Online Payment Processing in Three Key Elements: How to Get Things Right the First Time
Efficiently processing customer payments is one of the most important parts of running a successful online business. You’ll need a robust system in place that is both reliable and safe, and a method for keeping track of payments over the long term, to name just a couple of fundamental requirements.
While it might seem like a complicated aspect of your business to get right, the tools and innovative new technologies available today make everything much easier to manage than it was in the past.
Today, you’ll learn about how to get things right the first time by understanding the three most important elements, so that you can continue to build strong customer relationships and maintain a great reputation!

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1. The Payment Gateway
If you’re processing payments online, a payment gateway forms the backbone of any robust payment processing scenario. It exists as the intermediary between your website and the financial bodies (such as banks) involved in the payment, and is crucial for ensuring maximum security and preventing fraud.
There are many different payment gateways available that you can choose for your business, but fundamentally, you want to pick something that is
PCI DSS-compliant, as this is the industry standard protocol for protecting transactions.
You should also choose a gateway service that offers reliable customer service. Time is money, so in the event that something goes wrong, you need to be able to rely on your provider to resolve things in a timely manner.
2. The Payment Processor
The payment processor is responsible for handling the transaction itself, seamlessly transferring the customer’s money from their account to the business’s.
There are a number of considerations to make when choosing a payment processor. For one, there are settlement times to consider, which mark the period between the customer’s payment and the money appearing in the business's bank account. There are also sometimes individual fees for processing the payment in the first place, but this depends on what sort of package you go for.
It’s also important to know that different payment processors are used for different types of businesses, so be sure to choose one that aligns with the field you’re operating in.
payment processor North offers solutions for a range of business types, for example.
3. User Experience
Last but not least on today’s list, there’s the more general topic of user experience. Whether it’s through your
website design and layout or choosing the right back-end infrastructure for processing payments, you should always endeavor to make your customers’ online shopping time go as smoothly as possible.
Always offer multiple payment methods to give people as many options as possible, and ensure your website has been fully tested to be mobile-friendly, as this is how most people will be interacting with it.
Finally, make sure all information on prices, shipping costs, and so on is presented clearly to avoid any confusion.
Wrapping Up
The above three elements represent some of the most important aspects of running an online store. While there’s a lot more to learn, get these basics down, and you’re halfway there. Good luck!









