What You Should Know About Magento Payment Gateway?

Payment gateway is one of the significant aspects to consider if you are planning to develop and run a successful e-commerce website. Being a WordPress development company in Australia we have studied that more than seventy percent of consumers like to shop on websites that offer varied payment modes. And this is where Magento payment gateway comes into the scene. 

Magento Payment gateway offers a smooth and streamlined checkout process to its users. Hence, being an online business, you must know how it works, what to consider while selecting a Magento Payment gateway, and what are the different gateways present for e-commerce. Read further to know.

How does Magento Payment Gateway Work?

1. When a customer clicks on the submit button on an e-commerce website, the payment process initiates immediately. It is when the payment gateway records the transaction and encrypts the payment.

2. The transaction is then transferred by the payment processor to the bank. The bank then decides over the payment approval. If the approval is received, the response is forwarded to the payment processor.

3. The Magento Payment Gateway works as an intermediary between the bank and the customer.

How to Select a Magento Payment Gateway?

To keep the payment processing smooth, keep in mind the following considerations while examining alternatives:

1. Do you have international customers?

If yes, then your payment gateway will have to serve the countries of your customers and support their currencies.

2. Does your payment gateway meet your business needs completely?

Different customers prefer different payment gateways. Since Magento offers its default gateways, it is a good idea to go beyond the out-of-the-box functionality and choose custom payment gateways. Remember, the more popular options you provide, the more convenient payment processing the customers will have.

3. How convenient is Gateway’s user interface?

Inconvenient payment gateways can customers bounce back and ditch the purchases at the very last step.

4. Does it support the mobile Magento payment function?

With the growing number of mobile payment users, it is worth choosing mobile-savvy payment gateways.

5. Does it comply with PCI standards?

Choosing those payment gateways that stick to the industry requirements is the best way to make sure your customer’s sensitive data is securely processed and saved.

Top 3 Magento Payment Gateways

1. PayPal

PayPal offers the most secure and instant way to purchase ith 24/7 fraud detection monitoring. Customers have to create a PayPal account, add cards to it, and just complete the checkout process with email registration.

2. Braintree

Braintree is owned by PayPal and caters to both small and big businesses. It offers a single-click checkout and different payment ways. It guarantees fraud protection by CVV verification and Risk threshold.

3. Authorize.Net

Authorize.Net allows the customers to save credit card data and also make payments through varied payment ways. It protects data with Advanced Fraud Detection Suite as well as address and CVV verification.

Conclusion

Using the Magento payment gateway not only improves the checkout and money transferring process but also boosts business. Businesses in Sydney can get more assistance about Magento Payment Gateways by collaborating with a professional web design company Sydney.