If you have an online store in the Philippines, you’re probably always on the lookout for new ways to make your customer’s experience better.
One of the ways you can do this is by having a reliable and convenient payment gateway for your online store.
There are tons of payment gateways available in the country, so it can be overwhelming to choose the perfect one for your business.
To help you, we’ve compiled a list of the top payment gateways you can try.
What is an E-commerce Payment Gateway?
An e-commerce payment gateway is a technology that allows online businesses to process payments made by customers through their websites.
It serves as the intermediary between the website and the payment processor, ensuring that the customer’s payment information is securely transmitted and processed.
Payment gateways also help to reduce the risk of fraud and chargebacks, making them an essential part of any e-commerce business.
Types of E-commerce Payment Gateways
Here are the various types of e-payment gateways you can try.
Fully hosted payment gateway
A fully hosted payment gateway service is the most common choice of business owners today since it’s the most convenient and affordable.
When this payment gateway is integrated into your website, it redirects the customers to the payment service provider (PSP) when they make a purchase.
This is a separate website where they fill out their payment details before they get redirected back to your website to complete the sale.
This type of payment gateway is very secure and complies with security standards. It also offers fraud protection. More importantly, it’s straightforward to set up.
Self-hosted payment gateway
Those who want to have more control over their customer’s experience may be more interested in hosting a self-hosted gateway.
Because it is self-hosted, the details of customers are collected directly on the website.
This ensures that the information is encrypted before it is submitted to the third-party payment gateway for authorization.
One of the upsides of this payment gateway is it enables a quicker checkout process since the transaction is completed on the website itself. Therefore, there’s no redirection to another site.
Unfortunately, you won’t have full access to a support team compared to a hosted service.
API-Hostel payment gateway
This is the ultimate option for business owners who want to have full control of their website design.
Both the information of the customer and the processing are done directly on the merchant’s website using an application programming interface or API. This offers a customizable checkout process, such as mobile integration.
Despite all its benefits, you must ensure that you are protecting the information of your customer. This may mean having to pay extra for security standardization.
Local bank integration
This gateway will redirect the customer to the bank’s website, where they will input their information. They will receive a payment notification once their payment has been confirmed.
This is an entry-level solution with only a basic feature set. However, many business owners still like it because it’s affordable and easy to set up.
Benefits of E-commerce Payment Gateways
Here are the advantages you can experience when you use an e-commerce payment gateway for your online store.
It gives your customers a sense of security
One of the best things about e-commerce payment gateways is that it provides your customers with a sense of security.
With fraud and identity theft becoming increasingly common today, customers are becoming more cautious about giving away their payment details online.
A payment gateway ensures that their data is encrypted and transmitted securely, reducing the risk of fraud and giving them peace of mind.
It increases your customer retention rate
Another benefit of a payment gateway is that it can help increase your customer retention rate.
When customers feel secure and confident in making purchases on your website, they are more likely to return and make additional purchases in the future.
This can lead to increased customer loyalty and improve overall revenue for your business.
It simplifies your payment processing
Having an e-commerce payment gateway simplifies your payment processing, making it easier for you to manage and track payments.
You won’t have to worry about manually processing payments or dealing with chargebacks, as the payment gateway takes care of all of that for you.
It’s so easy to set up
With payment gateways, you just need a few hours to set it up. Even if you’re not a tech expert, you can still easily integrate a payment gateway into your website.
Most payment gateways even provide step-by-step instructions and a support team to guide you through the process.
This means you can start accepting payments from your customers in no time, without having to hire a professional.
It’s more attractive to impulse buyers
If your target audience includes impulse buyers, good news awaits you. With a payment gateway, they can quickly and securely make their purchase before they change their mind.
This means that you can capture more sales from these types of customers.
You can decrease your cart abandonment rate
Cart abandonment is a significant problem for e-commerce stores, with many customers abandoning their shopping carts before completing their purchases.
This can be due to several reasons, such as a complicated checkout process.
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