Five Things to Consider when Choosing a Payment Gateway for your Singapore E-commerce Website

If you are planning to create an e-commerce website, you probably have a product that appeals and attracts. However, you also need a payment gateway that doesn’t disrupt the purchase. It’s important to know that 50% of consumers in e-commerce Singapore could cancel their purchases if you don’t have their preferred payment method. When picking a payment gateway in Singapore, here are the factors you must consider:

Transaction Fees

These include transaction, monthly, and setup fees. The difference in per-transaction fees between different payment gateways is lower than 1%; however, this could add up to a huge amount as the purchase price and volume increase.

Card-types Accepted

Ensure the payment gateway provides your target audience with means they can pay with. The majority of consumers in the country are comfortable using their credit cards for payments they make online. However, consider if you are attracting the local or international market. After finding out what your target audience would want to pay with, choose a payment gateway that can support this.

Ease of Integration

Integrating a payment gateway into your site depends on your business’ needs. You will consider if you would need customisation or you can settle for a simple hosted gateway. Simple and easy integration could be your best option if you have a new business so you can dedicate more time and effort to ensuring the success of your product launch.

On-Form Payments

Typically, a payment gateway should be easy to use. Some payment gateways redirect customers to the platform of the payment processor, possibly hurting your conversion rate if the customer feels insecure about the payment process. Thus, if you want to increase trust in your e-commerce website, pick a reputable payment gateway.