5 Reasons Why Your Startup Should Add a Payment Gateway

Businesses Should Keep an Eye on These Before Setting Up A Payment Gateway  | Business Big News

Does your business currently accept credit cards? Or are you a brand new startup looking at your options? If so, your startup needs a payment gateway.

In the past, payment gateways were typically associated with ecommerce shops. They allowed merchants to easily and safely accept credit card payments online. Fast forward to today, even service-based businesses are considering the many benefits of utilizing this service.

What is Payment Gateway?

Essentially, a payment gateway is an online software that works behind the scenes in your business, connecting your checkout software with your merchant account. This allows you to process, verify and safely accept (or decline) payments. It securely passes sensitive consumer cardholder data to the credit card processor from the point of sale device or software. 

According to a recent research report by Market Research Future, the online payment gateway market is expected to reach a value of $193.27 billion by 2030. The driving force behind this growth and adoption is efficiency. All companies, especially startups, gain efficiency by incorporating this solution into their businesses.

How Startups Benefit from a Payment Gateway

Before incorporating a payment gateway it’s important to understand what you need from this merchant service and what it has to offer. Here are just a few of the benefits of having a payment gateway:

  • Easy onboarding and integration. The right payment gateway service enables quick onboarding and integration, including plug-in support for popular ecommerce platforms like Shopify and WooCommerce. This ensures your team’s resources remain efficient and effective.
  • Wide variety of payment methods. Many customers will abandon their shopping carts at the checkout page if the merchant does not offer their preferred payment method. Using a payment gateway helps you offer a wide range of alternative payment methods to satisfy customers expectations and needs.
  • Customization features. Payment gateway services also allow you to create a payment experience that meets your startup’s unique needs. You can tailor it to fit into your buying process, ensuring the overall experience suits your ideal customer.
  • Added layer of security. With the right payment gateway provider, you can add a layer of security. Payment gateways use sophisticated encryption protocols to censure sensitive data, protecting both you and your customers from fraud.
  • Larger customer base. Even a small, local service business can benefit from utilizing a payment gateway. Providing virtual services, regardless of your business type and size, can open up new doors of opportunity, enabling you to collect funds online from anywhere in the world.

How to Get the Right Payment Gateway

It’s important to place emphasis on getting the right payment gateway. Why? Not all providers are created equal. Your business is also unique and will need customized solutions and support. Working with the right partner ensures payment processing doesn’t become your full-time job, you have a gateway that is secure, and the tools and industry expertise you need to manage it all.

The key is to compare providers and their tools, resources, contracts, support, rates and customer reviews (e.g. pinwheel app). Put together a list of providers that specialize in working with your business type and industry. Ideally, you want a gateway provider that gives you the confidence to hand over the reins so you can get back to other aspects of your business. The right tools and expertise can make all the difference in maximizing your revenue and building a loyal customer base.

Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.

Leave a Reply

Next Post

What Is A Desktop Computer?

Invest time in unpaid advertising strategies to boost your small business. We wanted to enrich the technical and smooth abilities learning expertise for consultants and business managers and subsequently, needed an offering that met the excessive calls for of our program. Google My Business is a free service that you […]