The pandemic arrival accelerated a process that we’ve had seen coming for years, and from which many entrepreneurs were running away: the online presence of all types of businesses.
Many have realized that having an online presence goes way further than owning a website. Those are probably looking for custom software development. And those who are joining the eCommerce model would know how important it is to have a proper payment gateways.
So, given the huge demand for online payments and the wide offer of payment gateways available on the market, it is quite normal to be doubtful about which one would better fit your company. That’s why, in this article, we’ll explain to you how these systems work, what you need to know when picking one, and what benefits do the most popular ones in the Colombian offer.
The importance of having a proper payment gateways
What’s the point of taking your customers to see your products/services on your website if they can’t buy them or make a reservation? Well, they may get to know you, of course, but you are not increasing sales, you are making the shopping process complicated for your client, and you’re giving an advantage to your competitors.
Having a proper payment gateways means guaranteeing safety for both, your customer and your company. It’s worth mentioning that customization for almost any system is possible through custom software development. However, it is key that you keep in mind every other involved aspect before hiring your chosen provider.
How to choose the best online payment system
The following are the 3 main factors to consider when looking for a payment gateway for your business.
- Your target audience
The key is to consider your target audience’s behavior. How are their consumption habits? What payment gateways are mostly used in their most frequently visited sites? What type of payment methods are they familiarized with? Etc.
- Cost-benefit and fee rates
Each payment gateway charges a rate per transaction. Some have a minimum purchase, and usually, their fee rates may vary upon the number of transactions or total import.
But before fixating on their fee rates only, compare the benefits offered by each platform and see which one best suits your needs and those of your users.
- Safeness
Check the company’s reputation, fraud cases, and statistics. The privacy policies are very important, both for you and your buyers, as well as the system’s proper functioning and data processing.
Follow this link to get personalized advice for customizing your payment gateway
Which are the most common payment gateways in Colombia?
| Mercado Pago | PayU | ePayco | PayZen | PSE |
| Accepts debit and credit cards from the major domestic banks, as well as cash and wire transfers. | Accepts payments from domestic and international cards; cash and bank transfers. | Supports a wide portfolio of domestic and international payment methods; both traditional and modern. | It accepts debit and credit cards, as well as private cards and alternative payment methods such as Nequi, Daviplata, and PSE. | Manages payments from your customer’s bank to your eCommerce account. Works only with domestic banks. |
| With its payment API, it allows you to charge via social networks, websites, and applications. | It has its own financial covenants and allows you to use your own if any. | It offers a customizable payment portal, including a name, subdomain, and color palette. | It offers affordable rates and the first 100 transactions are for free. | It is one of the most known in the country, so your client, when seeing it, will feel reassured. |
| QR payments are commission-free and arrive instantly. | It has the most complex security processes. | It has high-security standards and cutting-edge technology. | Owns the new 3D online security protocol certificate – Secure 2.0. | It offers 24/7 consulting, providing security and technical support. |
| It offers several aspects that provide increased purchase security and reliability for both the customer and the company. In addition, it takes different payment methods for greater flexibility and customer loyalty. | It gives the option of installing Open Source shopping cart plug-ins, receiving payment requests via social media or email, and managing recurring payments automatically for customer pre-approved periodic consumption. | API integration is easy and offers full customization using PHP, Ruby, Java, Python, and more libraries. | They offer the option to generate and send invoices as well as receive payments via WhatsApp. Also, their API integration can be done in a simple way through HTML codes for web and app. | It connects directly to the customer’s virtual banking, providing them with a secure and safe environment. In addition, the online transaction and confirmation process is immediate, effective, and user-friendly. |
To sum up
Implementing a payment gateway is a crucial decision within your company, so you better think it twice and try to get advice before going for it. Since an inaccurate implementation may affect its functioning. Plus, remember that whether your site is built on open, or closed code, Addendo.io has a team of business, marketing, and technology experts ready to customize and adapt any platform you choose.
Contact us and get, not only personalized advice from beginning to end, but also hand-in-hand support for your team, to ensure a proper software implementation. In addition, when hiring our services, we make sure your website always works well, and that those “unexpected problems” that sometimes occur, are immediately resolved.
