One feature that the majority of online shoppers look for in an e-commerce site is the availability of a convenient payment gateway system. Payment gateway technologies are what enable fast, easy, and secure online payments for customers, reassuring them that their payment experiences will be both convenient and hassle-free. The payment gateway is also responsible for allowing a customer to choose from multiple payment options like credit cards, debit cards, e-wallets, and other digital payments, meaning that they can comfortably pay for their purchases with their preferred method.
As a business owner who deals in e-commerce, it’s a must that your online store has a reliable payment gateway that can facilitate a seamless checkout experience for your customers. This will be easily done if your store is built using e-commerce platforms such as WooCommerce and Shopify—in which case, if you’re based in the country, you can simply install a WooCommerce or Shopify payment gateway businesses in the Philippines trust, like the solutions available through Maya Checkout.
To ensure that the integration of your new payment gateway won’t come with issues or interruptions, however, here’s a quick checklist to go over before its implementation:
1) Check Payment Gateway Compatibility
Before choosing a payment provider, check if it integrates easily with your e-commerce platform. As mentioned above, if you’re using Shopify, WooCommerce, Magento, or any other platform, you can simply look for a gateway that has a built-in plugin for ease of integration. Note that some payment systems may also require extra coding, so it’s best to confirm this early on to avoid unnecessary delays during the implementation stage.
2) Verify Available Payment Methods
Filipino shoppers use a variety of payment methods, so pick a gateway that supports multiple options. Among the ones your payment gateway should definitely have are VISA and MasterCard credit and debit cards, e-wallets such as Maya, online banks, and other digital payment options. The more payment options you provide, the more customers you can serve.
3) Ensure Full Security and Compliance
Security is non-negotiable when dealing with online payments. Any safety and security issues on your site will reflect badly on your business overall and can lead to the loss of your customers’ trust. Ensure that your payment gateway complies with the Bangko Sentral ng Pilipinas (BSP) regulations for digital payments and the Payment Card Industry Data Security Standard (PCI-DSS) rules to protect your customers’ data.
Also check that your chosen payment gateway comes with fraud prevention features such as encryption, one-time password (OTP) verification, and 3D Secure authentication to keep your customers’ transactions safe. A secure payment system will allow you to prevent chargebacks or fraud cases and further capitalize on your customers’ trust.
4) Assess Transaction Fees and Costs
Different payment gateways charge different fees, which can eat into your profits. Being unaware of these fees may lead to cash flow problems or confusion when budgeting, which is why it should be part of your checklist to verify the fees and costs associated with your new payment gateway.
Such expenses include setup fees, transaction fees, withdrawal fees, and monthly or annual maintenance fees. Note that the charged rates may vary depending on your payment gateway provider, so it’s best to always compare your options first to find one with fair pricing and no hidden fees.
5) Test for Seamless Checkout Experience
A slow or complicated checkout process can quickly lead to cart abandonment, so be sure to test your payment gateway to make sure it’s simple and easy to use. In particular, watch out for slow loading times or errors that may pop up during transactions, and get these fixed before full implementation. Having features such as instant payment confirmation via email or SMS can also give your customers peace of mind that their payment was successful.
Moreover, since most Filipinos tend to shop online more using their mobile devices, don’t forget to check if your payment page is mobile-friendly. Make sure all input fields are functional and that the payment page displays properly instead of being awkwardly made to fit a smaller screen.
6) Verify Payout and Settlement Time
Not all payment gateways release funds to your bank or e-wallet account immediately. Some may offer same-day payouts, while others take several business days. If you want your cash flow to be as liquid as possible, pick a provider with quicker settlement times. This ensures that you won’t be short in case you have urgent expenses that rely on quick revenue.
7) Check for Customer Support and Dispute Resolution
Technical issues and failed payments can happen anytime, so check that your chosen payment gateway provider has 24/7 customer support to provide you and your customers with quick assistance. Among the most common issues you may encounter are failed transactions, refunds and chargebacks, and payment disputes, in which case your payment provider should be easy to contact. A provider with multiple communication lines such as live chat, email, and phone support can also make a big difference when problems arise.
All in all, integrating a payment gateway doesn’t just end after setting up the system. You also need to make sure it works smoothly, keeps transactions secure, and guarantees a great customer experience.
The checklist above should help you minimize problems during integration and keep your online store running efficiently. In turn, your customers will surely appreciate the seamless and safe shopping experience your store will provide them, which will be a factor in their support for your business in the future.
