Magento as the leading platform for building eCommerce stores offers an array of payment gateways. Choosing the right payment gateway is crucial as it takes care of one of the most essential aspects of the sales process. A payment gateway takes care of the entire process of transferring payment by connecting the customers, banks, and merchants. They also play a crucial role in securing customers payment and banking information by encrypting the data. Thanks to a highly secure payment gateway, an e-commerce store can prevent security risks like phishing and identity theft.
A quality payment gateway is important for an e-commerce website for many reasons. Let’s have a look at some of them.
Most of the online shoppers are already used to instant checkout and payment processing. Naturally, the whole process of processing payment should not take more than a few seconds. Many of us actually think the payment page directly leads to the bank page, but actually, it involves a lot more complexities than this. Let’s see how a payment gateway in a Magento e-commerce store really works.
Payment information for an e-commerce store ranks as the most sensitive information as customers need to expose their financial information to third-party stores. Any instance of data breaches or security loopholes can completely destroy the reputation of an online store. Any of the top Magento development services with a credible track record will suggest the following considerations for choosing a payment gateway.
Now that you have come to know about the key considerations for choosing the right payment gateways for your Magento e-commerce stores, here we explain a few of the most notable and reputed gateways invariably used by leading e-commerce stores.
Having a presence across more than 200 countries and the ability to accommodate transactions in more than 25 leading international currencies, PayPal is considered as one leading payment gateways.
Owned by PayPal this popular payment gateway is widely popular because of offering fast-paced one-click checkout process. This gateway also allows paying through latest modes like Bitcoin, Android Pay, and Apple pay.
Owned by Visa this is one of the most trusted gateways known for providing most Advanced Fraud Detection Suite to ensure optimum security.
With multiple payment gateway options, a Magento e-commerce store can enjoy a wide array of benefits. Let’s have a look at some of these benefits.
In spite of the array of benefits having multiple gateways has its drawbacks as well. Let’s figure out these disadvantages.
While it is crucial to choose the most secure and credible payment gateway for your Magento store, the buck doesn’t stop there. For even a highly secure and fully compliant gateway you need to be vigilant about the choice of technology as well. Let’s briefly discuss these technology options alongside payment gateways.
If you are using Magento Enterprise Edition, by default you get Secure Payment Bridge. This is nothing but a separate secure server between the online store and payment gateways. The role of this payment bridge is to make sure that no credit card data ever enters the Magento web store. This security measure actually helps to tighten the security and preventive measures to reduce data breach.
The best thing about this server is that it is managed completely by Magento and this makes it even more secure. As for technical aspects, integrating this separate server protection involves some complexities that Magento experts will take care of for their enterprise edition clients.
This option comes as a credible alternative to Secure Payment Bridge. Created and offered for the Magento stores by a payment gateway called Hosted Order Post (HOP) it actually collects the credit card information by using a special form on the gateway server.
In spite of the high-security measures, with this option, you have to compromise by opting for a hosted checkout page. For integrating HOP you also need to hire a Magento developer separately.
Finally, no expert can suggest the payment gateways and technologies for your Magento store unless he is well abreast with your business, customers, and markets. So, the choice of payment gateways depends on a host of factors and there is no straightforward answer to this.
WRITTEN BY: Jeegnasa Mudsa
Jeegnasa Mudsa is Executive Director at CMARIX Technolabs Pvt. Ltd. a leading eCommerce development company with 15+ years experience. A blend of true Engineer and…
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