Simple & Effective Ways to Choose the Best Mobile Payment Gateway Provider

The eCommerce industry has evolved, and its unprecedented growth has bought several changes in the payment landscape. There is no denying the fact that innovative technologies and advanced solutions drive the evolution of the digital commerce industry.

As most of us are glued to our mobile devices, so we rely on them more than ever to socialize and even shop. This has helped the eCommerce industry to grow like never before! However, no matter which activity we perform, it is mandatory to have a stable internet connection. But, if you frequently shop online you should have a fiber optic internet connection because internet downtime can hinder your online shopping experience. MetroNet offers reliable internet connection, focusing on ensuring every household gets cutting-edge fiber internet technology. You can reach out to MetroNet customer service for further information about their internet packages.

Another important thing to consider is to ensure you use a quality mobile payment gateway to ensure a smooth transaction process. There are so many challenges for the eCommerce industry. Just ensure that the transaction process is not on the list.

As the eCommerce industry is booming, we suggest you start your own store! However, always ensure that you use a quality mobile payment gateway provider. As a result, your business can offer them a higher level of service and convenience.

What Is a Mobile Payment Gateway?

It is a service that processes the payments of credit cards for eCommerce websites. It is an advanced technology that reads the customer’s payment information and the merchant’s account number. Moreover, it is a third-party solution that allows businesses to accept payments.

The chosen payment method decides how customers will pay for their transactions. Simply put, it is the interference between credit cards and the eCommerce business to verify transactions.

Top Four Features to Look for When Choosing a Mobile Payment Gateway Platform

There are many popular payment platforms available! We have listed a few of them below.

Offers Seamless Checkout Across all the Devices

There are countless smartphones available in the market! So, customers are likely to use different models. Make sure your mobile payment gateway platform is compatible with Android and iOS screen formats.

It is crucial that you choose an option that is compatible with all the devices. An unresponsive checkout can hinder their shopping experience. Moreover, they are likely to abandon your store in the future.

Data Security

The security of transaction data is one of the greatest threats to the eCommerce business. Customers expect a high level of security from small businesses too! Therefore, you should choose a provider that offers secure payment services, as banking information is involved. Always choose the one with PCI compliance to prevent fraud. Moreover, it should have sensitive data encryption so the third party cannot access the information at any cost. So, your customers can feel safe while shopping, and in this way, they can trust your store.

Choose a provider that has recognizable security badges, as this shows that you are a safe merchant.

Multiple Payment Options

Today, shoppers demand flexibility in terms of payment options. As tapping out credit card details is a time-consuming process. This is the reason sometimes they prefer mobile e-wallets like Google Pay, Apple Pay, Samsung Pay, and so on.

This is why it is important to choose a gateway option that accepts more payment options alongside more traditional options like Visa, Mastercard, and others. Moreover, if your business offers multiple payment options, you can also attain the desired conversion rates.

The Cost of the Services

Every mobile payment gateway provider will have different pricing models as they offer different features. Some might charge monthly fees in addition to the transaction fees, while others might charge annual fees. It can be daunting, so you should prepare a list of the features and tools needed to thrive in the market. Then, do your research so you can find a reliable one. Read the reviews to see whether or not the provider offers value for the money it is charging.

Holding Time

Even though payments are usually approved immediately. But, the payment is held back for a few days before settling into your account as it helps the business to handle refunds easily. Depending on your chosen platform, the holdings vary from 1-14 days. Depending on the cash flow, you should decide how long you want to wait to receive the payments.

Final Thoughts

We hope you are now aware of mobile payment gateway providers and their importance! Whether you are an eCommerce giant or a small business, choosing a reliable payment gateway provider is important. Your business should offer seamless and secure payment options. Use the tips mentioned above to find the best provider so customers can trust you and continue shopping from your store.