You have a store, you receive visits, and users are interested in your products. But when it comes time to complete the transaction, they leave the order in the shopping cart. Perhaps they didn't find a payment method that suits their needs or they doubt the security of the process. To help your sales grow, at Hispanos Emprendedores we explain what a payment gateway is and how to choose the best one for your e-commerce business.
What is a payment gateway?
If you sell products online or are about to open your online store, you know that one of the most important decisions you must make is the payment methods that you are going to integrate. Consumers are already used to shopping online, but they demand security, simplicity and reliability when making a transaction.
To be able to sell in your e-commerce you need a payment gateway. This is a platform that is integrated into the online store, through which the monetary transaction between the customer and the store is authorized.
The payment gateways available for e-commerce are varied and have different features. Depending on which one you choose, you'll be future-proofing your e-commerce site and offering a better customer experience.
These services are essential to sell online because they simplify the entire process. They are responsible for processing the information provided by the customer and authorizing the transaction.
Implementing this tool on your website is simple. After choosing the one that suits you best, you just have to register and choose the bank account to which the money will be sent later.
The gateways must offer various payment methods for the convenience of the client and guarantee the security of their data.
How does a payment gateway work?
Its operation is simple. The user first chooses what to buy from the catalog and places the order. The system will then ask you to choose a preferred payment method and the corresponding details.
The browser encrypts the information, and the data travels securely across the network. This is achieved through an SSL (Secure Socket Layer) or TLS (Transport Layer Security) certificate , which prevents data from being intercepted by third parties.
In this way, customer information reaches the payment gateway which, in turn, delivers it to the seller's bank platform. This is in charge of verifying the data and authorizing the transaction. The process takes a few seconds and, if the payment is not processed, it will send a message stating the reason.
Advantages of payment gateways
Now that we've explained what payment gateways mean , let's detail the advantages this service offers for e-commerce.
- The bank details travel encrypted to the bank's server.
- This system is compatible with other payment methods.
- They reduce the risk of fraud to a minimum.
- They allow you to track transactions.
- Those who buy online are already familiar with this system and trust it.
As for the disadvantages, we can mention the commissions, which are usually higher than in a physical store. Furthermore, when a customer makes a complaint about a transaction, the seller is the one who must respond.
Best payment gateways
Below, we mention some of the most popular payment platforms:
- PayPal. It has a global presence and is one of the most trusted payment methods. It accepts all major credit and debit cards.
- Amazon Pay. A service powered by Amazon, backed by the company's experience and trust. Ideal for businesses of any size.
- 2checkoutIt allows you to offer different payment methods, even for customers who usually shop from their mobile devices. It also allows you to add features as your business expands.
- Stripe is a simple tool with a presence in over 100 countries. One of its main features is that its fees depend on the age and size of the company.
- Authorize.net has been operating since 1996, making it one of the most recognized payment processors. It processes credit card payments, contactless payments, and electronic checks.
Payment gateways in Chile
In the case of Chile, these are some of the best-known platforms:
- PayU Latam provides services in seven Latin American countries, including Chile. It accepts various payment methods, including credit cards, MultiCaja, and RedCompra.
- WebPay. This is the most widely used payment gateway in the country. It allows you to receive payments with credit cards, prepaid cards, and RedCompra. It also has solutions for in-person sales, such as QR Code payments for contactless transactions.
- Mercado Pago is a solution that greatly simplifies transactions. It allows you to send and receive payments online. You can include payment buttons on your website or collect payments from your customers via chat, email, or social media.
- ServiPag. One of Chile's leading services for fast and secure payments. You can integrate it into your website to receive payments.
Now that you understand what a payment gateway is and how it works, you can choose the one that best suits your e-commerce needs. Have you used any of them?
To use these platforms correctly, it's also important to know how to report and identify scams.
