Payment gateways let Magento web stores accept customers’ payments. The major goal of payment gateways is to transmit requests to the payment processor and return approval or denial responses to customers. Besides this benefit, payment gateways make online payments highly secure as all data gets encrypted before passing through the link between your web store and the payment processor. The experts at ITSolution24x7, a fast-growing company and leading ionic mobile app builder, have shared a beginner’s guide about Magento Payment Gateway.
How Can You Select a Magento Payment Gateway
Payment gateways boost ecommerce businesses as they deal with customers’ financial data. A minor flaw in the payment process can cause major problems for a merchant, especially if financial or personal data leaks out. If you want Magento payment processing to go smoothly, keep the below-mentioned considerations in mind when evaluating alternatives:
- If you sell products or services internationally, your Magento payment gateway has to serve your customers’ countries and support their native currencies.
- Determine whether leading Magento payment gateways enough for your business. For various reasons, shoppers usually prefer various payment gateways. So, the most effective options you provide, the more convenient payment processing will be for customers.
- The benefits of the gateway’s user interface. Difficult payment gateways can make shoppers drop their purchases at the last step.
- It should support mobile Magento payment processing. The increasing number of mobile payment users is rapidly growing and is predicted to reach over a billion users by the next two years.
- Complying with the PCI standards. Carefully picking only those payment gateways that cohere to the industry requirements, you can make sure that your customers’ sensitive data is securely processed and stored.
Incredible Magento Payment Gateways to Consider
There are two popular payment gateways to consider, PayPal and Braintree, which also happen to be the two that Magento recommends by default. PayPal has a lion share of the payment processing market, managing more than $150 billion worth of ecommerce payments. PayPal also owns Braintree, but there are differences in the two gateways, so it is worth evaluating each of them, or you might choose to set them both up as Magento payment gateways. Some iOS and Android app development companies do that.
Braintree and Authorize.Net are available in fewer countries and support fewer currencies than PayPal. These types of payment gateways offer restricted packs of features and services, they guarantee seamless and secure transactions, yet at a lower cost.
The out-of-the-box Magento supports transactions via PayPal, Braintree, and Authorize.Net. However, merchants using default features are limited in configuring relevant Magento payment methods. Even when using a high-quality extension, remember the necessary precautions to avoid Magento compatibility problems. Regardless of how well-coded an extension is, a sensitive Magento environment can still fail to accept it without extra configurations.
Pros and Cons of Magento Payment Gateways
Like many other enterprises, if you decide that a single payment gateway is not enough for your web store, you can choose a variety of multiple options. This decision makes sense for at least three major reasons:
1. Affecting International Markets
You can cover international markets. If your business expands into foreign countries, you can face the need to offer the payment gateways popular on your new target markets. You will also have to configure Magento payment methods to process transactions in relevant currencies and according to local regulations.
ITSolution24x7 is a leading android app development company that has used Magento before to create payment gateways before.
2. Streamline Continuous Payment Availability
You ensure continuous payment availability. If one of the payment gateways is out of service, you won’t lose shoppers as they will be able to check out using an alternative payment method integrated into your Magento web store.
3. Boost Customer Satisfaction
You increase customer satisfaction. Amid mounting concern about cybercrime and data security, shoppers are increasingly growing to understand payment gateways and finding their favorites. With multiple options available in your Magento web store, you reduce the risk of losing shoppers loyal to particular payment options. People do care enough to shop elsewhere if they don’t see the payment gateways they trust.
Given the above reasons and the flexibility of Magento by a leading android app development company, integrating multiple payment gateways seems reasonable. Still, this approach has its drawbacks, which encourage some merchants to stick to a single payment gateway.
1. Fewer Ways to Lower Costs
There are fewer opportunities to lower transaction costs. Some payment platforms, such as Braintree, Stripe, or Amazon Pay, offer reduced transaction fees if a merchant exceeds a certain volume of monthly payments. Dividing the payment volume among multiple service providers makes it harder to qualify for such discounts. While this might not be an issue for larger enterprises, it may be something to consider if your ecommerce business is new or just moving into a growth phase.
2. Complex Administrative Work
There is more complex administrative work. To offer multiple payment gateways, your team will have to increase efforts proportionally. You will have to configure several Magento payment methods and their application rules negotiate and manage contracts with several service providers check cash flows into the web store banking account from each gateway.
Strengthening Your Magento Payment Gateway
Most of the merchants and customers alike are concerned about the level of security of Magento payment methods. Even if you choose only the gateways that are PCI-compliant and have high-security scores, there are still some extra measures to take to ensure the safety of customer data.
Magento Secure Payment Bridge
As a reliable android app development company, we suggest that if you switch to Magento Enterprise Edition, you can go with the out-the-box Secure Payment Bridge. The payment bridge is a separate server between your online store and payment gateways. It ensures that credit card data never enters your Magento web store, hence minimizing the risk of a data breach.
Apart from Secure Payment Bridge, you can easily choose an option offered by some payment gateways and known as Hosted Order Post, or HOP for short. HOP can allow you to collect credit card data via a special form on the payment gateway server. This means your loyal customers deal with an iframe on your checkout page while all sensitive data is technically processed, stored, and protected by the payment gateway. When an online payment is complete, Magento receives a transaction key and links it to a relevant order. Many iOS and android app development companies have applied that.
Silent Order Post
If you want to make payments easy and convenient for your customer, get in touch with ITSolutions24x7, a software and android app development company, you can trust. You can drop your project to our development team and get a free consultation anytime.