Getting Started With Your Business Online

A business owner setting up an online store needs to create a website or an app, manage stocks, delivery and most importantly, find the correct payment solution. These are all complex tasks that may appear daunting to a merchant. Thankfully, software solutions allow you to manage these tasks efficiently.

What is Magento?

Magento is an e-commerce platform with all-encompassing components to help set up and expand your online business venture with total ease and complete efficiency. It is also cost-effective for a merchant to use the services of this e-commerce platform rather than creating the entire infrastructure on their own.

Payment Gateway Integration: The Crucial Task for Business’s Success

Of all the crucial aspects of building an online business, ensuring the integration of the optimum Payment Gateway is critical to the eventual success of the venture. Payment Gateway is the key by which the final step of the online order process is completed. As the users share their confidential financial information at this stage, the process must be secure, super-fast, and easy to use. 

The number of online ventures in India is growing exponentially. Most look for a solid e-commerce platform to host their business venture. Points to be noted for selecting the right platform are –

• Select a platform that prevents system failures.
• Select a platform that helps in addressing technical issues.
• Select a platform that assists in troubleshooting.
• Select a cost-effective platform.
• Select a platform that facilitates the purchase process most ideally.

How Has Magento Come to Be The Trusted Choice for Many Users?

Magento has become the go-to choice for many, primarily because of the following reasons –

• Effective interface.
• Variety of design options.
• Practical store management system.
• Quality payment processing service.
• High-class security.
• Prompt support is always available.

How Vital is a Reliable Payment Gateway to a Business?

The most pivotal aspect of the operation is getting paid for the entrepreneur’s orders. In an online business, Payment Gateway holds the key to this aspect of the business. So it is imperative to select the Payment Gateway after thorough due diligence. In India, there are many options to select a Payment Gateway for Magento. The best Payment Gateway for Magento integration should constitute of the following factors:

Cost

While using a Magneto Payment Gateway India, three types of costs are involved, as follows –

• Set up fee
• Monthly fee
• Transaction fee

Cost-effectiveness should be considered keeping in mind the volume and value of transactions for your business. Several options are available, and you should select the one best suited for your business. 

If your business involves high-value transactions, you could probably look at fixed cost options per transaction instead of a cost charged as a percentage of the transaction.

Types of Payment Options Offered

Customers prefer paying by various means. Credit cards, debit cards, net banking, e-wallets, and UPI are diverse options for customers to make payments. Ideally, one should look at the Payment Gateway, which offers the maximum payment options. A Gateway that offers a wide variety of payment acceptance would be the best Payment Gateway for Magento.

Holding Time

Even though the transaction’s approval is nearly instantaneous, merchants receive their dues only after a considerable wait. The waiting period is to allow for the process of refunds or chargebacks. This delay could be from one to seven days. So the merchant must select a Payment Gateway after due consideration and consider the cash flow of business.

Multiple Currency Support

The most significant advantage of doing your business on the Internet is that the whole world becomes your market. You may never know from which corner of the world your orders could start pouring in. It would be helpful to be prepared for this by selecting a Payment Gateway that offers payment options in multiple currencies.

Recurring Billing

If your business model is subscription-based, then an ideal choice for Payment Gateway would be the one that offers the best experience in storing customers’ details for future transactions. It should also enable automatic charging on the respective due date as per the payment cycle. Also, it should have the facility to inform clients in advance of the upcoming due dates for the payments.

Security

World-class security is of prime importance in selecting a Payment Gateway for your venture. A business owner should strive to select one with a proven track record.

Limits

Many times, customers would like to set limits for certain transactions. A good Payment Gateway should allow these limits to be incorporated and proceed with the approval for the transaction accordingly.

Mobile Apps Support

More and more customers nowadays prefer to use their mobiles for online transactions. It has become very convenient to access the Internet from a mobile. Consequently, mobile apps have also gained traction amongst users. Keeping this in mind, one should select a Payment Gateway offering website and apps support.

PayU India is probably the best option for Magento Payment Gateway integration in India. Magento Payment Gateway extension is readily available, and it is pretty straightforward to install and get started. With PayU India, the vendor has an excellent choice due to its following features –

• Payment Gateway Extension for Magento can be installed directly on the Magento store using Composer Package Manager.
• Easy adaptability of Payment Gateway API for Magento.
• Fast integration with your store.
• Easily place orders from the back end.
• Most importantly, get a seamless checkout flow.

Final Takeaway

So if Magento is the choice you have made for your e-commerce platform, then accordingly select the Payment Gateway for Magento, the above points should help you make the right choice.

FAQs

The post 8 Tips to Select a Best Payment Gateway for Magento appeared first on PayU Blog.