The effectiveness of an e-commerce store can be gauged by how happy the customers are with the support they receive during their customer journey. And one of the most significant things that certify a smooth user experience is a hassle-free checkout procedure.
Often, an easy and swift checkout process comes down to having proper payment gateways to facilitate seamless transactions. In fact, several surveys have established the importance of different payment options in promoting purchase decisions.
If you run your own Magento store, you must set up digital payments to offer a superior user experience. Here’s how you can do that.
How Do the Digital Payments Work?
Digital payments are those that are conducted over the internet and mobile channels. These payments are made through some online payment gateway that prioritizes customer data privacy and transfer authentication.
The process of digital payments starts with the customer submitting his credit/debit card details on the checkout page. Once submitted, these details are encoded by the Magento payment gateway and sent to the payment processor. The transaction is directed to the customer’s bank to request transaction authentication. Following that, the response is sent back to the payment processor as well as the customers, thus completing the payment cycle.
After the bank sends the money through the payment gateway, it will reach the merchant account. The timeline for this may be a few minutes or as long as 21 working days, depending upon the payment gateway.
How to Evaluate a Digital Payment Gateway?
Selecting the right digital payment gateway for your Magento store is indispensable to proffer a smooth and hassle-free user experience. Make sure to choose a payment gateway that is adaptive to your specific business goals. Furthermore, based on the business and functional requirements of your e-commerce store, here are some factors to keep in mind.
- Security: It is important to ensure that the payment gateway you select is completely safe and secure. This means that the customer data will not be misused by any means. Make sure the digital payment gateway uses 128-bit encryption, two-factor authentication, and has SSL certification and PCI DSS certification.
- Offers easy checkout on all devices: Marketers believe that over 15% of all eCommerce sales now take place on a mobile device. So, make sure that your digital payment gateway offers easy checkout on different mobile devices and network types.
- Host of features: Choose a payment gateway that offers innovative features, depending on your business needs. This may include electronic invoicing, different payment types, email or text reminders, etc.
- Cost and service agreement requirements: Consider the type of fees charged in payment processing to ensure it coincides with your business model. Some payment gateways charge transaction fees if a certain order or transaction volume isn’t met.
Apart from these, there are few others things to be kept in mind while choosing a payment gateway for your Magento 2 store. First of all, the Magento platform has two editions: enterprise and community editions. While the former is suited to startup or small-scale eCommerce businesses, the latter is ideal for both small and big companies. So, you must make a wise decision to select a Magento payment gateway that can support both editions, as most of the payment gateways rarely scale up to the enterprise edition.
Top 6 Best Digital Payment Gateways for Magento 2
Stripe is a leading payment company launched in 2011. Ever since it has been offering superior payment services and powering several eCommerce stores. As a market leader, Stripe is known to offer several innovative features, including multi-currency support, recurring and subscription payments setup, easy rebilling, and more. One of the greatest advantages of this payment gateway is the availability to stay on-site, other than being redirected to different sites during payment. Also, Stripe does not charge any extra fees for integration.
The integration of CartaSi payment gateway to Magento 2 stores offers multifarious benefits to both, customers and store administrators. It supports the most common payment cards, offering augmented ease to the customers. Besides, with CartaSi, the store administrators can set up a minimum and a maximum number of orders restricted to customers. Once the total of orders is reached the limit value, a new CartaSi payment method will be recommended and displayed to the users.
SagePay is another leading payment gateway that is becoming increasingly popular for its payment security and fraud reduction abilities. It is gaining recognition by all significant credit card companies and banks with its highest level of card data security – PCI DSS Compliance. Additionally, the SagePay extension on Magento 2 offers added security layers, including, CVC, AVS, and 3D Secure authentication. Also, with Magento 2, Sage Pay offers customizable payment processes that accelerate the purchase procedure, ensuring greater customer satisfaction.
WorldPay is another well-known merchant service provider anticipated to complete over 26 million transactions every day. For customers, the payment gateway is great as they don’t have to leave the site to complete the payment. Alternatively, WorldPay is favored by millions of merchants as it is adaptive to businesses of all sizes. Magento 2 stores can enjoy WorldPay’s many prominent features, such as WorldPay vault for card saving, WorldPay eWallets, WorldPay local card schemes, and more.
2Checkout has earned immense popularity among merchants from all across the world. It accepts different payment modes and currencies to offer a smooth checkout process. Also, the payment gateway has over 300 stringent fraud rules to ensure the highest level of security. It is recognized with standards like PCI DSS, GDPR, and BBB Accreditation. For Magento 2 eCommerce stores, 2Checkout saves shopping carts paid via this payment gateway to offer extra storage to the store owners.
This is another excellent payment gateway for B2B and B2C merchants using Magento 2. It offers advanced security features, such as encryption, tokenization, customizable fraud modules, and off-site data storage. The gateway also allows the store owners to integrate their payments with accounting software to eradicate issues like double data entry.
Steps to Setup Digital Payment Processing in Your Magento 2 Store
To set up a payment gateway in Magento, you need to follow the below-mentioned steps:
- Log in to your Magento Admin panel
- Click on the ‘System’ menu and choose the ‘Configuration’ option.
- You will come across a list of options appearing on the left side of the page. Scroll down to check out the options and click on the ‘Sales’ section. After that, click on the ‘Payment Methods’ option.
- By default, Magento recommends using PayPal and Braintree. If you want to set up Braintree, for instance, click on ‘Braintree’ to expand the section and then click on the ‘Configure’ button to start the configuration.
Digital payments have made online shopping very easy and convenient for customers. The use of a payment gateway can help to expedite the checkout and money transfer process between the customers and the merchants. If you run an eCommerce store powered by Magento 2, choose from the aforementioned Magento payment gateway extensions and certify a smooth customer experience. However, if you face any trouble in integrating payment processing with your store then hiring expert Magento 2 developers is a good idea.