payment gateway

A payment gateway is an essential part of dropshipping business. It’s a tool that let customers buy something from your online store. The selection of a payment gateway depends on your preference and your target market. So if you’re looking for how to choose a payment gateway for your dropshipping store, then you’ve come to the right place! Continue reading to discover points to consider when choosing a payment gateway for your dropshipping store.

Ease of Payment

A good payment gateway should bring convenience to you and the users (customers). There’s no point in integrating a gateway that makes checkout payments difficult for your customers. You’ll have reduced sales and increased abandoned carts.

Pay-out Times

Once the transaction occurs, the payment gateways take some time to send money to the merchant’s account. The timeframes vary for each. Do research the payout times before you integrate a payment gateway.

Transactions in Several Currencies

If you are targeting clients from around the globe, then this is a crucial point to consider. Make sure you integrate a platform that offers clients to pay in their local currency. Or at least provides options that are widely accepted in different countries.

Customer Service

For your good and peace of mind, it’s better to pick a payment gateway with excellent customer service. I often see some horror stories pass by of people claiming that their whole account has been set on hold while the customer service doesn’t even reply. Sometimes, they have to stop their advertisements because their cash flow has stopped. In conclusion, a good payment gateway puts your money on hold less quickly, and if it happens, should have great customer service to resolve the issue with you.

Consider Fees and Service Agreement Requirements

Payment gateway is based on the type of transactions a business conducts (online or in-person), and even business sales, revenue consistency, transaction frequency, and the markets served. It’s important to compare how the business model coincides with the payment provider, or a gateway’s fee structure. A few services may require setup fees and contracts, or they may charge transaction fees if a particular order and transaction volume aren’t met.

Ensure Effective Transactions

According to a survey conducted, more than 25% of customers will abandon a purchase if they are compelled to register for an account to complete it. If the checkout procedure uses a third-party shopping cart with an enrolment procedure, ensure that retailers can make it an optional factor that allows for a “guest” checkout.

Make Checkout Easy on All Devices

Studies show that 79% of smartphone users have made a purchase online using their mobile devices in the last 6 months and 83.72% of people own a mobile phone in 2022 and these figures are increasing steadily. As website owners evaluate their payment gateway options, you need to make sure to provide an adaptable checkout experience that is optimized for different mobile devices and network types.

Multiple Features to Choose From

Online payment gateway service providers offer several features, depending on their business needs. For instance, if retailers provide their products and services around the world, the payment gateway should provide a global solution, and accept several credit cards, debit cards, and currencies, based in different countries. Payment gateways also impact the website’s efficiency. Be sure to find out if the chosen payment gateway supports electronic invoicing, all types, text/email reminders for customers, smart chargeback management, etc.

Easy Integration Process

Online payment gateway integration isn’t a DIY process. Most payment gateways provide detailed instructions on integrating into popular dropshipping platforms. The ideal solution is selecting a payment gateway system that doesn’t botch up the website’s UX with a slow payment process. You should select a payment gateway that makes it easy and beneficial for the customers to make payments on the website where they can select a payment method of their choice.

Parting Words

Honestly, picking a payment gateway for your dropshipping store can be tasking, but at the same time simple once you are calculative. This article has done justice by giving you the information on how to choose a payment gateway for your dropshipping store. All you just have to do is find out which countries you would like to sell to and what the most popular payment methods in those countries are. Then, you pick the most popular payment method. Good luck to you with choosing a payment gateway for your dropshipping store!

Do you need a reputable fulfillment services company for your ecommerce business? Contact us today at Fulfillman. We provide a wide range of services including Warehouse fulfillment, Drop Shipping, China sourcing, Third Party Logistics, and many more. Our dedicated team will be available to discuss with you and provide suitable answers to your questions and concerns. We guarantee you excellent services.

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A payment gateway is a software application that facilitates transferring credit card information from a website to a credit card payment network. It does this by interfacing between an ecommerce website and a customer’s preferred mode of payment: bank account, credit card, debit card, gift card, or any online wallet. Some of the more popular ones include Paypal, Amazon Payments, Skrill, Braintree and Stripe. Payment gateways are secure and a requirement for your ecommerce store.

With the right payment gateway, it becomes easy for your ecommerce store to accept several types of electronic payments. It gets better when you work with a payment gateway provider that offers an all-in-one solution. So how do you choose the right payment gateway? What do you look out for? We have put together 10 factors you should look for when trying to get a payment gateway that serves your ecommerce store.

Get A Certified Provider

Your ecommerce store is expected to offer the most secure payment option. To do that, you’d need a payment gateway provider that follows security standards essential in the industry. The Payment Card Industry administers industry security standards like PCI-DSS. The gateway provider you opt for should have the proper certifications. The bar for all ecommerce websites is continually being raised, and to meet up to standards set by companies like Amazon and Walmart, among others, you need a certified provider. It is imperative to confirm that they have the necessary certifications.

What Are The Fees and Service Agreement Requirements

The fees for payment gateways are often determined by the type and frequency of transactions involved, the flow of revenue, and the target markets.

Before opting for a payment gateway, consider how you intend to run your ecommerce store and how well the gateway’s fee structure matches it. Depending on your services, you might only require setup fees and contracts. In other instances, you might need to pay transaction fees if you don’t meet order and transaction requirements.

How Effective Are the Transactions

It would be best if you opted for a payment gateway that allows you to eliminate unnecessary form fields so that the checkout process is more effective. For example, your payment gateway should stop needless form fields like billing and shipping information, especially when the postal addresses are the same.

Checkouts Should Be Easy Across Devices

Most of your ecommerce customers will access your online store via a mobile device. So you need a payment gateway that offers a stress-free checkout experience that accommodates such customers. The ideal payment gateway should support various devices and network types so that different customers can shop at your online store without hassles.

Multiple Features

You’d need to be clear on your ecommerce store needs when looking to get a payment gateway. Do the features on offer match your business needs? It might be a great idea to opt for a payment gateway with a range of features like delivering global solutions, supporting electronic invoicing, enabling all payments types. Other features to look out for include text/email reminders for customers and smart chargeback management.

Seamless Integration

You need a payment gateway that allows for seamless integration so that customers can easily make their payments on your ecommerce store. You should avoid at all costs any payment gateway that messes up the user experience on your ecommerce store by having a payment process that is slow and disjointed. Customers should be able to get on your store and opt for a payment method that suits them.

Merchant Account Support

You need a payment gateway that works well with merchant accounts because of the extra security it offers you and your customers. Plus, a merchant account enables your customers to manage their funds better since their funds are temporarily transferred to a retailer account. That allows your customers to feel more secure transacting business with your ecommerce store since they know they can manage their funds better when your payment gateway supports a merchant account.

Recurring Billing

The recurring billing model allows you to set up an automatic billing cycle for your ecommerce store customers. Your payment gateway should enable this model so that you can access all its attendant benefits.

Mobile Payments

Mobile payments are fast becoming a thing for online stores, especially with the ton of digital mobile wallets currently revolutionizing the scene. Get a payment gateway that allows your customers to make payments using their phones.

Round The Clock Customer Services

No matter how great a payment gateway is, there are bound to hitches or glitches once in a while. Sometimes some support is needed to get over such situations, and if you don’t have the proper customer support, you might run into avoidable issues. That is why your chosen payment gateway should have round the clock services that cater to such situations. It is not enough to have tickets and emails, and support. There should be live customer support for instances when manual instructions are required.

Endnote

Your ecommerce store can only go so far without an online payment gateway. It is vital for your ecommerce store, but more importantly, you should get the right one. The factors we just described will go a long way in ensuring that you get a payment gateway that serves your ecommerce store.

Do you need a reputable fulfillment services company for your ecommerce business? Contact us today at Fulfillman. We provide a wide range of services including Warehouse fulfillment, Drop Shipping, China sourcing, Third Party Logistics, and many more. Our dedicated team will be available to discuss with you and provide suitable answers to your questions and concerns. We guarantee you excellent services.

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The meaning of the word payment gateway is not hard to figure out. As the name implies, it is a gateway through which payment is made for a particular product or service. To a shopper, it is that page after navigating to check out. Say you’ve come across a store and you want to buy something from there. After adding it to your cart, you’d need to navigate to checkout to pay, and this is where payment gateway comes in.

For a dropshipper, it’s no news. However, there are many payment gateways out there. To save you from the headache of knowing which is which, here is our list on the best payment gateways for dropshipping and e-commerce.

PayPal

Obviously, the first name that’s going to come up on any list because it is the most commonly used payment gateway for most e-commerce stores. PayPal is a widely accepted payment gateway in more than 203 countries, 25 different currencies, and by over 305 million people, as it supports all kinds of credit cards, be it Visa, Mastercard, Citibank, American Express, and more. For you to even start dropshipping, most times, you’d need a business PayPal account. PayPal also has other options available for vendors in terms of integration.

2Checkout

2Checkout is another U.S. based payment gateway that’s available in more than 87 countries, with many Third World countries included. The gateway supports credit cards like Visa, Mastercard, American Express, and many other major credit cards.

2Checkout has a simple interface for customers, where all transactions are simplified into different languages and currencies. Another excellent feature of 2Checkout is the ability to integrate with other systems easily; it can combine with online shopping carts or even invoicing systems to help your payment faster.

Stripe

Although available in over 25 countries, Stripe is a payment gateway mostly used in the United Kingdom, Canada, Australia. Stripe has excellent customer support for vendors, and it’s more flexible in terms of more extensive developer tools, which makes it an excellent choice for businesses with developers. With this payment gateway, you can easily bill your customers with no issues, completes one-off payment. What’s more? You can even add a Stripe POP system to your physical store.

Authorize.net

Started in 1996 as part of the product of the then Visa, authorize.net is one of the most trusted and tested payment gateways available out there today. Thanks to its ability to integrate and customize. Although it has less brand recognition, it made up for it in different ways. With aithorize.net, you can now work online and in-person. It offers excellent customer service, and vendors can tokenize sensitive information with little or no effort.

Skrill

This is another gateway that has its presence in over 40 countries. Skrill is a new payment gateway that has gained popularity in the gateway market over a short period that it started. Thanks to its low-cost international money transfers that allow people to pay for things all over the world, and scalability – in terms of being able to accommodate all levels of business from individuals to big companies-. It charges 1.9% checkout transfer fees, and it also offers an extension for integration with WooCommerce-based dropshipping stores.

WePay

WePay happens to be one of the products of Chase. If you’d like an online payment gateway with fast and seamless operations to your website, then WePay is a good choice. It is a customizable payment solution, with optimal payment experience for both dropshippers and the shoppers.

Although fairly complex, its system gives companies the flexibility and option they need to adapt their operations to their changing objectives. Due to this complexity, the payment gateway comes with the benefit of extensive support and even 100% payment risk coverage. What’s more? WePay’s payment solution is for both online and in-person sales with its POS solutions.

PaySimple

The name says it all. PaySimple is a payment gateway that prioritizes product placement and marketing services to drive traffic and conversions via your website and social media channels. Its flexibility is top-notch as it can accept credit cards and e-check payments across all sales platforms – online, on phone, and in-person sales (POS system) inclusive. Another interesting support from PaySimple is the ability to generate standard and customised reports that can give you indispensable customer insights.

There you go! Above are the seven payment gateways we think are the best for your dropshipping and e-commerce business. You can test with different payment gateways and choose the one that works the best.

No doubts, a payment gateway is a vital part of any e-commerce business. It’s the gateway responsible for all transactions of the store and where all transactions are concluded. So, finding the right, quick, and convenient one is very paramount and a wise investment you could make for the growth of your business.

How to Choose a Payment Gateway for Your Dropshipping Store