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A guide to choosing a payment gateway for your online business

Pond

Omise_bank vs payment gateway

The payment gateway isn't a recent innovation. In fact, it has been around for over 20 years.

The service was initially adopted by large e-commerce businesses and platforms with a sizable customer base and high daily sales. However, the ever-growing scale and population of e-commerce, along with current circumstances that have driven buyers' and sellers' activities to the internet, have pushed online commerce to grow exponentially in the past year.

As a result, online payment gateways have become a crucial tool for e-commerce businesses, and the choice of the right payment gateway is critical to the success of an online store.

What does a payment gateway do?

Simply put, a payment gateway is a technology that acts as a middleman during payment processes. It bridges e-commerce websites and various payment systems, secures transactions, and helps to prevent fraud. Thus, it provides both a sense of convenience and security for all players.

how a payment gateway works_one integration

Who are the payment gateway providers?

There are basically two main types of providers: banks and non-banks. (Non-bank payment gateways are provided by public institutes such as Omise.)

Which provider best suits your business?

Both types of payment gateway offer services and requirements that correspond to different business objectives. There are several aspects business owners can consider to find which one is more suitable.

which payment gateway provider best suits your business?

Things you need to consider when choosing a payment gateway

Registration year and capital

How long has your firm been registered? How much is the authorized capital?

  • Registration year

Typically, the required registration year would stand between 1 and 3 years for bank payment gateways. Non-bank gateways, on the other hand, do not consider a business's age. Thus, newly formed enterprises can sign up for their services.

  • Authorized capital

Most non-bank providers aim to support all sizes of businesses. Thus, there is usually no minimum capital for joining companies. As for banks, they may need to filter registering enterprises by setting standards of required capital, which commonly begin around millions of baht.

Connection process

Plugging a payment gateway into an e-commerce site is a process that demands a developer's specialization. Hence, you should consider selecting a provider who offers comprehensive developer documentation and a sandbox mode to test run the system before launching it to customers.

Expected services

  • Flexibility and scalability

A payment gateway's backend flexibility and scalability are essential in boosting brand image or sculpting unique customer experiences. They enable procedures such as designing a seamless payment flow or integrating payment data into existing backend dashboards. Thus, it is suggested to pick a payment gateway with a customizable framework. Its API-first structure would enable more effortless and diverse system modifications to harmonize with websites and business models.

  • Variety of payment methods

Which payment methods do you need to conform to your customers' spending lifestyle? Maybe it's sufficient to accept payment via debit and credit cards. Maybe you need more. Build an inclusive payment system by integrating other forms of payment such as Promptpay, internet banking, e-wallet services — TrueMoney Wallet or Rabbit LINE Pay, or over-the-counter cash payment.

Having multiple payment options not only facilitates but also boosts sales. Equipping payment methods that customers are familiar with tend to accelerate their purchasing decision.

  • Seamless customer experience

21% of buyers tend to cancel their orders if the checkout process is too complicated. Prevent those lost sales by employing a white-label payment gateway that capacitates a one-stop payment flow right on-site without redirecting to external bank platforms.

  • Support team

Is there a team of local-based specialists on standby to promptly solve technical issues? Do you have to go through a central call center in case of an emergency? Try to answer these questions and select the provider who provides the customer support services you need.

Once we understand the differences between payment gateway providers, selecting the best solution for each business is easier. With the decision in mind, a question that usually follows suit is: when to adopt a payment gateway?

Is it time to start using a payment gateway?

Examine the readiness of your company with the checklist below. Do you have plans to expand, or are you facing any issues listed below? If so, it is probably time you implement a payment gateway.

  • The increase in sales is getting tougher to manage.

  • Customers frequently complain about difficulties or failures of payment.

  • Customers inquire about other payment options, i.e., installment or e-wallet.

  • Your brand is getting or planning to get foreign clients.

  • The current payment solution no longer suits your business needs.

As we have mentioned, both bank and non-bank payment gateways come with a different list of pros and cons which suit distinct types of businesses. What type of payment gateway best fits your enterprise? There is no right or wrong answer. Rather, it depends on you, who knows your business the best, to decide.

For further inquiries about payment gateways, get in touch with our specialists at support@omise.co or call 02 252 8777, between 08:00 and 20:00 (except public holidays).

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