How to choose an online payment gateway

A payment gateway is a software application that merchants use to accept credit cards and other types of electronic payments.

The need for payment gateways

A crucial component in the online payment process, the payment gateway acts as a secure bridge between the merchant's website and the payment processor.

• Security: Online payment gateways play an important role in helping to ensure the security of sensitive information. By encrypting data during transmission, they can protect customers' personal and financial details from potential cyberthreats, such as hacking or identity theft.
• Streamlined transactions: A reliable payment gateway streamlines the online payment process, providing a seamless experience for both merchants and customers. Quick transaction processing can help enhance user satisfaction and encourage repeat business.
• Global accessibility: Payment gateways can enable businesses to cater to a global audience by accepting various payment methods, including credit cards, digital wallets and alternative payment method options. This versatility is crucial for expanding market reach and attracting a diverse customer base.

Choosing the right online payment gateway

Selecting the proper payment gateway that's best for your business can be daunting. Be sure to look for the following characteristics:

• Security measures: Find a payment gateway that employs robust security measures, such as encryption and compliance with industry standards like the Payment Card Industry Data Security Standard (PCI DSS). This helps to ensure the protection of sensitive customer data.
• Compatibility: Ensure that the payment gateway is compatible with your e-commerce platform or website. Integration should be seamless, allowing for a hassle-free user experience.
• Payment methods: Select a payment gateway that supports a wide range of payment methods. This flexibility accommodates diverse customer preferences.
• Cost and fees: Evaluate the cost structure and fees associated with the payment gateway. Consider factors like transaction fees, setup costs and any additional charges. Choose a solution that aligns with your business model and budget.
• Customer support: Reliable customer support is essential for addressing issues promptly. Choose a payment gateway provider with responsive and knowledgeable customer service to ensure minimal disruptions to your business operations.

Having the right payment gateway in place can help provide a frictionless customer checkout experience, reduce redundant baskets, improve repeated purchases and increase sales.

Whether you’re ready to set up a new online business or simply need to ask a few more questions about online payments, please reach out to our Worldpay payments experts. We are here to assist you.