How to Choose the Right Payment Gateway for International Transaction

For any eCommerce business, choosing the right payment gateway for international transaction is a critical aspect of whatever success the company eventually achieves. The mainstay of online business is receipt of payment before any product or service is delivered although in a few businesses, payment sometimes takes place after the product or service is delivered. In case you agree to receive payment after delivering the product or service, you need to ensure that the payment is secured by your payment gateway.

Is there mutual compatibility with the payment gateway?


Before you decide to finalize a payment gateway, you need to know the nature of services it offers. There are also many payment gateways that reserve the right to on board a client or not depending on the nature of the client’s business. For example, many a payment gateway for international transaction would refuse to deal with what are known as ‘high risk’ businesses, which includes online pharmacy, IT services, domain hosting, adult content providers, dating sites, etc.

Critical features of a payment gateway


Depending on the nature of your business, you not just need to ensure that the payment gateway for international transaction agrees to do business with you but also see that it is good enough to serve your business as well. Here is what you need to consider while choosing a payment gateway:

o   Does it charge for activating the service on your website? Ideally, there should be no activation charges for you to pay
o   Does it offer multi-currency transactions? This is an absolute necessity for international transactions
o   Does it accept payments in all major credit and debit cards in addition to other modes of bank authorized money transfer like e-wallets and net banking?
o   What is the level of security that it offers and is it updated regularly to stay ahead of the malware, spyware, phishing and other illegal activities of cyber criminals?
o   Does it offer a good user experience to customers, who are mostly concerned with ease of operations and smooth transactions?

The success or failure of many eCommerce businesses have often depended on the payment gateway for international transaction it chooses. There have been cases of eCommerce sites that faced continuous problems related to incomplete transactions where customers have abandoned the purchase process out of frustration. User experience is as important in an eCommerce website as it is in a payment gateway, perhaps more so.

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