Today merchants have realized that their business needs a payment gateway for secure payment collection. So, many of them aim to integrate a payment gateway when setting up their online store/mobile app. During this process, merchants pay more attention to their websites/apps as these define their business; however, when selecting a payment gateway, they often make a random selection without studying its offerings. As a result, their selection goes wrong. Check out the common mistakes merchants make while choosing a payment gateway and avoid these later.

What Mistakes Do The Merchants Make When Choosing A Payment Gateway?

We have listed the commonest mistakes merchants make while choosing a payment gateway:

Mistake #1 Too Much Focus On Cost

Merchants often allocate a very small budget for the payment gateway. This is why, they do not get many options to choose from; they rather choose whatever is fitting their budget. As a result, they sometimes have to compromise with the features and functionalities of the payment gateway.

Now, focussing much on the cost is definitely not wrong because they have already invested a lot in their business. Inventory, logistics, marketing, website, and app - everything needs a decent investment. Hence, the merchant is often left with a small amount for the payment solution and picks one that comes within that range. Later, they come across problems with payments and switch to another payment solution provider.

That is why we recommend the merchants to arrange the funds and then integrate the payment gateway instead of hurrying for it. There are a lot of cost-effective payment gateways like PayG that offer a handful of functionality at minimum pricing. So, it is not that merchants need to spend all their bank balances to get a payment solution. PayG believes that a payment gateway is a necessity and it should suit the pockets of all Indian merchants – you may give it a try.

Mistake #2 Compromised With Payment Methods

Merchants need to understand that customers may prefer different payment methods – so, sticking to one or two methods will not be okay. Merchants often select a payment gateway that comes with 1-2 payment methods. This is another common mistake merchant makes while selecting a payment gateway.

The fact is one customer may pay using the card in one day. That same customer, on another day, may look for UPI to transact with the same merchant. Another day, that same buyer may look for Net-Banking option. So, a merchant must serve all these options so that the customer can pick one.

Merchants have to select a payment gateway through which customers can get plenty of options to pay – like UPI, Cards, Wallet, Net-banking, etc. These methods are mandatory to have.PayG Payment Gateway comes with all these.

BNPL (Buy Now, Pay Later) and cryptocurrency are good-to-have payment methods.

Mistake #3 Overlooking The Security Provided

Merchants may not understand the security terms associated with payment gateway – as a result, they by mistake choose the wrong payment gateway. To avoid this, a merchant needs to look for a payment gateway that comes with

• PCI-DSS compliance
• Multi-factor authentication
• End-to-end encryption
• Strong data protection policy
• Robust fraud detection and blocking features

These security features are essential to keep all the transactions, as well as, the customer data safe from breaching. As a merchant, you must be aware of the growing fraudulent activities in the country and keep digital transactions safe from the hands of these fraudsters - these features are must-haves in the payment gateway.

Mistake #4 Ignoring The Support

A payment gateway is a fairly technical product, and the makers may frequently release updates to make it safer. Merchants may often need technical support to understand and operate it seamlessly. So, do not hurriedly select a payment gateway – rather, go slow, and see what the existing users say about the merchant support of the payment gateway before selecting it. Check out the reviews and ratings of the payment solution to get a better idea of it. Merchants often think that after the payment gateway integration is successfully done, there will not be any support requirement, and this is where they make a mistake.

Mistake #5 Shedding Off The Integration Complexities

Merchants, for obvious reasons, look for payment solutions where everything is easy to avoid the technical complexities. But while doing so, their pages or apps become vulnerable to unnecessary threats. Non-technicality can expose the site to fraudsters, and it may result in reputational damage as well as bankruptcy for the merchant. So, we recommend the merchant not to repeat this mistake and choose a payment gateway with a moderate integration process.

With the help of the IT team, merchants can easily integrate it and enjoy ultra-security and smooth payment collection on their websites and apps. PayG offers developers docs and SDKs to make the integration process fast and smooth.

Dodge The Mistakes And Choose The Best Payment Gateway

Merchants are more focused on their businesses – this is the reason why they unknowingly make mistakes while choosing payment gateway. This is truly not their forte, and that is okay.

This is why we are here to guide them. All we want that merchants invest in the right place so that their customers can get an excellent checkout experience. Along with that, the payment solution must offer a sense of security to the customers, as a result, they do not hesitate to transact.

So, very carefully select the payment gateway to help your business with payment collection – do not rush; rather, study, compare the features and functionalities, analyze your budget, and then select one. And, last but not the least, do not compromise the functionalities or security features of the payment solution – because these two are the heart and soul of the payment solution.