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With Open SAAS (Software As A Service) eCommerce platform Payment Gateways get integrated as part of the cloud solution giving you PCI Compliance at your fingertips; allowing digital wallets and credit card payments to be processed for your online store. eCommerce businesses looking to reduce complexity, lower maintenance costs yet would like to expand best of breed tools to ensure continuous improvements with real-time metrics and reports. So, why would Payment Gateways be a critical part of your eCommerce solutions? Let's dig into it.
Payment Gateway choices
There are considerations to take in when it comes to choosing the right payment gateway. Categories such as business type/industry, currency, business model, country, and payment methods. When you think about all these variables and then matching up a few contenders can feel overwhelming. The first consideration is the business type and industry since Payment Gateways have different features to help the online business to reach a better fit and have stronger compliance required. Fees associated with the industry will also vary its fees based on risk and a credit score. Once the preferred vendors for your Payment Gateways are picked out, the process of working out the details begins.
For more on picking out a Payment Gateway: https://www.thegenielab.com/post/payment-processing-for-your-ecommerce-store
Choices in selecting a Payment Gateway: https://support.bigcommerce.com/s/article/Available-Payment-Gateways?language=en_US
SAAS and Payment Gateway integration
Integrations with a SAAS-based platform provide an industry data security standard to minimize data breaches. PCI DSS requirements are pretty stringent therefore your connection, handling of the transaction request, dealing with the response, and verification settings are alleviated by this cloud solution. While it has greatly improved on hosted eCommerce systems where integrations come as a plugin for WooCommerce for example, the data security standard (PCI) compliance has to be audited on your website. With SAAS that has been taken care of by the eCommerce platform.
Business Model Type vs Transactions
In today's world, you have different and flexible payment methods. Some are business offerings such as a subscription model or pay in installments, layaway, or even store credit. Some are consumer-related when it comes to credit card types, digital wallet options like apple pay, Samsung pay, Google pay, Amazon pay, and other options. The credit side will come with different interest rates based on your personal credit score, while the business side is all risk assessed by payment card industry data to the business. The aim for the business is to provide the widest variety of payment options to its business model - therefore careful selection of the features of the payment gateway must take place.
Payment Gateway and Customer Experience
The selection of your payment provider can make your business soar or sink - all based on customer experience. Conversion is a critical component, the time it takes to respond to the transaction approval request, the card type, its conditions (interest, spending caps, credit limit), and the personal situation and circumstances of that transaction. Adapting to the customer's risk and providing payment to the business is a statistical game where the payment gateway has to reduce chargebacks, fraud, and other disputes - all of which create an additional cost to the processor and eventually to the business. The reality is the business ends up holding the consequence of any risk and while the payment gateway provides the tools, the risk is constantly being managed by the business and impacts the bottom line. Providing the best customer experience requires finding the balance between the provider and the audience risk.
BigCommerce helps with conversion
The Open SAAS platform architecture allows for speedy secure connections with other systems thanks to its high-performance API. Combining speed with a fast responding Payment Gateway, the likelihood of higher conversions go up. Additionally, the integrations of the gateways are done at the BigCommerce level which guarantees the proper handshake, where today there are additional checks with mobile codes and other banking authentications where the customer's experience and confidence have to be a smooth journey.
While Shopify provides higher performance for the likes of Shopify Plus, BigCommerce doesn't discriminate and gives every business on its platform the speed, security, and control the business needs.
The BigCommere business model surrounds being an integral partner to the eCommerce business and drives its relationship with its partners to achieve success. Partners being BigCommerce experts as well as its Payment Gateway providers. BigCommerce focuses on its business model of providing a capable eCommerce Platform with a focus on speed and capability - which both delivers for the customer experience and the business's bottom line. For those that are considering BigCommerce and its platform, it is worth noting that you will have more than just one partner supporting your customers. If you have any questions, feel free to reach out to us at firstname.lastname@example.org