9 Things To Consider While Choosing A Payment Gateway For Your Online Store

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9 Things To Consider While Choosing A Payment
Gateway For Your Online Store
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Get An Idea About How You Want The Checkout
Process To Work
All payment gateways do not function the same
way. There are two types of Payment gateways and
it is very important that you know the difference
between both of them Hosted Non-hosted
Payment Gateways The Process Of Choosing The
Perfect Gateway
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Have An Insight About The Difference Between
Merchant Account And Payment Gateways
It is very important to know about the difference
between the terminologies when it comes to
e-commerce. A payment gateway can approve or
decline the credit cards as well as online
payment alternatives such as PayUMoney or
CCAvenue accounts. People often get confused
about the e-commerce term payment gateway with
a similar term called, merchant account. A
merchant account is where funds are held before
being deposited into your bank account, the
payment gateways role is simply to decline or
approve a transaction which is done by your
customer.
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Documents Required To Avail Your
Gateway
A payment gateway for your website, you need to
provide a certain set of documents. The basic
documents which you need to provide are KYC and
Undertaking. KYC includes identification proof,
address proof and bank statement. Every type of
registration needs a different set of documents
according to the requirements.
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You Have To Be Sure Of What Type Of Products You
Want To Sell
Whatever you do on your website will influence on
the brand of your product. So, before you decide
upon the products, you required a complete market
research so that you get the idea about what you
are getting into. There are a certain products
which cannot be easily sold online like
e-cigarettes. For that, you will need a different
type of payment gateways.
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Look For A Mobile Responsive Option For Your
Gateway
People prefer shopping online through their
mobiles. It might become a big turn off for your
brand if the payment gateway site, to which the
customer gets redirected to is not mobile
responsive and it might result into a bad
reputation for your brand. If your payment
gateway is not mobile responsive then your
customer might just leave your website without
buying the product as the non mobile responsive
page might not give him a perfectly user-friendly
experience. Because its a future device.
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Secure Socket Layer Is A Must Have
Secure Socket Layer, which is majorly known as
SSL, is a certificate which your e-commerce
website needs to protect the personal and
financial data of your customers. It is a
certificate which ensures safety on your site for
financial transactions. An SSL certificate can
be purchase by you with a little bit help from
your web hosting provider. It costs a set amount
which you pay per year and it is worth every
penny you pay as it ensures the safety of the
financial information of your customers.
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Shopping Cart Is An Important aspect
Shopping cart is one of the most important
aspects of your e-commerce website. With the help
of shopping cart, the customer is able to select
items which they desire to buy and the shopping
cart automatically calculates the total cost
inclusive of the shipping and handling charges
and taxes. After that, when the customer places
the order, the customer is taken to the check-out
where he or she is asked to provide his/her
payment information, which is then collected and
managed by the gateway as described above.
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What Should You Expect When It Comes To Charges
It is very important to educate yourself about
the charges for having a payment gateway. There
are a few common charges associated with a
payment gateway such as setup and transaction
fees. This varies from provider to provider, so
youll need to do a proper research what each
gateway charges. Some may only charge a
transaction fee while others may charge a monthly
on top of a transaction fee.
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Take Care Of Security
Showing your potential customers and customers
that you are serious about protecting their
sensitive data is very important for your long
term success. Every payment gateway provider has
to meet minimum criteria to be certified by Visa
and others. This level of security should be
considered a starting point, and nothing more.
Thoroughly investigate security with each
potential provider as it is solely for the
reputation of your venture.
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