Boosted by the pandemic, the ecommerce industry has been growing exponentially to over $6 billion globally in 2023. According to the latest stats, 79 percent of customers will shop online at least once a month, and 59 percent of them will shop internationally if they can’t find a business that meets their needs locally or nationally.
This high growth requires businesses to consider an integrated, multichannel payments strategy. They need to diversify their sales channels and adapt to supporting online transactions with reliable and secure ecommerce payment gateways.
Ecommerce payment gateways are the key to the modern economy, allowing online shopping carts, POS systems, and virtual terminals to connect to the payment process.
What is a payment gateway in ecommerce?
A payment gateway acts as an intermediary between customers, merchants, and financial institutions, ensuring secure and efficient processing of online transactions. In simple terms, a payment gateway facilitates the transfer of funds from the customer’s bank account or credit card to the merchant’s account, all while keeping the transaction details encrypted and secure.
Why Ecommerce payment gateways are essential
Here are the top five benefits of using payment gateways for your ecommerce business and online store:
Security
Payment gateways employ advanced encryption technology to protect sensitive information, such as credit card numbers, during the transaction process. They help prevent unauthorised access and potential fraud, ensuring that both the customer's and merchant's financial data remain safe.
Convenience
Using payment gateways for online shopping, ecommerce businesses allow customers to make purchases from the comfort of their homes with just a few clicks. This has led to a significant increase in online shopping and has made it easier for businesses to expand their customer base.
Faster transactions
eCommerce payment gateways enable quick and efficient processing of online transactions. As a result, customers enjoy a smoother shopping experience, while merchants can receive funds more rapidly.
Streamlined operations
Payment gateways in ecommerce can be integrated with various shopping cart solutions like inventory management, simplifying the checkout process for customers. They also provide merchants with real-time transaction data, helping them monitor sales and manage their finances more effectively.
How do ecommerce payment gateways work?
Typically, paying through a payment gateway goes through six steps:
How to choose a payment gateway for your ecommerce store?
Several factors need to be taken into account when choosing a ecommerce payment gateway:
Security
Look for a payment gateway that offers robust encryption and security protocols, such as SSL encryption and PCI DSS compliance.
Trust Payments’ online payments gateway handles the customer’s payment session, including any SCA required via EMV 3-D Secure
Transaction fees
Ecommerce payment processors often charge a fee per transaction. These fees can vary, so it’s important to understand what you’ll be charged and how it may affect your profit margins.
Our ecommerce payment solution offers fair and transparent pricing and customer-focused credit terms.
Payment methods and international transactions
Different customers prefer different payment methods, including credit cards, debit cards, digital wallets, and more. Choose an ecommerce payment gateway that supports a wide range of payment methods to cater to all customer preferences.
Customers can pay in their local currency through our Dynamic Currency Conversion feature, and we accept multiple payment methods – credit/debit cards, Apple Pay/Google Pay, and bank transfers.
Integration
Your payment gateway should easily integrate with your ecommerce platform to ensure a seamless checkout experience for your customers and simplify your business operations.
Our API offers total integration and control paired with our Hosted Payment Page for speed with brand customisation.
Customer support
Reliable customer support is crucial. If something goes wrong, you need to be sure that you can get timely assistance.
Trust Payments offers 24/7 technical support with dedicated, experienced teams in your local region.
Scalability
As your business grows, your payment needs will change. Choose a payment gateway that can scale with your business, offering more features and services as your needs evolve.
Our solutions can help you to increase sales and save money. We offer valuable ecommerce data insights to help you scale your business.
In conclusion, the right payment gateway can enhance your ecommerce business’s efficiency, security, and customer satisfaction. Therefore, investing time and effort into selecting the right ecommerce payment gateway is well worth it.
For more information about how payments are processed, pricing and features, speak to our team!
Have a question?
Ecommerce payments refer to the various methods by which customers can make payments for goods or services purchased online. These methods include credit or debit cards, digital wallets, bank transfers, and other online payment solutions.
The ecommerce payment process involves several steps. First, the customer adds the desired products to their online shopping cart. When ready to make a payment, they proceed to the checkout page where they enter their payment information. The information is then encrypted and securely transmitted to an ecommerce payment gateway, which verifies the transaction and authorises the payment. Finally, the payment is processed, and the customer receives a confirmation of their purchase.
The best payment method for ecommerce depends on various factors such as the target audience, geographical location, and the nature of the business. However, some popular and widely accepted payment methods for ecommerce include credit and debit cards, PayPal, Apple Pay, and Google Pay.
An ecommerce payment processor acts as an intermediary between the merchant and the customer. They carefully examine transaction details and send the information, such as the credit card number, to the appropriate issuing bank.
To add a payment gateway to your ecommerce website, follow these general steps:
- Research and choose a suitable ecommerce payment gateway provider that meets your business needs.
- Set up an account with the chosen payment gateway provider.
- Integrate the payment gateway into your website by using the provided API or plugin.
- Configure the payment settings and customise the checkout process according to your preferences.
- Test the payment gateway integration to ensure it functions correctly.
- Ensure that your website is SSL secured to protect customer data.
- Ensure compliance with any legal and regulatory requirements.
- Launch your website and start accepting online payments.
