Whether as a new online entrepreneur or a seasoned business who operates through multiple channels, being able to accept payments from your customers is a must.
When it comes to payment gateways – there is a lot to consider. Not only do you have to consider the technical and logistical aspects of setting up a payment gateway, the ease by which your customers can pay you also directly impacts your bottom line.
What to Consider in a Payment Gateway
While looking for a reliable, cost-effective payment solutions, consider these factors.
Your chosen payment gateway system should be compatible with perhaps your Magento e-commerce platform or the various extension or plugins that are unique to your site. Besides, you may also need to link your payments gateway to your CRM or other financial data management software that you use. Make sure that the gateway will integrate easily.
2. Fraud and Security Features
Payment gateways such as CyberSource are specialists in fraud detection. Other hosted payment page may charge you more for an extra layer of security. If your site plans on handling large volumes of traffic then it will help to proactively identify suspicious activity before it gets any further in the payment process.
3. Built-in Invoicing Capabilities
To streamline and reduce reliance on other platforms it is good to install a payment gateway that includes built-in invoicing capabilities.
4. Payment Preferences
Understanding the preferences of your target audience will give you an insight on how to tailor your payment offering. Invest time in the same.
5. Keep a Back-up
It is highly advisable to offer a popular gateway, PayPal as a useful back-up in case your primary gateway malfunctions.
With numerous Payment Gateways in Australia you can look up Australian Bank Comparisons & Australian Payment Gateway Reviews to help you determine which Payment Gateway in Australia suits your requirements.
Some Popular and Major Gateways are:
A long-trusted default payment gateway – Paypal is popular mainly because it is easy to integrate with most open source e-commerce platforms such as Magento, Drupal and WordPress across multiple plugins.
eWay is yet another Australian based payment service which launched in the year 2000. Having been around for over a decade they have remained competitive in the market by allowing its users to use the product with no monthly or annual fees.
An Australian founded company, SecurePay was established in 1999 and found great success in increasing their customer base dramatically. It was later acquired by the Australia Post in 2010.
Braintree allows exciting features for companies looking to expand globally. A subsidiary of Paypal, it accepts payments in more than 130 currencies, with minimal fees. They also offer a premium mobile experience, accepting cards, PayPal and Apple Pay, and have flexible features including the ability to split payments between you and your sub-merchants. Their ‘Sandbox’ feature is also a great place for businesses to experiment with various options.
Other players include Fat Zebra, Merchant Warrior, IP Payments, SCNet and others. It can be sometimes hard to decide what’s best for your business and the above metrics help differentiate between then to make the decision process easier.