Once your online startup has gained popularity in your local market, it’s ideal to steer towards the next question: “How can I sell to international customers?”
Cross-border eCommerce is a great way of making good amount of money from customers who are in dire need of your products and services. According to reports, consumers shopping outside their country help generate sales of $650 bn, which would represent almost 20% of global eCommerce sales by 2020.
No matter how great your online business is, achieving success in your online business depends on how well your products are being sold to your customers. To sell your products, you’ll first need to win the trust of your site’s visitors. A payment gateway is a great tool that helps assure visitors of your trustworthiness
In general, a payment gateway is an eCommerce service that enables merchants to accept any form of internet transactions securely through your website. You should know that if the payment options in your e-store isn’t set up properly, you could suffer severe loss of orders in your store.
Since not all payment gateways have the same features, it is important to make a wise choice. Below are some of the factors you should consider, while thinking about the payment gateway to use for your eCommerce site.
- Ensure you check the transaction fees associated with a payment gateway. Make sure it’s a fee that you can afford.
- Check if the payment gateway requires you to go through a sign-up process. If yes, then it’s best to avoid such payment gateway.
- Look out for payment gateways that supports multi-currency. This is important since you’ll be expanding your business to the global market.
- Check the terms and conditions of the payment gateway. This is necessary because not all payment gateways accept online selling of goods.
- Check if the payment gateway accepts credit cards and debit cards
- Ensure that the payment gateway doesn’t require your customers to fill up unimportant fields.
TOP 5 ONLINE PAYMENT GATEWAYS
Authorize.Net is one of the oldest and most sought-after payment gateways. Over 500,000 merchants worldwide use Authorize.Net for their business transactions. They accept payments through credit cards and electronic checks. Their setup fee is roughly $49 and $29 monthly gateway fees. Authorize.Net charge 2.9% + 30 cents per transaction.
PayPal is one of the most widely used payment gateways that accepts both credit card or debit card payments. It’s totally free to use for buyers. Although, eCommerce store owners have to pay a small transaction fee of 2.9% + 30 cents. The good thing about PayPal is that it doesn’t require any setup fee. You only need to be making good sales.
It is an ideal payment gateway for merchants accepting payment through bank cars like VISA, American Express, etc. ChronoPay doesn’t need any setup fee, however, you’ll have to pay a commission based on your monthly sales.
SecurePay.com offers amazing features such as online shopping cart, electronic check services and so on. To process credit card payments, you need to sign up as a user on their site. SecurePay charges 0.25% to 1% + $0.25 per transaction. If you wish to terminate your services, you’ll have to pay $400.
PaySimple accepts all major credit cards and e-checks on your iPhone or iPad. Its basic plan starts from $34.95/month. From customer reviews, PaySimple is a good payment gateway for small businesses.
In summary, each payment gateway has its own advantages and drawbacks and it’s up to you to find which one is best for your business.