At some point, any small business owner that wants to set up and manage their own online store would have to select a payment gateway for their store. However, many small business owners do not know what a payment gateway is or why they need one. Many are also overwhelmed by the number of solutions available online and find it difficult to determine the most important factors to look out for when selecting a payment gateway solution.
A payment gateway, in essence, is an e-commerce service that processes, verifies and accepts or declines credit card transactions on a merchant’s behalf through secure Internet connections.
Choosing the right payment gateway solution for your business can often determine whether or not your online store is successful. If payments on your online store are not optimally set up, you could lose a lot of orders through sales drop offs by unsatisfied customers or end up spending a lot of money on transaction fees and costs. Figuring out the payments end of your online store is key to the long term success of your online business.