Are you looking for a quick and easy checkout solution for your website?
Integrated payment systems are the best way to help make your checkout process fast and reliable. This is incredibly important when running your business because you don’t want to put any barriers in between your customer and their purchase.
If your payment gateway is slow or unreliable, your customers may choose to shop somewhere else next time or abandon their cart right away.
Here is all the information you need to get going with your payment gateway integration!
Integrated Payment Fees
Integrated payment solutions can give your website an immediate boost, but they come at a cost. There are two main ways fees are charged:
- A flat fee for every transaction (e.g. 10c)
- A percentage of each transaction
Most payment gateways will charge you both of these at the same time. So, for example, on a $10 payment, you may get charged a 2.5% commission fee, as well as a 10c commission fee.
These fees can become pretty expensive and eat into your profits. Further fees may also be applicable, such as account keeping fees, account deactivation fees, fund withdrawal fees, and more.
Before you start the payment gateway integration process, make sure you check the fine print on these details. Do the math and work out if your business will still be viable.
Payment Gateway Functionality
Not all payment gateways offer the same functional service.
For example, PayPal prefers that your customers pay through PayPal and they will suggest that they do this. PayPal will also sometimes force customers to create an account. This can be a serious problem for the viability of your business.
You need to work out exactly who your customers are and how they are likely to be paying for your products. If you need to integrate credit card payments, for example, work out which gateway is best for that.
Depending on the software platform you are using, some payment gateways may or may not be possible to integrate. Common software platforms like Woocommerce and Magento can usually be quite easily integrated with a payment gateway.
But some payment service providers have their own software platforms that don’t allow you to integrate other gateways. So, check what software you’re running and work out if it will work with the payment gateway of your choice.
If your software platform doesn’t support the gateway you like, it may be worth changing your platform. This may cost some money in the short term but could end up giving you a greater ROI.
There Are More than a Few Integrated Payment Systems
When looking to set up a payment gateway, it can be easy to think that there are only a few available integrated payment systems. You’ve probably heard of Stripe and PayPal, for example. But there are more.
Some of the other ones may be slightly more difficult to integrate but will end up costing less to run and may even come with better features. So, shop around!
If you’ve found this information useful, why not check out some of our other great articles on tech and business topics?