How to choose a payment gateway for your e-shop?

Shopping via the eshop is currently a big trend, especially because of the coronavirus pandemic. Many brick-and-mortar stores are forced to close due to restrictions, so if you want to take the opportunity to start selling products online, now is the time. We described how to build a successful website and what to focus on in the guide to a successful company website, but one of the most important steps in the process of purchasing products via the e-shop is the payment.

Payment methods in the eshop

Until recently, one of the most used payment methods for online purchases was cash on delivery. Perhaps this is also because customers want to be sure that the goods will be delivered to them, and only then will they pay for the goods in cash either to the courier or when they pick up the goods at the post office. Another payment method is bank transfer. This method is preferred by many customers, but it is necessary to consider that the delivery of the goods may take a little longer, since the goods are sent only after receiving the payment on the bank account of the e-shop, which can sometimes take up to three days. Modern methods of payment include payment by payment card, electronic wallet, via a mobile gateway, or by QR code. In order to be able to accept payments, for example by payment card, you need to have a payment gateway implemented in the eshop. The payment gateway is a platform that allows you to pay securely for goods in the eshop and is also a convenient solution for your customers. All they have to do is fill in the necessary information about their payment card and verify the payment with an SMS code or mobile application. Payment is made almost immediately. But how to choose the right payment gateway for your eshop?

Payment gateway for an eshop

There are several factors to consider when choosing a payment gateway. And this is mainly because a payment gateway that is suitable for one eshop may not suit another eshop. This is because eshops differ in the currency in which they want to accept payments, the volume of payments, the type of products and other differences. So how should you choose a suitable payment gateway for your eshop?

• Price and payment terms - it is necessary to realise that each payment gateway will cost something. However, it is important which of the methods will suit your eshop. The price may include a fee for creating a payment gateway account, an administration fee, a monthly account maintenance fee, transaction fees, and for some payment gateways, a fee for transferring money to a bank account or issuing an invoice. Most payment gateways keep a fee from the transaction as a commission, i.e., some percentage of the transferred amount, and a fixed fee for each transaction. That's why it's important to think about how much the prices of goods in your eshop are, but also how many purchases are made each month. And accordingly choose what percentage of the fee or fixed fee will suit you.
• General conditions - some payment gateways can prepare individual conditions precisely tailored for you, in others the conditions for using the payment gateway are the same for everyone.
• Crediting money to an account - some payment gateways will immediately transfer money to your bank account, and some work as intermediary banks, meaning that the money will be credited to another bank account, and you will then have to transfer it to yours for a fee.
• Integration with the web - it is also necessary to monitor whether the payment gateway you want to use supports the editorial system used by your eshop, whether the payment gateway has a plug-in developed for this, also what the price of this plugin is, or whether to implement payment gateway there is some documentation.
• Payment methods - in addition to payment by card, universal payment gateways also provide, for example, an electronic wallet, a mobile gateway, payment with an online bank button, and it is also necessary to monitor whether they are compatible with internet banking of various banks. However, some payment gateways only provide the card payment service.
• Support of multiple currencies - this factor is crucial especially for e-shops that operate in multiple markets.
• Interface for the customer - it is important that the customer interface of the payment gateway is as understandable as possible, easy to use and fast. If you also have foreign customers, also monitor which languages the payment gateway supports.
• Customer support - this is a factor that you will appreciate if there is a problem with payments in the eshop or you need advice on something during the implementation of the payment gateway. Therefore, it is important that you do not have to wait too long for an answer with a question from the payment gateway provider.
• Technical solution - payments can be made in two ways: redirect, that is, when paying, the customer is redirected to the page of the payment gateway, or inline, which is payment directly in your eshop. It is also necessary to monitor whether the payment gateway has a responsive design, 3D secure security, repeated payment options or remembering the payment card.