When running an ecommerce shop, there are many things to consider to maintain the delicate balance between a satisfactory customer experience and operational efficiency. With the right gateway services solution, you can do both: improve the customer experience and increase transactions, while reducing costs.
The Ecommerce Payment Processing Challenge
For online merchants, ensuring transactions are processed quickly and securely can be a huge challenge. Trying to keep costs low only adds to the task. If payment costs are high, it will impact the prices of your goods or services, which ultimately affects your competitiveness in the market.
To remain competitive and highly sought after, you need to find a way to minimize costs and create a satisfactory customer experience. The best way to achieve this is with the right payment processing services. Initially, you might seek out the latest technology or best value solution. But processing is about so much more.
With fraud and risk on the rise, security and compliance are key factors to consider; it is essential to protect both your customers and your business. There are also regulations to adhere to. At the same time, you don’t want adherence to negatively impact the transaction process or create poor customer service.
In addition, declined transactions – which occur for different reasons – have the potential to result in lost revenues and customers. With the right tools and resources, these declined transactions can be avoided. The solution to all of these payment processing obstacles is the right gateway services solution.
Payment Gateway Services Solution: Bridging the Gap
A payment gateway bridges the gap between a merchant and the payment acquirer or bank. This significantly speeds up the payment approval process by the cardholder’s bank. The right gateway services solution – paired with a secure payment processing platform – can create frictionless payments. Ultimately, improving cash flow and the overall customer experience.
When choosing a gateway payment solution, here are important things to consider:
- Ensure a frictionless experience. Of course, one of the top reasons you’re trying to secure a payment gateway is to boost the overall customer experience and ensure frictionless payments. Make sure you do your research on each provider and find out what their customers are saying. Did the gateway result in happy, satisfied customers (both from the merchant and customer perspective)?
- Secure fraud protection services. A big part of a frictionless experience is fraud protection. You want customers to have confidence in their shopping experience with you, keep coming back and refer you to others. The right gateway services will provide robust infrastructure that protects you and your customers’ data.
- Keep your ecommerce payment page unique. To offer the best consumer experience possible, that also reflects your brand’s image and feel, it’s important to choose a solution that allows you to maintain control of your ecommerce pages. It also helps to avoid any customer confusion by ensuring consistent branding.
All in all, the key is to choose a payment gateway service that allows your brand to shine, while also providing an exceptional customer experience – one that is safe and seamless. Just make sure to spend the extra time necessary to compare your options. The provider you choose should have years of experience in working with your business type (e.g. wix payments for ecommerce needs), have a strong support team for any questions you might encounter and ultimately help you reduce costs. Choose the solution that best meets your current needs and future goals.
Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.