take recurring payments. Another consideration is the currencies you will need your site to accept. This is a very important factor as the countries and currencies you expect to be dealing with, will impact the type of gateway best suited to your needs.
Business people with computers and tablets discuss what to consider when choosing an online payment gateway.
Payment gateway fees vary greatly with some charging per transaction while others make use of a monthly fee system. One key factor to consider when choosing a gateway is the sign-up fee for a payment gateway or merchant account. Transaction fees are also worth considering as higher charges will eat into your profits. In addition to fees, remember how valuable it can be using a well-known brand such as Nochex. Even if it costs more, a recognisable brand can improve transaction completion rates. Ultimately using a trustworthy brand will increase profitability.
Apart from those discussed above, other factors remain that also need to be considered. It is worth your time checking the levels of customer support provided by the various gateways. Another consideration is contract type. Make sure you know exactly what you are signing up for. Do not get locked into a long contract and find you cannot extricate yourself without paying a heavy penalty.
end up being dissatisfied with their services. Instead, rather opt for a provider that offers rolling monthly contracts that allow for more flexibility.
When selecting your gateway remember to keep your future goals as both a site and a business in mind. Choose a gateway that will support your long-term goals and that will help you grow as a business. Where to start looking for your gateway provider? Do you know people who have their own websites? Referral or recommendation are great ways to choose a supplier. At the end of the day do your own research and be reassured that you made a well-educated choice.
For many people Nochex’ service represents the perfect payment solution for their business. Because Nochex is Pay-As-You-Go service, it means there are no large fixed charges to worry about. There are no monthly or annual fees. This makes it very easy to try the service and stick with it for as long as you want. Nochex’ pay as you go payment gateway could be the answer to your payment needs.