While various payment gateway systems exist, the ease of integration can help you choose the best one. When selecting a payment gateway, consider the platform your eCommerce store is built on. Platforms have different payment systems that work for them. To top it all off, the payment gateway you choose must be simple to integrate, support express checkout, Direct API integration, and a variety of other features.
Mobile phones are frequently used by digital platform users to conduct the majority of online transactions. Mobile device penetration into the digital world necessitates that all payment gateways support mobile phone users. According to some industry data, over 2 billion mobile and tablet users conducted eCommerce transactions by the end of 2022. A payment gateway is expected to provide a seamless shopping experience for mobile users.
Each payment gateway provider has its own setup and transaction fees, charges, transaction fees for card maintenance, and other fees that should be considered before selecting a payment gateway provider.
The most important consideration is to select a payment gateway provider such as PayCly that does not charge any hidden fees. Before signing an agreement with a payment provider, make sure that all fees are discussed and disclosed.
We provide timely 24x7 supports. Since, we understand that this is critical for any online platform's success. As a merchant, you must provide both dedicated technical and non-technical support.
What are the things to consider especially when you an eCommerce merchant and expanding into new countries?
The trend toward global eCommerce is growing as the economy becomes more digital and interconnected across borders. Merchants are looking for new ways to gain the trust of their global audiences, who expect fast, dependable, and accessible payments. While this process may appear simple on the surface, optimizing cross-border transactions requires a significant amount of effort. This includes adding local payment methods, a robust fraud solution, integrating with multiple acquirers, and allocating time for time-consuming reconciliation. These points will be elaborated on further below:
Including local payment methods is critical for success.
It is critical to research the country's local and most commonly used payment methods. According to one study, approximately 50% of regular online shoppers abandon their shopping carts if their preferred payment method is not available. Neglecting local preferences may result in lost sales. Local payment methods, clearly, can make or break an international venture. The difficulty is that many payment companies do not offer these methods, and adding them could take several months. This process can perplex merchants' expansion plans and cause frustration if the only thing holding them back is a lack of a local payment method.
Online fraud is becoming more prevalent.
Another payment challenge that businesses should consider when entering a new market is online fraud. According to Juniper Research, global online payment fraud will cost eCommerce merchants $17 billion by 2020. Furthermore, European Consumer Centers have reported that digital payment fraud is extremely common in cross-border eCommerce, owing to the fact that payment processes are more fragmented and thus more vulnerable. Because international trade involves different market profiles in terms of customer shopping behavior, consumer protection policies, and alternative payment methods, existing fraud prevention tools may be insufficient in detecting new fraud patterns. As a result, merchants should treat fraud as a high-priority issue and upgrade their fraud detection to be specifically tailored for cross-border eCommerce. This could be accomplished by collaborating with a payments partner who provides a fraud solution based on machine learning capable of detecting new fraud patterns.
A multi-acquirer setup necessitates integration expertise.
Merchants must integrate multiple acquirers when operating in multiple online markets. Each acquirer has its own set of terms and regulations, making the process lengthy and unpredictable. Once again, this could hamper merchants' ability to expand quickly and have an impact on their business planning. As a result, it is critical for their payment provider to be alert and provide a platform that allows for quick integrations with new acquirers and no unexpected delays.
Automated reconciliation results in lower risk and cost.
Post-expansion, the reconciliation process of cross-border payments may also present challenges. When done manually, this process can be a nightmare with different acquiring banks, complex accounting systems, and multiple file formats. This is where automated reconciliation comes in, allowing merchants to more effectively manage settlement, reconciliation, and fees while also identifying errors and mismatches. As a result, the costs and time spent reconciling cross-border transactions can be significantly reduced.
Merchants should not underestimate the payment challenges that may arise from cross-border transactions when expanding into the global market. However, global eCommerce provides a variety of opportunities, and with the right partner, online merchants can avoid potential pitfalls. That is why PayCly provides Online Payment Gateway Solutions with multi-acquirer support, automated reconciliation, and machine learning-based fraud prevention, all while supporting digital wallets. Basically, we have everything a merchant might need to make this process go as smoothly as possible!