Things to Consider Before Buying a Gateway Package
There are generally seven things that need to be considered before buying a gateway package. These are:
1. Relevant payment flow: The scalability of the payment gateway is an important factor in the growing business. The main payment gateway provides choice to the customers for the payment:
- The website that includes the Integrated payment contains all the important information that is sent to a secured payment gateway calling an integrated API.
- Customers are redirected to a secured hosted page where they need to place all their details for payments on an embedded iFrame on-site. Very little time is required by the developers to integrate.
- An escrow system is built in the e-commerce platforms to hold back the funds till the admin provides the authority to deliver them.
2. Location: In any business, location plays a great role. The websites of the payment gateway protocol need to be incorporated into the area where the business is performed. This is not always the case. If for example there are two payment providers one from the USA and another from India. The business that is registered in the USA are handled by the USA payment providers and the business that are registered in India are handled by India payment providers. But in any case, if the company that is registered in India wants to work with a USA processor then it is also possible by incorporating with India. A company can both incorporate with USA and India payment providers at the same time too.
3. Payment Gateway Security: Fraud detection is a major factor from a security perspective. It is mandatory to have a feature that detects fraud. Not only for the businessman it is important to hide the payment details of customers who visit the website to buy items online. OTP is another feature with passwords that leads to extra security while doing transactions.
4. Frequency of transactions: The average transactional amount of a website and the frequency of transactions a major factors in deciding what package of payment gateway is needed for a particular website. If the package is not well chosen then the businessman will end up giving an extra amount which will lead to a company expense.
5. Multi-payment deciding mode: Every customer has their own habit and belief system of payment. Some feel comfortable in Netbanking, others use the UPI system or debit/credit card. The availability of a multi-payment mode with all facilities is necessary to attract customers for online payments.
6. Merchant Account: To receive payment through an online payment gateway there is a need for a merchant account. A merchant account is an online account that receives temporary payments through an online payment gateway when the customer buys some items. It is not the actual bank account. The amount is stored temporarily on the merchant account till the date of the possibility of a return of the items from the customer. After the possibility of the given date of return exceeding the amount is transferred to the actual bank account.
7. Recurring Amount: It is a brand new feature where an automatic billing process is executed by the website on a period of interval. Customers need not worry about purchasing their items or premium accounts. It is generated automatically after expiry to continue uninterrupted services. It is mainly used on Netflix, Amazon Prime, and other OTT services.
8. 24*7 Customer support: To fix any issue regarding payments customer support is necessary. Several customers face issues during payments for example amount debited but the item is not confirmed, the amount debited multiple times, etc. A technical support team with chat support can resolve the problems which will be beneficial for the customers.