With the millennial population driving the disruption in online shopping, business mindsets are changing and rapidly shifting to upcoming mobile technologies to generate more sales and profits.
As a result, integrating the right payment gateway to your online store has become a vital conversion component that impacts the consumer buying cycle.
As per a recent study, 50% of online shoppers would cancel their purchase if their preferred payment method isn’t offered, with GenZ (ages 18-24) being twice more likely to buy online.
Given this scenario, what’s the right approach to choosing the best payment gateway for your online business?
You need to start with identifying your business needs, your geography of operation, your existing technology components and your larger business goals. Once these variables are identified, you can then choose the payment gateway which best suits your needs.
The infographic below will help you understand the parameters which need your attention before you integrate the payment gateway with your online store and will help you zero down on the gateway which would be a right fit for your business