The empire of a successful business stands on the building blocks of wise decisions made at the right time. As a budding business owner, you must also feel the responsibility of making the most favourable choices, isn’t it? Online presence is a crucial factor in the growth of your business. And offering a convenient and well-integrated checkout counter is as essential as the quality of goods and services sold. You need a payment gateway that is secure, easy-to-use and reliable for your customers to have a pleasing online transaction experience. But how can you ensure the reliability and efficiency of the same?
For every online merchant, there are two options to set up a payment gateway service on the website. You could either buy the services from a trusted and well-known service provider or you could build it yourself. How will you decide which one to choose? Both these options come with a list of their pros and cons. You must weigh those factors, contemplate your decision keeping the interests of your business in mind and make a wise choice. More often than not, merchants find it profitable to buy the best payment gateway available. Let us understand how it is a preferable option.
Online payment gateways complete the e-commerce experience for every customer.
Building An Online Payment Gateway: Brief Evaluation
Building payment gateways is a lengthy and time-consuming task. You will need to hire the best programmers and technicians to integrate a well-channelled payment gateway. Making connections with all the banking institutes and credit/debit card merchants also counts as a long-term task. Let us consider the pros and cons of building a payment gateway.
Pros of Building A Gateway
- One-Time Investment: You need to invest funds once in building payment gateways and integrating the functions. There are no cumulative charges unless you want to upgrade the website with the latest technology.
- Overall Customisation: You can customise the interface and processing pages as per your business requirements. Keeping it standard or on the cordial side will be your call as the owner.
- Add Required Features: Guide your team to add the features that you deem necessary for your customers.
Cons of Building A Gateway
- Creating A Secure Channel: Integrating payment gateways is a long-term process and securing these transactions is a troublesome task.
- Contacting Financial Institutes: Payment gateways need permission and sourcing from the financial institutes to secure transactions.
- Customer Reliance: Customers tend to rely upon known and familiar names, and gaining their trust can be an added business challenge.
- Technical Upgrades: Payment gateways require constant technical upgrades to rule out glitches and network defaults.
- Loss of Added Benefits: If you build a gateway, you will be deprived of the added benefits and customer support offered by service providers.
- Lack of Latest Servicing: You will need a team at work to keep repairing the glitches and complaints that arise for failed transactions.
- Added Risk Factors: Individual payment gateways are likely to encounter technical defaults, and one mismanagement can malign the image of your business.
Buying An Online Payment Gateway: Brief Evaluation
Indian market hosts some of the best payment gateway service providers offering a full-functional package of online transactions. From international transactions to payment security, you get everything served at your table! Here are the pros and cons of buying payment gateway services instead of building them.
Pros of Buying A Gateway
- High-end Security: Well-known service providers ensure 100% security of payment gateways to the customers.
- Complete Package: You can select all the facilities and features you need for your website as a complete package.
- Hassle-Free Services: You do need to worry about the consistency of services since the service providers take care of it all.
- International Transactions: You can utilise international transaction services and expand your business to different countries.
- Added Benefits: You will get the added perks of enjoying the services offered by the most dependable service providers.
- Customer Care Support: The customer care department of your chosen service provider will provide two-way assistance to you and the customers using the gateway.
- Multiple Payment Facilities: You can choose multiple payment benefits to offer the freedom of convenient access to your customers.
Cons of Buying A Gateway
- Service Charges: You need to pay for the services you acquire for as long as you want to keep using the gateway.
- Lack of Direct Networking: Service providers will channelise your payments, and you will not get them directly from the customers.
The Final Say: Make A Wise Choice
The cons of building online payment gateways far outweigh the pros, so most merchants choose to buy the services. You will get a reliable service partner to reap the benefits of the latest technology. The added perks of enjoying customer care support and new upgrades are also a part of the package. Compare the services and the price tags together to contemplate your decision rationally. Reap the best of technology from your service provider to extend competitive services to your customers.