A Payment gateway is the simplest and efficient mode of payment for businesses to collect digital payments via a website or an application. Online transactions happen not only using credit/debit cards but also through numerous other payment modes like UPI, net banking, mobile wallets, etc…
According to BusinessWire, the e-payment system market is expected to reach USD 42.9 billion by 2025, at a CAGR of 16.43% over the forecast period (2020-2025). This growth report signifies the essence of payment systems across the globe. Now let’s dive deep into the features that need to be present in building a robust payment gateway.
Unique Features That A Payment Gateway Needs To Be Articulated:
1. User Interface and Usability:
The User interface design refers to what we see when we visit a site. The User experience design goes much deeper and refers to the user’s emotion or attitude towards the solution. The payment gateway must be easy to access and efficient to use for all the payment operations that include transactions, chargebacks, top-ups, and other high-level functionalities.
One of the significant features of an electronic payment system is encryption standards. Holding the customer’s sensitive data is prior and if there’s even a slight breach, it could poorly reflect on the reputation of the company. To overcome this hindrance there are some prominent encryption standards to be followed for a robust payment solution that includes Data field encryption, Symmetric & Asymmetric cryptography, SSL record protocol, SSL handshake protocol, Secure electronic transaction, Certification Authority, Public key infrastructure, and much more.
Instead of restricting the choice of payment processors, integrating multiple processors gives merchants the freedom to choose the acquiring bank they want to collaborate out with for the services. This ideally helps in providing competitive pricing for the merchants.
The platform must have the capability to grow as the requirements grow. With technology advancements and security standards getting tighter by the day, the payment gateway solution must be versatile, scalable, and allow improvisation.
5.Supporting Various Payment Options:
Although mobile payment apps, the solution must be accommodative to the varying merchant preferences and provide multiple options. There should also be options for making recurring, scheduled, and split payments.
6. Automation Process:
From the generation of custom invoices to insight on failed/successful transactions to the processing of settlement reports, a solution should reduce the human effort to a bare minimum and automate critical tasks. This comes in handy when the system is subjected to a huge volume of transactions on a daily basis.
7. Fees and service agreements:
Pricing for payment gateways is commonly 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. A few services may require setup fees and contractors may charge transaction fees if a certain order and transaction volume isn’t met or the one which exceeds.
8. Easy Integration Process:
Online payment gateway integration is definitely a tedious process. Most payment gateways provide detailed instructions on integrating to popular any of the commerce services like Shopify, Magento, WooCommerce, etc. Select a payment gateway that makes it easy and beneficial for your customers to make payments on your website where they can select a payment method of their choice.
9. Mobile Payments:
Mobile payments will replace physical wallets, credit/debit cards, even point-of-sale environments. Payment gateway providers, with the help of mobile payment apps, enable buyers to transfer money using their mobile phones, either with top branded apps or with a mobile-optimized site. The rise of digital mobile wallets like Google Pay, Amazon pay, Samsung Pay, etc… has changed how customers pay through mobile, followed by the payment gateways which adds support to all major digital wallets.
10. Easy Checkout:
As the payment gateway options are evaluated, make sure that it can be provided with a working checkout experience that is receptive to different mobile devices and network types.
When it comes to the digital age of commerce, convenience is the king. All the businesses are urge of integrating their service with the robust e-payment system to accept payments from different mediums across the globe. So, it is evident to choose a precise payment gateway that encapsulates all the above factors to make seamless and reliable commercial payments.