The features that every modern payment gateway should have

India's startup economy has grown since 2016, with businesses mushrooming rapidly nationwide. As of April 2024, over 127 thousand startups had been officially recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). If you are a part of one of these startups, finding a trusted payment solution provider must be a priority. Why? Because the digital economy is at the core of the startup boom. With online payments emerging as the preferred mode of payment across the country, finding the right payment gateway is paramount. In this blog, we will discuss the salient features that every payment gateway must have. 

Importance of being prepared to accept online payments

Call it the UPI magic, India tops the chart in terms of online payments, with 55% of consumers using digital wallets for purchases. 80% of these payments happen through UPI. Digital payments' transaction value in the country has grown nearly 4 times, from $56.50 billion in 2018 to $200.28 billion in 2023. If you are not accepting online payments, you may lose revenue. Thus, it is imperative to partner with a reliable payment gateway to streamline transactions and maximise the impact of the digital economy.

Now, let's delve into the essential features that can make a payment gateway your strategic ally in the world of online payments.

Payment Gateway features that are must-have

Here are the top features of a payment gateway that qualify it to be your ally:

Fast and Easy Setup: You must look for a payment solution provider that is easy to set up, saves time, and is possible to implement on a large scale. Look for a payment gateway provider that has robust integration kits with e-commerce checkout plugins, checkout SDKs, server checkout integration, single URL kits, etc. It should be as simple as it can be - a few clicks and you should be good to go!

Flexible Payment Options: Your customers may pay you through UPI, digital wallets, credit cards, or debit cards. Failing to accept any of these options may lead to an increase in customer dropouts. Ensure the payment solution provider you select is compatible with different payment options.

Mobile-Ready: The world is moving to smartphones, and there's every reason that you should, too. Having a mobile-responsive payment solution provider gives you the flexibility to manage payments on the go. 

Security: This is non-negotiable. With digital transactions picking up pace, hackers are always on the lookout for opportunities to syphon off funds. Make sure your payment gateway complies with industry-standard security features such as PCI DSS, AVS, SSL and TLS, 3DS authentication, tokenisation and other encryption methods. 

Customisable Subscription Management: The 'one size fits all' concept seldom works in business. If you are going with a payment solution that offers subscription-based services, make sure it has robust subscription management features. Be it setting recurring payments, managing subscription plans, or updating features, the plan should suit your business requirements and model specifically.

Scalability: Businesses are dynamic, and your payment requirements may change as you scale to cater to a larger customer base. It is important to ensure that your payment service provider is as dynamic as your business. Also, the provider must ensure seamless integration with your e-commerce platform, accounting systems, and other third-party applications to streamline transactions and facilitate convenient and swift payment management. 

Analytics and Reporting: Tracking and assessing payment patterns is an integral part of business analysis. It helps you understand customer behaviour and other vital metrics to make profitable changes. Thus, you need a payment gateway with comprehensive analytics and reporting features that provide insights into transaction trends, customer behaviour, and other vital metrics. If you are looking for a deciding factor, look for customisation options in reporting and analytics. It helps you remain consistent and create a customer-centric transaction experience.

Customer Support: Crises often come unannounced and you may require expert assistance to resolve them at the earliest. In a fast-paced business environment, delays can affect your revenue. Thus, you must make sure that the payment solution provider you are selecting offers prompt technical support and assistance on demand.

In conclusion

Businesses across the country are moving online and it has progressed from being a competitive advantage to a necessity. You need the best payment gateway out there to sustain, flourish, and expand. Knowing the important features of payment gateways will help you select the right payment gateway to streamline transactions and create a customer-centric experience. 

You need a payment service provider that follows industry-standard security practices, is easy to implement, scalable, customisable, responsive on mobile, offers real-time analytics, and provides top-notch customer support.

Are you looking for a payment solution provider that checks all the boxes? Check out Worldline's robust payment gateway, which is tailor-made to help businesses flourish. Give it a try!