Why Magento Payment Gateway Integration is a Must for Your E-Commerce Store?
Over the last few years, the popularity of Magento as an open-source and user-friendly e-commerce development platform has increased massively. Another reason behind the popularity is the multiple payment gateway integrations this platform offers.
If you want to know why Magento Payment Gateway integration is a must for your e-commerce store, go through this guide until the end.
A Payment Gateway- what is it?
The online applications that formulate and conduct money transactions from the customers to the owners of the stores online using the internet connection employing diverse payment options, including credit cards, debit cards, coupons, internet wallets, etc., are known as payment gateways. For all e-commerce store owners, payment gateways are a must. PayPal, Authorize.net, are some of the most used payment gateways. Similarly, Braintree is a widely used gateway for all Magento users.
If you are a Magento store owner, you can perform a Magento Payment Gateway integration using a pre-built solution or a third-party gateway. Once the payment gateway integration is done successfully on Magento through magento development services, It will ensure the safety and security of the data and other information transformed between banks, websites, smartphones, etc.
Different types of Magento payment gateways:
There generally 4 different types of Magento payment gateways are found. These include
- Hosted payment gateways
- Self-hosted payment gateways
- API hosted payment gateways
- Integration with local banks
Reasons why Magento Payment Gateway integration is essential for your business website
Magento, an excellent e-commerce development platform, uses many payment gateway integrations nowadays recommended by many magento partners. However, these days Magento payment gateway integration, rather than being an alternative, has become a need and almost a priority for most Magento store owners. If you also want to know the multiple reasons behind the success of Magento Payment Gateway integration, make sure to read out the points mentioned below.
Helps store owners to follow the current trends:
It helps the Magento store owners to keep up with the current fads in the e-commerce market. For example, when the entire world was dealing with the coronavirus pandemic, the stores without any online payment gateways had to suffer the most. Furthermore, multiple payment gateway integrations help customers shop for whatever they want at ease.
Minimum setup cost:
It comes with a minimum setup expense that results in a high level of return. All Magento store owners can effortlessly set up these payment gateway integrations from expert companies within their budget without investing much. As a result, they can provide their customers with much-needed services each time.
Multiple payment gateways also save a lot of time. If the customer has already paid for the product, they no longer have to worry about being present at the delivery address. As a result, it saves both time and effort for the person. Similarly, the delivery person does not have to wait for the customer to receive the order and pay, which is time-consuming. Instead, the person can deliver the product and move on from that place immediately since the payment is already made.
Open a list of options to customers:
Multiple payment options attract new customers. For example, if someone is not comfortable with online payment, the person can choose cash on delivery without any skepticism. On the other hand, if someone has no time for cash on delivery, the person can select any online payment option.
Increases the conversion rate:
Several payment gateways also increase the conversion and sales rate. Most payment gateways are marked secure and rarely decline money transactions. Since declined opportunities are less on these payment gateways, customers tend to show interest in these payments.
Enormous cash flow:
Another advantage of several payment gateways is enormous cash flow. Since 90% of your customers are paying in advance for your product, you get the cash on your hand before delivering it. As a result, the cash flow remains consistent.
What are some top-notch Magento payment gateway integrations?
It comes up with a diverse range of payment gateway integrations. Let’s have a look at some of them.
How can you get a professional Magento payment Gateway integration service?
Steps of getting a professional Magento payment gateway integration service are
- Get informed about your requirements
- Discuss the project timings
- Negotiate the payment detailing
- Ensure a fair hiring model
- Look for their after project services
These, in short, are why you must have a Magento Payment Gateway integration service for your e-commerce store. You can select any payment gateways, including PayPal, Authorised.net, Braintree, and WorldPay, for your e-commerce store on Magento. So do your primary research and jump into the most convenient payment gateways of Magento at your earliest convenience.