What to Look for in a Payment Gateway
A payment gateway, or e-commerce gateway, is an essential tool for any retail operation that plans to offer products through an online store. Whether your retail operation is an online-only storefront or you have a brick-and-mortar chain that is making its foray into the ever-growing online retail environment, you’ll need a way to take customer orders and process payments. That’s what an e-commerce gateway is for.
- Centralized product management – If you’re going to be introducing new products to your customers, you’ll need a way to create those products within your gateway.
- Make price changes – In retail, prices can fluctuate based on several factors. Perhaps you have a seasonal special running, or you are offering bulk discounts. The price of an item could increase for any number of reasons. You need an easy way to make price changes inside your gateway.
- Monitor your inventory – The only way to know if you need to replenish supply of a product is to monitor your inventory.
- Detect fraud – Retail fraud happens. Your goal is to minimize it.
- Customer relationship management – Capture your customers’ information and store it in a database for safe keeping.
- Order fulfillment and shipping – Perhaps one of the most important functions of a payment gateway is to fulfill customer orders and ship product to the right address.
- Cross-channel sales – You need to be able analyze your sales across all channels in order to make the proper adjustments for your product and customer needs.
- Location tracking and merchandise status – It’s important that you know where your products are during the entire product life cycle, before customer purchase, during purchase, and after purchase.
As a retailer doing business online, you want to make the ordering process as simple as possible. Your payment gateway will ensure that happens.