10 Must-Have Payment Gateway Features for eCommerce
By Multidev Technologies · PUBLISHED April 3, 2023
As consumer preference for e-commerce increases, thanks to the convenience that online shopping offers, the global digital payment industry is experiencing increased growth. As a result, e-commerce businesses have many opportunities, but only if their payment processes and systems are optimized to support consumers’ new shopping habits.
A payment gateway is essential to any e-commerce site that allows customers to make online payments securely and efficiently. Payment gateways act as a virtual point of sale, allowing customers to enter their payment information and complete transactions online. To ensure a smooth and seamless payment experience for customers, e-commerce businesses need a payment gateway with essential features.
There are several important payment gateway features for e-commerce businesses that can help ensure secure and convenient transactions for customers. Some of the most important features include
1. Strong Security: A payment gateway should offer strong security features to protect sensitive customer data, such as credit card numbers and other personal information. This can include encryption technology, two-factor authentication, and fraud detection and prevention tools.
2. Centralized product management: If you intend to offer new products to your customers, you need a way to create those products in your gateway. A comprehensive data dashboard is essential for gaining key data insights that can support your business intelligence and decision-making.
3. Compatibility and Fraud prevention: The payment gateway must be compatible with a wide range of payment methods, including credit cards, debit cards, e-wallets, and mobile payments. Detect fraud – Retail fraud happens. Your goal is to minimize it. The payment gateway must include fraud prevention tools and features to help detect and prevent fraudulent transactions.
4. Change prices and invoices: In retail, prices can fluctuate based on several factors. You may have a seasonal promotion going on, or you may be offering wholesale discounts. The price of an item can increase for any number of reasons. Recurring billing is an essential feature of the payment gateway to combat lost revenue and minimize time-consuming manual recurring billing administration. You need an easy way to change prices and renew payment contracts within your gateway.
5. Customization: The payment gateway should allow you to customize the checkout process to match your brand and offer a seamless experience for customers. In turn, you’ll get more conversions, fewer abandonments, higher order values, and repeat purchases.
6. Monitor your inventory: The only way to know if you need to replenish the supply of a product is to monitor your inventory. ChainDrive retail inventory management software has a native set of features to manage safety stock and cycle counts, track inventory at various locations, and calculate replenishment points.
7. Customer relationship management: Capture your customer information and store it in a database for safekeeping. The payment gateway should offer excellent customer support to help you resolve any issues quickly and efficiently.
8. Order fulfillment and shipping – The payment gateway should have a simple, user-friendly interface that allows customers to make payments quickly and easily. Perhaps one of the most important functions of a payment gateway is fulfilling customer orders and shipping products to the right address.
9. Integrated payment processor: The payment gateway should be easy to integrate with your e-commerce platforms, such as your online store or website. You should be able to analyze your sales across all channels to make adjustments based on your products and customer needs.
10. Robust tracking and reporting tools:The payment gateway must offer tracking of location, merchandise status, and payments. You need to know where your products are throughout their lifecycle, before, during, and after the customer purchase. Payment tracking allows you to monitor transactions and track payments.
By offering these essential payment gateway features, e-commerce businesses can provide a secure, convenient, and seamless payment experience for their customers.
While this is an exciting and opportunity-filled time for e-commerce businesses across all sectors, having the right payment systems and processes in place is critical to success, especially when it comes to e-commerce payment gateway functionality. As e-commerce and consumer habits evolve, e-commerce businesses must optimize their payments to provide a seamless customer experience and unimpeded business growth.
With ChainDrive, you can get the best payment gateway functionality through a single integration. This helps retail businesses provide their customers with a seamless experience and stay competitive in today’s marketplace. Learn more about ChainDrive’s e-commerce gateway features and how we tailor our services to meet your needs. Request a free live demo to connect with our team.