You need to process payments for your online business. How do you choose the right tools?

I agree with all the points raised here although it is quite high level. However processing payments can either be a boon or bane if implemented while not taking into account standards. In referring to standards, I refer you specifically to standards such as Payment Card Industry Data Security Standards (PCI DSS). Whether you're dealing with a Payment Service Provider (PSP) or a Payment gateway, the process of selecting a partner in processing payments is that you need to know if the provider or payment gateway you choose conforms to PCI DSS. PCI DSS also helps you understand how to better protect your customers card information while processing payments. I would highly recommend going the API route from a cost and time perspective.

The role of 3pl's in my eyes plays vital here. They need to give real time updates on the movement of the products post dispatch and then automatic transfer of proceeds once cod is complete. The success of any payment method lies much on the trust that 3pls build with brands The 3pls and brands need to work on a common realtime tool for any payment/refund. For ex a brand should immediately come to know in case of a refund whether it's customer or courier return.. Customer will always trust a brand but love a 3pl with a cod and smooth execution of refund policy

Start by reviewing your existing customer data. Research or you will come last! 1.Analyze purchase history, demographics, and any previous feedback or surveys. This foundational information provides insights into their buying patterns and characteristics. 2.Create surveys or questionnaires to collect specific information directly from your customers. Ask about their preferences, satisfaction levels, and areas where improvements are needed. Use a mix of closed-ended and open-ended questions to gather quantitative and qualitative data.

You should make payment easy for your targeted audience. This means opening options for credit and debit cards and account transfers. Having said that, be very aware of fees coming from these options, including the impact of conversion rates. It happened to me that I lost up to 10% of my expected income due to the impact of those effects. Easy for the consumer, but at a reasonable cost for your P&L.

In my experience, payment methods are mostly dependent on geographical location, nature of goods or services being sold and the overall business structure. For example, if it’s a marketplace then you may need to integrate a payment gateway which accepts payments from customers, should have refund capability and may also have an option to payout for sellers. If you have a b2b or b2c website then you may be looking for a payment processor which is most trustworthy in your country, easy to integrate and have proper payment options depending on your business needs. I think the crucial thing when selecting a payment processor that we should research is the security of customers data, types of payment methods available and easiness to use.

Reliability is the #1 question here, as any downtime or partial service disruption can be disastrous for your business. Hence, always have a backup gateway that is set up and ready to be plugged in should the main one experience any problems. From those that are reliable, select your main provider based on available methods and features, integrations, and commission. Once you have transaction volumes worth mentioning, then play them up against each other to keep pushing their commission downwards. It's not rocket science.

When it comes to selecting a payment gateway three things are very important, 1. Gateways: It should be well known so that customers will put their payment details with confidence. 2. Convenience fee : charges should be less as well as ethical to the customers. 3. Payment options: There should be multiple options to make the payment as Credit card, debit card, UPI, wallets, and Paylater.

Plugins and extensions transform your e-commerce platform's payment process. The right choice should align with your platform and be user-friendly. For example, WooCommerce for WordPress simplifies transactions and supports multiple payment methods, enhancing customer experience.

Platforms like Wix allow marketers and ecommerce business owners to set up various payment gateways for their customers. There are many options to choose from like Apple Pay, Google Pay, Paypal, Alipay, Afterpay, and credit and debit cards. Good businesses offer a variety of options to their customers in addition to a great product and service. Put the customer first in everything you do.

Die Integration eines Zahlungsgateways ist entscheidend für die Verbindung Ihres Online-Shops mit Zahlungsnetzwerken. W?hlen Sie ein Gateway, das Ihre Zahlungsmethoden unterstützt und sich nahtlos in Ihre Plattform integriert. Achten Sie auf Funktionen zur Sicherheit und Betrugspr?vention. Die Gebührenstruktur sollte angemessen sein. Ein effektives Gateway verbessert die Zahlungsabwicklung, st?rkt das Vertrauen der Kunden und unterstützt Ihren Gesch?ftserfolg.

Opting for a payment service provider (PSP) over a traditional payment gateway proved to be a game-changer for any merchant. The comprehensive solution offered by a PSP, handling everything from compliance to customer support, eliminated the need for a merchant account and a separate payment gateway. Choosing a PSP is a strategic and efficient choice for streamlining payment workflows. But also involves any decision beyond payment. PSPs like Stripe offer tax, fraud and security solutions and are a proof that those companies are there for more than only providing payments.

Good customer service is crucial. You want a service that offers prompt and helpful support when issues arise. If you’re selling internationally, you’ll need a service that can handle multiple currencies and local payment methods.

Payment service Provider (PSP) will be a good selection because of their offerings .i.e all in one.because of their offerings as per your business requirements, adeptiblity and in terms of reputation & their service costing.They may assist you in compliance, customer support, Tax invoicing and much more.

Payment service providers can seem more expensive at first, so it’s important to consider a more comprehensive TCO when making your decision. Your math should be inclusive of the capex/opex to build and maintain your own integrations, especially in a world where digital payments is evolving rapidly. PSPs offload material development and integrations costs, and the features they bring often have a significant benefit for revenue and consumer satisfaction.

Selecting a Payment Service Provider (PSP) for a marketplace can streamline operations by offering a consolidated solution for payment processing. This ensures seamless transactions, improved compliance, and reduced complexity, allowing the marketplace to focus on core functionalities. A reliable PSP facilitates diverse payment methods, enhancing user experience, and its comprehensive services simplify reporting, invoicing, and customer support. Moreover, a well-chosen PSP with competitive pricing and a solid reputation can contribute significantly to the marketplace's growth and customer satisfaction. Use case : @fenuamarket.pf - the strongest market place of Tahitian products backed to the PSP OSB.

Rigorous testing of your payment system is crucial. Tools like PayPal's Sandbox ensure your setup is reliable and secure. Regular testing and updates are necessary to keep up with new payment methods and security standards.

Integrating payment plugins and extensions into your E-commerce platform is a key strategy for optimizing your payment processing. Today, you may find it easy to select a PSP that provides an extension that is compatible with your E-commerce platform. My advice is: Keep an eye on ratings in the download stores of the e-commerce platforms and ask merchants about their experience with specific gateways you are willing to integrate.

On open source platforms such as Magento and Woocommerce you have native platform options for connecting payments and then you have first-party and third-party plugins/extensions to benefit from. The most important factors to consider when choosing a 3rd party plugin are: Compatibility with your theme & checkout, the level of support provided by the creator, and most importantly how reputable they are. Lastly seeing how often they update their module and respond to bug fixes can give you comfort when choosing a vendor. By working with these outside integrations you can expand your offerings and cater to the payment tastes of your shoppers!

Select a Payment Service Provider that aligns with your business needs, providing essential payment methods, seamless e-commerce integration, and top-notch customer support. Emphasize competitive pricing and a solid reputation to ensure a smooth, cost-effective payment experience.

In my experience as Magento developer you can get most of the payment extension that works seamlessly with Magento. All you need to do is just choose the payment gateway and ask them to share the Magento extension.

Nowadays if you are an eCommerce platform API is your Basic requirement. You can opt for an API who is Easy to integrate as well as a customer friendly interface, having their developer support and well versed with legal documentation.

One API for all. There shouldn't be more in this day and age. Also, make sure that your provider offers proper documentation and a sandbox

So, mostly all online payments are handled by the respective APIs from various payment processor’s. No payment integration can be developed without using an API in some form. A form of API can be webhooks which redirects your customer to the payment processor website for making secure transactions and the another for is an API which interacts with the payment processor very securely from your own web interface.

Die Verwendung von Zahlungs-APIs bietet nicht nur Kontrolle und Flexibilit?t, sondern er?ffnet auch neue M?glichkeiten zur Datennutzung und Kundenbindung. Durch die Integration von APIs k?nnen Sie wertvolle Daten über Zahlungsmuster und Kundenverhalten erfassen. Diese Daten k?nnen genutzt werden, um personalisierte Angebote und Rabatte zu erstellen, das Kundenerlebnis zu verbessern und letztendlich die Kundenbindung zu st?rken. Darüber hinaus erm?glichen APIs innovative Zahlungsmodelle wie dynamische Preisgestaltung oder integrierte Treueprogramme, die direkt in den Zahlungsprozess eingebettet sind. Dies führt zu einer differenzierteren Marktstrategie und kann einen Wettbewerbsvorteil darstellen.

Las interfaces de programación de aplicaciones de pago (APIs) son herramientas de magia financiera. Son como hechizos codificados que nos permiten personalizar y automatizar nuestros flujos de trabajo, desde crear solicitudes de pago hasta verificar el estado del pago o emitir reembolsos. El truco está en elegir APIs bien documentadas, confiables , seguras y que se adapten a nuestras habilidades y recursos técnicos.

It you are new to it, use a gateway that’s most popular/big even if you lose a small percentage. It will help you see and learn quickly, and one can always switch later. If you’re well versed, pick the one that’s new and upcoming, as they will love to have your business and give you better terms, and you will have access to cutting edge tech.

Create a UAT checklist for your team for consistency in testing and ensure various scenarios are tested. Remember to test different browsers and operating systems. After your payment processing is operational, conduct external User Testing with select customers. Or set up behaviour analytics software such as Full Story, Hotjar etc, to monitor behaviour. For larger organisations, I recommend User Journey Optimisation Workshops and User Journey Mapping. These help to improve the entire buyers journey, not just what happens online eg, payment confirmation email timing, wording and design. Or how are returns and refunds handled by customer service etc. CRO testing experiments are also worthwhile post launch to help grow conversions.

Selbst wenn alles im Sandbox-Modus einwandfrei l?uft, sollten Sie den kompletten Kaufprozess manuell bis zum Ende durchspielen. In Shopware k?nnen Sie beispielsweise Testk?ufe durchführen und sie dann im Backend stornieren, um das Geld an sich selbst zurückzuüberweisen und nur minimale Transaktionsgebühren zu zahlen. Bei teuren Produkten kann es sich lohnen, ein günstiges Testprodukt anzulegen um Kosten zu spaaren. Um sicherzustellen, dass vom Warenkorb über den Checkout bis hin zum E-Mail-Versand alles funktioniert, sollten Sie selbst eine Testbestellung durchführen.

Before flipping the "live" switch, be sure to thoroughly test all payment scenarios through your processor's testing environment if available. Most major processors have a sandbox mode to simulate purchases. Also do real purchases with refunds to ensure the returns process works as expected. Testing catches bugs before real customers encounter them and ensures everything flows smoothly at launch.

Testing your payment system is super important, like making sure your car's brakes work before hitting the road. You want to check that everything in your payment process is running smoothly and follows the rules. Think of payment testing tools as your personal test drivers. They let you try out different payment situations, keep an eye on how your system's doing, and spot any glitches to fix them up. Some handy tools out there are Stripe’s testing environment, PayPal Sandbox, and Square’s API sandbox. They're like your business's safety nets, making sure you catch any issues before your customers do. With the right tools, you'll be all set to handle payments like a pro!

The biggest mistake people make is rushing into working with a provider in this space. There is no end of choice for a business and just looking at a rate card is a false start for anyone. You should really consider charge back rates, kyc and monitoring tools, response time for customer support and if you have a manager you can contact asap in critical situations. Its not always obvious and changing providers can be tough. Let them compete for your business where possible and see what other value sets they can provide for your business where possible with free data, analytics and tools for employee management or perhaps inventory if its relevant to you. Also, if you accept Card Present Transactions, ensure you get a single dashboard review!

Be very careful when choosing the right payment partners if you operate globally or plan to expand internationally. The right payment methods should be available for each of your focus countries in order to avoid abandoned purchases. And at best, a single PSP should be able to provide this, otherwise you as a merchant may be forced to add additional providers, which creates complexity.

Como dije anteriormente, debemos tener en cuenta un analisis país por país, y sobre todo si operamos en LATAM, ya que cada país tiene regulaciones distintas, y si no lo analizamos a detalle, puede pasar que tengamos rentabilidad baja (o hasta en algunos casos perder dinero)

Ask your current/future customers “how do you want to pay?”. If they want cash-on-delivery - give it to them. If they tend to use local provider (e.g., STC pay in Saudi), add it. May be 80% of your possible customers will be happy to pay in BTC, so focus on this. And then think about implementation, security, KYC, processing optimization, etc.

Don't overcomplicate your life, especially if you're a small business. Too much research can lead to analysis paralysis or negligible upside. Research, but be realistic. The best kind of system setup is one that you don't have to think about on a daily basis. When evaluating options, don't just focus on fees but on ease of use and how it all gels together for you.