Does your eCommerce website use the WordPress platform? Then, you must be well versed in the importance of managing eCommerce operations and payments with WooCommerce plugins. In this regard, choosing the right WooCommerce payment gateway plays a vital role in the success of your eCommerce store. While you might think it's simple at first, the plethora of options and features available in the market can confuse you.
As an entrepreneur or business owner, you focus on developing the best product strategy, marketing strategy, intuitive user experience, fast service and comprehensive customer support to build a scalable business. So when a customer visits your store, adds a product they like to their cart and proceeds to pay, one of the painful experiences they face is that the payment doesn't go through successfully or the payment page doesn't load at the end of the shopping journey. This will not increase the cart abandonment rate of the business, but it will also greatly affect the sales and reputation of the brand. In contrast, offering customers a smooth payment process and flexible payment options can improve user experience and sales, and create buzz around your brand. Brilliantly, you need a third-party WooCommerce payment gateway to manage your payments; selection, configuration, and design should be crucial aspects. Let’s dive into the important factors that you must look forward to in choosing the best payment gateway through this blog post.
What to consider when choosing the best WooCommerce payment gateway?
Payment gateways are third-party service providers that seamlessly and securely collect funds from customers and transfer them to business accounts. There are 80+ WooCommerce payment gateway extensions on the WooCommerce marketplace. One can easily plug in any of these extensions or simply download the plugin. Then you just plug in the plugin's configuration and settings. Here you can easily integrate with payment gateways with no or little coding knowledge.
However, no full payment gateway has the same policies, processing rates, and features. Choosing the wrong WooCommerce payment gateway can increase your costs and also affect your business revenue and reputation in the long run.
Therefore, when choosing a suitable payment gateway, you must consider the following factors
look for transaction costs
Most WooCommerce payment gateways charge a fee for every transaction made on your online store. It depends on certain things such as the type of business, the location of the business, the type of card your customers have, the payment gateway you choose, etc. So, it's best to choose the payment gateway that fits your business model and gets you the most value.
Generally speaking, if a merchant is selling a high-cost product, they will want to minimize transaction fees associated with interest. On the other hand, merchants will be more likely to try to reduce fixed costs if they are selling products with low costs.
Local and multi-currency options
It is crucial to check that your WooCommerce payment gateway supports the various payment modes that are most convenient for your target audience. This way, buyers feel safe and comfortable when making a purchase, and it also gives the business an added advantage over its competitors. For example, if your business deals exclusively with Indian buyers, then you can choose a payment gateway that supports the Express Experience Business UPI payment option.
easy onboarding
After creating an account with a payment gateway provider, the next step is to fill out and submit all the necessary documents for verification. This includes any legal and tax related documents, as well as verifying the merchant bank account that will be used for payment. Providing this information ahead of time will help avoid any delays in getting your account set up and ready to use.
Compatibility with WooCommerce
Choose a payment gateway that can be easily used as a WooCommerce extension. Also, it has to be compatible with WordPress and very easy to install.
Compatibility with all devices
The checkout page UI of a WooCommerce payment gateway must be responsive and compatible with a wide variety of devices with different screen sizes.
Support recurring payments
Many eCommerce businesses offer subscription-based products such as membership programs and more. So, make sure you choose a WooCommerce payment gateway provider that supports recurring payments to automatically debit your customers' bank accounts or cards. Also, make sure the gateway also supports subscription suspension, cancellation, or reactivation.
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