So, you’ve got a great product or idea, a beautiful website and you’re ready to start accepting online payments.
But the hard part isn’t quite over yet. To process these payments, you’re going to need a Payment Gateway, and you’re going to need one that integrates into your existing system in a way that makes your user’s experience better, not worse.
But it doesn’t have to be hard, follow this easy guide and you’ll have your payment gateway integrated before you know it.
What You Need to Start
- Domain name –the name of your online business (For example www safe2pay.com.au)
- Hosting platform-the place where your domain is kept active
- Website– your online shop
- Internet Merchant account-a holding account for your customers’ payments before being transferred to your business bank account
- Payment gateway-the safe pipe through which payments securely move from your website to your internet merchant account, and finally your business bank account.
What Is a Payment Gateway?
In simple terms, a Payment Gateway is a system that works behind the scenes of your website. Its job is to provide a safe bridge for the payments you receive from customers on their way to your bank.
The process involves three steps:
- A customer enters their card details on the checkout page of your website and submits the payment.
- The payment gateway safely transports the payment details from your website to the processor for processing.
- The payment details get sent to the Customer’s card issuing bank, where it will either be approved or declined.
- The merchant and customer will then receive this information.
- If approved the money, is paid into your internet merchant account (an online holding bay) before being deposited into your business bank account.
What Do We Mean By integration?
To add a payment gateway to your website, integration is required. If you are with a reliable gatewayproviders, this should be a straightforward process and is done for you. Like Safe2Pay who integrates our payment gateway into your website in-house, the whole process being a seamless and straightforward, cost-effective result.
Integration can be with software relating to
- Accounting solutions such as Xero or MYOB and
- Shopping cart facilities
Now let’s look at the Customer Experience which is crucial to your business.
Why Is It So Important?
You may think that Australian people are very comfortable with online shopping. However, it appears that they are still wary of identity theft and credit card fraud. An Australian study conducted in 2016 concluded that 46.1% of cart abandonment occurs during the payment stage.
The rate of cart abandonment has only increased with the total number of e-commerce cart abandonment rates vary, depending on the sources you look at, between 59.80 percent and 80.30 percent.
The main reason for cart abandonment is long, complicated checkouts that confuse or make customers feel insecure.
And this is where gateway integration is vitally important. The gateway needs to be seamlessly integrated so that not only your customer feels secure but also remains on your website throughout the whole process. When a customer gets taken away from your site, to a third party payment gateway’s page, your customer will feel uneasy and abandoned by you. Especially when the gateway colours, look and feel very different from the look and feel you’re projecting.
It is when this uneasiness takes over that the customer could well abandon the transaction.
To ensure reliability you need to create a seamless and reassuring check out experience at each and every turn.
It Only Takes a Few Steps to Integrate your Payment Gateway
Choose a Payment Gateway Do your research and base your decision on the following:
- Is the fee structure affordable?
- Is security a priority? (It should be…)
- Is there sufficient customer support?
- Will it integrate into my existing setup and enhance my checkout user experience?
Quick Tip: Your payment gateway determines which cards are accepted so make sure you choose a provider that offers as many options as possible. Like Safe2Pay who enables you to accept all major cards.
To find out more about choosing the right payment gateway click here.
Safe2Pay wants to make this process very comfortable and rewarding for you. So, we’ve gone ahead and made sure our payment gateway answers every one of these crucial questions by putting your needs first and leave you to do what you do best.
Decide Whether You’ll Use an External or A Direct Gateway Option
When picking a payment provider, a primary decision will be whether you want a direct provider or an external one.
If you’re using a direct provider, your customers can complete their purchases directly on your online store rather than being directed to a third-party checkout.
Research has shown that customers are more likely to go through with a purchase if they never leave the site.
Make sure your payment provider is a direct gateway option like Safe2Pay who offers a one-stop-shop without your customer every having to leave your website.
Test It out
Typically, your payment gateway will allow you to perform fake transactions to ensure that the payment process is working correctly. Be sure to test before making your online store live. Safe2Pay can set this up in no time at all.
Picking a reliable Payment Gateway ensures you will have an easy integration process and therefore, guarantees your online success.