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California Business Journal
Photo by Pickawood on Unsplash

Photo by Pickawood on Unsplash

The Missing Link in Your E-commerce Business

Cash on delivery is a great option, and shoppers love it, but what they love more is paying online. Payment gateways are online software applications that work behind your business payment operations.

by Eve Gumpel, Senior Writer, California Business Journal
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The benefits of operating an e-commerce store are many, and recently the trend and the demand both are favoring this industry. Along with convenience and cost-saving, it is highly profitable. It has its share of challenges and hurdles, so one should be well-prepared to tackle anything.

Apart from marketing, attractive pricing, and a range of varieties, there is one more thing you need to consider, i.e., payment gateway.

Why should you have a payment gateway?

Cash on delivery is a great option, and shoppers love it, but what they love more is paying online. Payment gateways are online software applications that work behind your business payment operations. The checkout software connects to your merchant account and allows you to accept or decline payments.
You receive funds from payment gateways faster than you would manually. Due to the ease of collecting payments, even when your clients aren’t present physically, you no longer have to rely on clients sending you checks or making payments in person. In the payment cloud merchant account review, you can notice how these services are helping businesses.

How does it function?

From the point of sale, it allows sensitive cardholder data to be securely transmitted to the credit card processing company.

With a payment processor, you can process payments using a POS system. As soon as the processor receives the transaction details, it sends them to the customer’s bank, awaiting approval. Upon approval, the bank transfers the funds to the business’s account. It may not be as simple as it seems, but a reliable payment gateway makes it seamless.

What points to consider when looking for a payment gateway?

Transparent fee structure

Before you sign up for a service, you must be familiar with the fee structure. There are hidden fees that can lower your profits later. A few gateways charge a fee per transaction, while others charge a monthly subscription fee based on a set number of transactions.

Recurring bill support

You must check if the gateways you are considering support automatic payments for recurring plans if you offer subscriptions or provide members with access to content. It can be a headache for your customers if they have to renew it every month.

International currency assistance

Ensure that your gateway provider supports multi-currency transactions and there are no geographical restrictions attached. Because having international shoppers adds tremendous value to your business and brand, so make sure you do your research well.

Security

Verify that the gateway provider is compliant with the Payment Card Industry Data Security Standard (PCI DSS). It requires multi-layer defenses, encrypted data transmission, and data protection architecture to ensure a secure payment system. It ensures that your customer’s data is secure and their privacy is protected.

Payout period

Make sure you are aware of what each payment gateway service says about deferring payments to you. Some payment gateways offer no-reserve policies, but they usually take a few weeks or a month to process your money.

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Customer support

A machine isn’t always the best solution for customer support. A payment gateway must provide you with customer service and a 24/7 support team as you entrust your customers’ money to them, and nothing could be more important.

Bottom line

A good payment gateway can work as your partner and revolutionize your business operations. It’s always beneficial for e-commerce businesses to facilitate customers as much as possible, and offering online payment options is one of them.

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Eve Gumpel, Senior Writer, California Business Journal

Eve Gumpel, Senior Writer, California Business Journal

Eve Gumpel, owner of Good Writing Matters and founding partner of Women Lead Publishing, spent more than 30 years as a journalist and PR specialist before becoming an independent book editor and partner in a publishing business. Eve was a master journalist, having written extensively for Entrepreneur.com, Fox Business and WomenEntrepreneur.com before joining CalBizJournal. Eve edited many books, including "Blasted from Complacency: A Journey from Terror to Transformation in Israel." Sadly, Eve passed away May 5, 2020. We miss her deeply. She was one of the nicest and warmest individuals anyone could ever meet. Every person who met her walked away inspired, knowing they had just met an amazing human being with a heart of gold. Here is a comment from Eve's close friend, Jamie Kim: "Your huge heart and generous spirit always lifted me. Thank you for inviting me and including me in your Seder's, New Years Eve parties, recitals, plays and speeches. I'll always have have wonderful memories of you, laughing and eating together...being irreverent (but grounded in a lot of humor). Missing you so much. You enriched my life with Love, Laughter and Joy. Thanks for the leftovers to take home from the Seders. Your food was your love towards me. Luv hugs and spiritual blessings. I am glad you are pain free and in a better place."

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ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
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