A payment gateway is an essential tool for every e-commerce business. It allows merchants to receive online payments on their websites or apps. Integrating a reliable payment gateway can help companies increase conversion rates, accommodate various consumer needs, and generate more revenue. All of that while providing a secure and convenient checkout experience for your clients.
However, with so many payment gateway providers available, picking the best one for your e-commerce business can be challenging. This article will explain what companies should consider when choosing a payment gateway and why certain features are especially important for e-commerce businesses.
Before we dive in, let’s revisit what a payment gateway is. By definition, a payment gateway is a third-party service that enables businesses to receive online payments. Essentially, this software transfers the transaction information from the consumer’s bank to the merchant’s bank and confirms whether the payment is approved or declined.
Country coverage is a critical feature to consider when choosing an online payment platform. Some providers only accept local payment methods or support local banks in a specific area. Choosing such a service means that your e-commerce store won’t be able to accommodate shoppers with foreign banks, which can significantly limit your client base.
When considering different payment gateways for websites or mobile, find out about their country coverage. Even if your e-commerce site is still growing and you’re only shipping goods locally, a payment gateway with broad coverage will enable you to scale quickly and won’t limit your consumer base to a geographical area.
The security of transaction data should be the uppermost priority for any online business. E-commerce fraud is a common issue that affects many online merchants. Studies show that in 2021, online companies lost $20 billion to e-commerce fraud, and this number is predicted to continue growing. Choosing a payment gateway provider with robust security features can protect companies and their clients from potential fraud.
Reliable payment service providers should comply with payment industry security standards, such as the Payment Card Industry Data Security Standard (PCI DSS) or similar. When choosing a payment gateway provider, find out how they tackle issues related to potential payment fraud and ensure they’re aligned with the highest industry security standards.
Another important feature to consider is what online payment methods the payment gateway supports. Depending on your targeted consumers, you may want to consider different payment methods.
For example, if you’re targeting local markets, make sure the payment gateway can accommodate your consumers’ preferred payment methods in specific areas. Most payment gateways will support the most popular payment methods, such as card payments or bank transfers.
If you’re looking for payment options that can help boost your business, kevin. offers innovative account-to-account payments infrastructure with features such as card redirect and account linking. Among other benefits, these features help businesses save on transaction costs because they allow bypassing expensive card scheme fees.
Checkout conversion rate
Increased conversions are one of the main benefits that a well-chosen payment gateway can bring to e-commerce businesses. Conversion growth can depend on several factors, such as a convenient payment flow, supported payment methods, and even the checkout design.
When trying to find out whether the payment gateway is able to increase your conversion rate, look for proof from other companies that use the same payment service. Case studies with clients can be a good source of information.
For example, an international sports goods chain, Decathlon, has integrated kevin. payment gateway and it helped the company increase its conversion rate by 50%. This is the kind of story you should be looking for among the payment gateway providers.
Payment gateway integration depends on its type. Gateways can be hosted, self-hosted, or API-hosted. Smaller businesses can also integrate payment gateways via e-commerce platforms such as WooCommerce, Mozello, Magento, or similar.
Integrating a payment gateway shouldn’t require too many resources, so it's important to find out what integration options are available before choosing the service. Most payment service providers have public integration documentation that can provide an overview of their integration options and the process.
Choose a payment software provider with the support available to respond to your requests whenever you need it. 24/7 support is very helpful, but companies should be critical about the advertisement of this benefit. If the service is based in a completely different time zone than your business, their support may be limited outside of business hours. This may slow down the process of solving urgent issues.
Find out whether your payment service provider will provide a dedicated account manager for your business. This person would be familiar with your business case and available to respond to your requests quickly.
Price and billing
Pricing and billing can broadly vary from one payment gateway to another. Most services charge a set fee per transaction or a percentage of the payment. Other services can offer monthly or yearly subscriptions. Depending on an e-commerce business size, companies should choose the most cost-effective billing for their particular case.
Keep in mind that transaction fees or subscription costs may not be the only charges. Some payment service providers also ask you to pay for the setup, administration, or charge for additional features. However, in most cases, security features, transaction reports, and integrations with various e-commerce platforms are included in the price.
Payment gateway to boost your e-commerce business
A payment gateway can significantly affect the success of an e-commerce business. That’s why it’s essential to consider various factors when choosing the right online payment solution. These factors include the coverage of a payment gateway, security features, and price. It’s also essential to consider what payment methods the software supports, how easily it can be integrated, and how it can affect e-commerce conversion rates.
kevin. offers a cost-effective payment gateway for websites and in-app mobile payments. With extensive European coverage, kevin. can expand e-commerce businesses’ client base by helping reach over 350M users. Security and client support are among kevin. priorities, so companies can rest assured their clients will enjoy a seamless payment experience.
Get in touch with us to discuss how you can boost your e-commerce business with kevin. payment gateway.
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