Payment gateways are an essential tool for business in 2022. Payment gateway for international transactions allow businesses to receive payments online. Every eCommerce website or application requires an effective payment gateway to process transactions and simplify the customer experience.
This article evaluates the best payment gateway this year and explores the factors that contribute to a great payment gateway. But before moving into that discussion, it is essential to explore the factors that contribute to an effective payment gateway.
What Makes a Great Payment Gateway – Factors to Keep in Mind
Before we move further toward our rankings, let’s evaluate the key factors that define a great payment gateway.
Low Transaction Fees
Even though it seems like a simple point, transaction fees are the most important factor when you’re selecting a payment gateway. Whether you’re paying a fixed fee per transaction or you have to pay a percentage fee for the transaction, the payment gateway will make a significant difference in your bottom line. Search for a payment gateway that gives you the lowest transaction fee on a long-term basis. Over time, the fees will accumulate into a significant amount. Especially for businesses with a large number of transactions, the fees can accumulate to become a significant expense. That is why its important to work with the right payment gateway providers.
Transparent Terms and Conditions
Working with a payment gateway that makes its terms transparent is extremely important. It is common for gateways to include a number of hidden fees. Without vetting out the payment conditions, you might end up having to pay a significant chunk of your profits towards fees. Work with a payment gateway that outlines the terms and conditions in a straightforward way. Having that awareness will allow you to make smarter decisions. Ignoring the terms and conditions could end up causing long-term distress to your company as well. You don’t want to get locked up in a contract that is not suitable for your future. So carefully review the terms and conditions before deciding on a payment gateway for international transactions.
With a large number of payment gateways available in the market, it can be difficult to figure out the right one for your company. One key factor is to review how simple the deployment process is going to be. If your company lacks a dedicated technical team that can handle the deployment, you’re better off choosing a payment gateway that provides you with a streamlined deployment process. Most modern payment gateway providers offer a streamlined deployment process where you can install the gateway within a few clicks. This is in contrast to the highly technical gateways that require you to have a complete awareness of coding and technical deployment. It is important to have a simple deployment if you’re looking for the best payment gateway for international transactions.
Your payment gateway directly handles customer payments and sensitive data. It is essential to opt for a payment gateway that complies with regulatory guidelines and PCI guidelines. Effective encryption is also important to ensure that the data is not intercepted and used for fraud and other malicious purposes. Encryption creates an additional layer of security to create an exceptional customer experience and provide peace of mind to your customers.
Factors Preferred by Customers in 2022
Digital Wallet Support
In 2022, customers made a significant shift towards digital wallets. From smartphone applications to online portals, companies need to accept digital wallets in payment gateways to facilitate customers. This means that you need to choose a payment gateway that is compatible with digital wallets, including Apple Pay, Google Pay, and Samsung Pay. These wallets are being increasingly used by customers to simplify online payment and have a convenient payment method.
Recurring Payment Acceptance
Customers are also looking for payment gateways that include support for recurring payments. Recurring payments are repeated payments that are automatically made on a pre-defined frequency. By adding support for recurring payments, you can expand your customer base and simplify payments for customers. Recurring payments are also a great way to add predictable cash flow to your business. These online payment are also preferred by customers that want to avoid the hassle of manually confirming payments on a regular basis. Recurring payments are an essential feature of the best payment gateway for international transactions.
Expansive Credit Card Support
It comes as no surprise that credit cards are still the most preferred form of payment in 2022. However, it is important for companies to extend support to the complete range of credit card providers, including Visa, Mastercard, and UnionPay, to get coverage in global markets. Your chosen payment gateway providers must support the complete variety of credit cards and debit cards to increase customer coverage.
Why is Oceanpayment the Best Payment Gateway in 2022
Oceanpayment is the best payment gateway choice for consumers in 2022 because of the diversity of options offered by the company. Ocean payment is preferred by consumers because the company goes beyond the standard requirements to deliver an exceptional deployment experience.
Here are some other factors that make ocean payment the best choice in 2022.
Custom Solution for Your Needs
Oceanpayment takes the time to understand your personal requirements before delivering the right solution. The customized solution factors in your business context and needs to ensure that you’re able to grow. Our solutions are designed to simplify your payment operations by offering a complete range of payment options to customers. You can do that by working with the right payment gateway providers.
Our team has decades of collective experience working in the finance industry. We devise personalized payment gateway solutions based on your requirements. By working with Oceanpayment, you get the support of a team that understands the ins and outs of the industry.
In 2022, selecting the right payment gateway is not just about simply accepting payments. It is about creating a customer experience where users have a seamless purchasing experience. From security to payment acceptance, every step of the gateway needs to be designed for conversion to increase sales and remove friction.
When you’re looking for the best payment gateway for international transactions Oceanpayment is the best choice. The company offers a complete range of payment solutions to help you accept payments from all across the world. With a team of qualified professionals, Oceanpayment also provides you support through every step of the process to simplify your installation.