Switching Your Payment Gateway

By Author: Sahil Verma
Total Articles: 160
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Most online payment gateway changes are motivated by a company's desire to support more payment options or to accommodate growth. In some cases, merchants come across payment gateways that have more advanced features, look more professional, or provide a better customer experience.

If you're wondering how to switch payment gateways and what impact it can have on merchant billing, you've come to the right place. The good news is that switching payment gateways is a very simple process that, in most cases, has no effect on the billing process. If you are switching payment gateways, there are a few steps you must take to ensure a smooth transaction.

First and Foremost, Check the Payment’s Gateway Compatibility with Your Store

Whatever the reason for switching payment gateways, the first step is to ensure that the payment gateway in question is actually compatible with your e-commerce store. It can be very frustrating to discover that the gateway no longer works for your store after you have made the transition.

Review the Payment Options You will Be Adding or Removing

Moving ...
... to the most recent and advanced payment gateway can provide significant benefits to your store, such as the ability to include payment wallets or direct integration via API. However, this may imply that you will have to forego some features that the new gateway may not offer. As a result, it is critical to evaluate what is added or removed during payment gateway switching and weigh the pros (and cons) to ensure that you are fully aware of what you are signing up for.

Consider the Change in Fees Structure

The majority of payment gateways charge a fee. This can be done on a monthly or yearly basis, or on a commission basis, in which you pay a small transactional fee for each payment processed. Before proceeding with the transaction, it is critical to perform the necessary calculations to assess any increase or decrease in fees. If the fee is unquestionably going to decrease, the decision is simple.

An increase in fees, on the other hand, is not always a bad thing. Fee increases can sometimes have a positive impact on your business. If you gain access to more payment methods and a more secure and user-friendly gateway, the switch will be worthwhile, and you will be more likely to recoup your investment in the long run.

Take Customer’s View Points into Consideration

Have you lost customers because they were unable to pay using your current payment gateway? Or have your customers requested that you incorporate additional payment methods?

In the end, it is the customer who will use the best online payment gateway India, and taking customer feedback into account can go a long way toward improving the customer's payment experience. You can start collecting feedback now if you haven't already. Using social media platforms such as Facebook or Twitter to solicit feedback from customers can assist you in hearing their concerns.

Plan for Any Possible Downtime

Once you've decided to switch payment gateways, the last thing to consider is whether it will cause any downtime for your store. If you don't have time to test the new gateway before it goes live, you'll have to figure out when the best time to have a downtime is. This should be the time when you receive the least amount of traffic and sales.

The key is to choose a time when the shopper will be least affected. Instead of displaying errors, you can create a landing page informing your visitors that your store is temporarily unavailable and will be back up and running soon.

During this downtime, you can complete the transition, test the gateway, and go live. If you have a test version of your store, thoroughly test the new gateway by performing demo transactions before deploying it to your store.