To ensure that your customers have the experience they expect, online payment is a must. Consumers have made PayPal or credit card payments via various payment gateways part of their routine. The latter offer a number of advantages and provide fast, simple, and secure payments. For this reason, to boost your conversion and loyalty rates, it is necessary to opt for a high-performance online payment solution.
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What is an online payment solution?
An online payment solution, also known as a payment gateway, is an intermediary between merchant sites and the payment processor that receives the customer’s payment. More concretely, it allows the merchant not to worry about the technical aspect of an online payment. Once such a solution has been integrated into an e-commerce site, everything is managed by the online payment solution.
With an online payment solution, different payment steps appear:
- The customer places an order on your website and enters the necessary payment information
- The payment solution will retrieve the bank details, encrypt them, and send them to the payment processor
- The customer completes the purchase via the payment processor, which will check the information and the status of the bank account
- Once the payment is accepted, the purchase is completed
Thus, a payment gateway transaction is technically complex, but it allows for fast, convenient, and secure online payments.
What are the key factors to consider when choosing a payment gateway?
Before integrating a payment gateway on a distance selling site, it is necessary to evaluate several criteria. These will help you to choose the most suitable payment service.
First of all, the payment gateway must be compatible with your e-commerce site. Indeed, some payment extensions may not work with WooCommerce, Magento, or Shopify sites. Although there is almost no risk of incompatibility, the first thing to do is to check this compatibility.
Secondly, you need to make sure that the payment solution matches the payment habits of your target market. This could be for Visa or Mastercard, for example.
The costs of the platform to ensure payment via the internet are important. You need to make sure that these arrangements meet your expectations. Depending on the platform, the fees may be monthly, per transaction, or even include additional fees for international payments.
Finally, does the payment platform allow you to adapt to the payment facilities you offer? Some payment gateways only offer single payment, others offer the possibility to pay by monthly installments. This is essential if you are offering payment in three installments or renewable subscriptions.
What are the advantages of online payments?
Of the payment methods offered on the internet, payment by credit card is the most popular. Faster and easier to set up than a bank transfer or payment by cheque, credit card payments are very popular with consumers.
For a customer, paying online saves time. The purchase is simpler and can be completed in a few clicks. The process is more pleasant and more fluid for them.
From the business side, the benefits are significant. Indeed, customers quickly give up on a purchase if a site does not allow payment by credit card or if the payment procedure is long and complex. Moreover, paying by credit card via a secure payment gateway reassures customers who fear that their banking or personal data will be disclosed. Thus, an efficient online payment increases the conversion rate, but also builds customer loyalty. Ultimately, the company’s image is enhanced,a s it appears more modern and professional.
Which payment gateway is best for small businesses?
The most suitable online payment tool for small businesses is first and foremost the one that best suits their needs. On the one hand, the costs must be kept to a minimum so as not to burden the company’s finances. In addition, the payment gateway must offer services that are relevant to their business. Moreover, the business does not have to be e-commerce. A payment solution can also be used to send payment links for any type of business. The important thing is to define your needs and choose the most reputable payment services.
Stripe
Stripe is suitable for e-commerce sites, but also for physical shops or entrepreneurs. This solution in SaaS mode allows to integrate very quickly online payments on a website or an application. In physical shops, the electronic payment terminal provided by Stripe is ideal for accepting credit card payments. Finally, entrepreneurs can integrate a Stripe link directly into their invoice to accept credit cards in a matter of minutes. In addition to cards, Stripe is also able to handle wire transfers and e-wallets. One-off or recurring payments are accepted. For all these reasons, Stripe is a very relevant solution for all small and medium-sized businesses.
Mangopay
By integrating with applications or websites in a matter of minutes, Mangopay offers the possibility of accepting online payments for marketplaces, e-commerce shops, B2B platforms, and even crowdfunding platforms. The services are varied, as Mangopay manages payments between users, commissions, and loyalty programmes. This means that you can tailor your payments to your needs and your customers can access secure payments thanks to anti-fraud features such as 3D Secure.
PayPlug
This payment solution for SMEs is ideal for deploying an effective omnichannel strategy. PayPlug is able to support both point-of-sale and online payments. The online platform allows you to create your own customized payment pages in your corporate colors. In addition, a payment link can be sent to your customers via email, SMS, Messenger, or Whatsapp in seconds. With PayPlug, offering a quality shopping experience to your customers becomes a breeze.
