Accepting payments is the backbone of any online store; without it, customers can't place orders. If you have a brick-and-mortar store, you probably already have a system for processing credit card payments.
Online payment processing is a similar process; customers enter payment information, which gets forwarded to a payment gateway that validates the information and confirms available funds, then transfers the funds to your merchant account.
There are many different payment gateway and merchant account providers, as well as online payment services such as PayPal.
Choosing a Payment Gateway
When choosing a payment gateway keep the following in mind:
- Is your payment gateway supported? - Where possible, choose a payment gateway that already has a integration for your platform. Neto supports a a range of real-time and non-real time payment options.
- On-site or Off-site payments - The smoothest checkout experience for customers is usually for them to enter their payment details into a normal form on your site.
- All-in-one payment providers - Getting an account with one of the combined providers tends to be easier than getting a merchant account.
- Is there a contact? - Make sure you understand what you are signing. Are you in a contract or just month to month?
- What are the feeds? - Payment gateways and merchant accounts charge various different fees that can include monthly fees, fixed fees per transaction and more.
- Does it fit your needs? - Most payment gateways are quite limited in the functionality they provide, so make sure the payment gateway you’re considering has the features you need.