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Payment Gateways

Let your customers pay their way

Using payment gateways effectively to boost conversions and avoid abandoned checkout carts

Taking your business online in 2021 will mean new opportunities and benefits for your business. Ecommerce has never looked so good in Australia. Webyroo can help you to get your online store and payment process sorted!

Click **here** to book a call now or read on for a bit of useful information!

Many beginning entrepreneurs are anxious about setting up the payment gateway or complying with data security standards and requirements.

It is important. If your payment process is hard to navigate, your customer will simply abandon their shopping cart. Abandonment rates are reportedly high in ecommerce. To minimize loss, your customer experience really must be an easy and smooth process from your landing page to the critical payment juncture.

Payment Gateways: What are they?

A payment gateway is like a middleman between your online store and the payment processor that receives the payment from your customer. When a customer enters their payment details on your site, the payment gateway sends that data securely to the payment processor. The other element is the merchant bank that receives the payment after successful processing. Once the customer has picked a product and is ready to pay, each of the three elements handles its own unique task.  In some setups, a single entity acts as all three.

Payment gateways are not free. Some of the fee structures are quite complex, and others are clear and straightforward based simply on a price per transaction. 

Do we really need payment gateways?

The short answer is yes. Can you imagine doing all this yourself somehow?

In practical terms, you cannot do this yourself. The most significant advantage though of payment gateways is the security they offer your ecommerce store, which in turn ensures that your customers can buy with confidence. When it comes to cyber-attacks, ecommerce is a highly vulnerable industry due to the sensitive information exchanged on websites.

Payment Gateway Options in Australia

As always, it’s horses for courses! There are so many options these days that you really need to do your own research. The big thing is though, what do your customers recognize, what will they trust?? As the title of this post suggests – Let your customers pay their way!  You want the payment method to be recognizable (so customers trust you), easy to use, and available for your growing customer base. You might also want it to be able to handle international transactions.  Some customers may want to pay on your website by credit or debit card.

Here are a few payment gateways to consider. Not all are Australian.

PayPal 

PayPal is a household name, and for good reason. It’s immediately recognizable and your customers will feel safe using it. PayPal Payments Standard is easy to get started, has no set-up or termination fees, has a detailed transactions dashboard, and accepts over 25 currencies from over 200+ countries and markets.  The only potential downside? It takes customers away from your site to complete their purchase. Some customers won’t like that. But if this is a big issue, it’s worth considering PayPal Payments Pro.

SecurePay

SecurePay is owned by Australia Post. It is an all-in-one payment gateway solution, it acts as a payment gateway, payment processor and a merchant facility – but using your existing merchant account is also possible. It’s flexible, secure, and trusted by Aussie customers. It also has a transparent fee-per-transaction pricing structure.

Merchant Warrior

Another Australian-based all-in-one payment provider, Merchant Warrior provides everything from credit card processing to enhanced security & transaction screening, along with 24/7 customer support.

eWAY

eWAY is Australian and is a popular gateway with good reviews in the main. It accepts PayPal payments and multiple credit card payments, and also incorporates Apple Pay for customers with iOS or Mac OS systems.

Shopify

If you have an active Shopify ecommerce store it is easy to utilize Shopify payments. Shopify has partnered with leading payment providers so your customers can pay in their local currency using their preferred payment method.

Afterpay

Afterpay is an Australian gateway, a ‘buy now, pay later’ (BNPL) platform that makes it possible to buy something now, receive your goods, and pay them off later in fortnightly instalments. Afterpay has gained popularity in Australia and New Zealand, particularly among younger people, and as of December 2019, 9% of Australians were using it.

Pay4Me

If your target customers are very young people or children who do not have bank accounts, it is worth considering the Pay4Me application.  You can enable young people to buy goods from your website, but bill their parents. In this case, the shoppers will select products for purchase, but enter their parent’s email address, which you will use for an invoice and a link for payment collection.

Google Pay and Apple Pay are worth considering.

With ecommerce booming, and Covid still lurking, more and more shoppers are taking to their phones and laptops when it is time to make purchases. Using Apple Pay, you can accept customer payments in iOS apps or via your ecommerce site.  Purchasing is fast – it can be done with as little as a single click or touch, making for a speedy checkout process. For merchants, the entire process utilizes the existing payment infrastructure, so setup is minimal. Apple Pay alone accounts for 5% of global card transactions and is on track to reach 10% by 2025, demonstrating how popular this payment is.

Credit or debit card

Some customers may prefer to use this option on your website.

And, finally, since we’re talking about money….

People need to know their payments and personal details are secure online. All Australian businesses that accept card payments need to comply with a set of data security standards. The Payment Card Industry Data Security Standards (PCI DSS) are requirements that make it easier for you to ensure your customers’ card information is always secure. It’s a good thing.

Meeting these standards helps you protect your data and customers’ information from breaches and theft. Compliance is at 4 different levels, with Level 1 being the highest.

Levels 1 and 2 are for merchants processing 1,000,000 transactions or more per year. Level 3 applies to an organization that processes greater than 20,000 credit or debit card transactions per year. Level 4 applies to an organization that processes less than 20,000 transactions per year.

Almost all small and medium sized businesses (SMBs) classify as the lower Level 3 or Level 4 merchant.

If you are outsourcing your payment processes as discussed in this post, using a comprehensive gateway like PayPal or SecurePay, then they are already compliant, however, the due diligence responsibility remains with the merchant for all aspects of their computers, networks, sites, to ensure true security, not just compliance.

Feeling frazzled right now?

If you are worried about getting it right on your website or eCommerce platform from the get-go, or if you’re already established but having some problems, contact our Webyroo team via our book a call option. We offer a phone or video no-obligation session to get some of your questions answered.

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