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.
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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!