6 Factors to Consider While Using WooCommerce Payment Gateways for your Ecommerce Store

Heana Sharma

Are you using the WordPress platform for your Ecommerce website? Then, you must be well-versed in the importance of using WooCommerce plugins to manage eCommerce operations and payments. In this, selecting the right WooCommerce payment gateway plays a crucial role in the success of your e-commerce store. While you might initially find it simple, the plethora of options and features available in the market will confuse you.   

As an entrepreneur or business owner, you are focused on creating the best product strategy, marketing strategy, intuitive user experience, fast service, and full customer support in order to build a scalable business. So, when customers visit your store, add their favorite products to their cart and proceed to payment, one of the distressing experiences that they face is that the payment doesn’t proceed successfully or the payment page does not get loaded at the end of the shopping journey. This not increases the cart abandonment rate for the businesses but also drastically affects the sales and reputation of the brand. In contrast, smooth payment flows and flexible payment options for customers can boost the user experience and sales and create a buzz around your brand. Well, you need third-party WooCommerce payment gateways to manage your payments; selection, configuration and design should be the crucial aspects. Let’s take a deep dive into the important factors that you must look forward to selecting the best payment gateway through this blog post.   

What Aspects Should You Consider While Choosing the Best WooCommerce Payment Gateway?  

The payment gateway is a third-party service provider that collects and transfers the money from customers to the business account seamlessly and securely. There are over 80+ WooCommerce payment gateway extensions available at the WooCommerce marketplace. One can easily plug in any of these extensions or can also download the plugins directly. Then, you can just plug into the configurations and settings of the plugins. Here, you can easily integrate with the payment gateway with no or minimal coding knowledge.   

However, no all-payment gateways have the same policies, processing rates and features. Choosing the wrong WooCommerce payment gateway will increase your costs and also affect your business revenue and reputation in the long-term.   

Therefore, here are the following few factors that you must consider when choosing the right payment gateway 

Most of the WooCommerce payment gateways charge a fee for each transaction that undergoes with your online store. It depends upon certain things such as the type of business, business location, customer’s card type, the payment gateway you choose, etc. Thus, it’s better to choose the payment gateway that suits your business model and gets the most value for the money.   

Generally speaking, if a merchant is selling products that are high in cost, they will want to minimize the interest-related transaction fees. On the other hand, if the products being sold are low in cost, the merchants will be more likely to try and reduce their fixed costs.  

It is crucial to check whether your WooCommerce payment gateway supports the various payment modes that are most convenient for your target audience. In this way, buyers will feel secure and comfortable when they make purchases and also it adds an advantage over competitors for the businesses. For instance, if your business completely deals with Indian buyers, then you select the payment gateway that supports fast experience on UPI payment options for businesses.   

After you’ve made an account with a payment gateway provider, the next step is to fill out and submit all the necessary documentation for verification. This includes any legal and tax-related documents, as well as verifying the merchant bank account that will be used for payouts. Providing this information upfront will help to avoid any delays in getting your account set up and ready to use.  

Select the payment gateway that is easily available as a WooCommerce extension. Also, it must be compatible with WordPress and get installed very easily.   

The checkout page user interface of the WooCommerce payment gateway must be responsive and compatible with various devices of different screen sizes.  

Many ecommerce businesses offer subscription-based products like membership plans etc. So, make sure you go for the WooCommerce payment gateway provider that supports recurring payments to deduct money automatically from the customer’s bank account or card. Furthermore, make sure the gateway also supports subscription suspension, cancellation or re-activation.   

For Indian customers, UPI is one of the fastest-growing and most convenient modes of payment. Nimbbl provides an easy-to-integrate plugin for WooCommerce that supports Magik UPI, a fast payment experience on UPI payment methods. It also offers one-click checkout on BNPL with the likes of Lazypay, Simpl and Paytm postpaid, along with traditional methods like cards, net banking and wallets. Sign up today to get the 1-click checkout experience for your ecommerce businesses.   

Related Articles
Exit mobile version