A plethora of features are there that every eCommerce website should have to run business mellifluously. Amid this, the most essential thing is to get paid on time. Running a business and not being able to easily accept payments will not make any sense. To be precise, it will create a hindrance to your sales.
In this competitive market scenario, a one-way payment receiving mode is required. However, putting multiple payment methods could be an advantage for your business. There are lots of payment methods you can consider for your Magento eCommerce site, while each of the payment methods is promising to provide a secure and intuitive checkout experience, having multiple options makes it easier for the customer.
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A recent study states, shoppers mostly prefer to use e-wallets when they are shopping from any eCommerce site. Therefore, developers are integrating these payment methods while developing eCommerce websites.
Are you confident that you are providing the best payment methods to your customers? To ensure the same here is some information that may be conducive for you. Before that, let’s dig deeper into payment gateways.
What is a payment gateway?
Online payment gateways are eCommerce services that process all the payment information for websites. Primarily, they offer two main benefits for eCommerce businesses:
- Fast and easy checkout process
If the customer faces issues during the checkout process, then shopping cart abandonment may happen. Therefore, it will affect your sales rate directly. A good and reliable payment gateway makes this process simple so that you can capture most of those sales rather than losing them. You can visit here to know about the abovethenews. On the other hand, you can also get more essential info on dbfile. Here is the best news portal thoughtco where you can get the latest news around the world.
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- Payment gateways are secure
To keep safe payment from hackers and scammers, it needs to be integrated with all the safety measures. On that note, online payment gateways are specialized in processing financial information along with proper encryption and authentication.
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How does a payment gateway work
eCommerce payment gateways function within a closed process that prioritizes transfer authentication and data privacy. This process starts with customers’ purchased selection, followed by confirming their credit/debit card details on the final checkout page. Once the payment submission click is finished, then the Magento payment gateway will receive the new transaction information along with the encoded payment details.
Afterward, these payment details will be delivered to the payment processor. Then the transaction is directed to the issuing bank for requesting transaction authentication. Based on the request approved or declined by the bank, the payment processor will receive a response. Once the customer receives the response, the processing cycle of the transaction is completed.
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4 Best Payment Methods for Magento
While working with Magento eCommerce, you need to know the best payment methods for Magento online stores. Here we go-
- Stripe is a big name payment gateway. Founded in Australia, it is delivering optimal payment services that support multiple currencies from different countries without setting up separate merchant facilities.
- This payment gateway has some outstanding features that make it popular in the market. One of the significant advantages is the availability to stay on-site,rather than being directed to other sites during payment.
- There are no extra fees charged for stripe integration, set up fees, monthly fees, or card storage fees. Therefore, everything is easy for the users.
- This integrated platform has a whole new level of payment convenience from easy recurring to subscription payment setup.
- Additionally, it has features like easy rebills on customers without storing the credit/debit card information.
- Paypal is considered as a go-to payment platform due to its irreplaceable solution for both store owners and clients.
- Millions of customers and their respective feedback helped Paypal to gain its position.
- Paypal offers registration for the Paypal accounts and free download of the Paypal application. It allows direct connection within the bank accounts which enables the customers to pay for the online purchases from any of the devices without using their debit/credit card.
- Financial security numbers are prioritized for all the customers in the checkout step. Additionally, Paypal helps the buyers to make purchases from different currencies, without getting worried about currency conversion.
- CartaSi payment integration with Magento offers a plethora of benefits to both the customers and store administrators.
- Store admins can set up the maximum and minimum numbers of orders for customers
- Refunds available.
- Once the total number of orders reaches its limitation, a new payment method will be suggested.
- It works along with the merchant accounts for giving optimal gateway service.
- It prioritizes fraud detection and payment security.
- All major banks and credit card companies are giving recognition to Opayo.
- PCI DSS level security is protecting all the transactions against fraud.
- Sagepay payment extension on Magento provides an additional security layer like AVS, CVC, and 3D secure authentication.
Wrapping it up
Nowadays, online payment is conducive to making checkouts easier. An ultimate payment gateway will help to accelerate the entire checkout process between merchants and the customers.
If you need to hire an eCommerce developer for making a Magento website, we have few options for you to choose from.
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