The importance of WordPress payment gateways for Woocommerce
Written by
- Redaction Team
- September 12, 2022
- Digital Marketing, WordPress Blog
Woocommerce is the plugin for WordPress to develop an online store.
As for any online store, it is important to set up gateways to receive WordPress payments.
The payment gateways will help platforms such as WordPress Woocommerce to give the option to users to select the best payment method that fits them.
In this article we will discuss more about what are payment gateways, why they are important and how to select a payment gateway for your online store.
Table of Contents
What is a Payment Gateway?
Online stores need payment gateways to receive the money for the products or services that they are offering.
The payment gateway supports the merchant and the purchaser to be able to do the monetary exchange on the online store.
Thanks to the payment gateway the online transactions become possible, by being the bridge between the business and the user, without them, we could not be able to think about how the internet can be operating online transactions.
With the rise of digital entrepreneurs, there has also been an increase of the payment solution providers, that are supporting them, and are giving them the options to add to their business more than just an online transaction, but also to build up a better user experience.
There are several benefits that a payment gateway has brought up to businesses operating in platforms such as WordPress Woocommerce, Shopify, Bigcommerce or Wix.
- Time reduction: The automated proccess of payment gateways supports the business processes as it doesn't have to managed by manual authorizations, and the payment gatewats will confirm automatically that the buyer has the neccessary funds to do the purchase, and it will transfer them to your account in a matter of seconds.
- Payment knowledge: Payment gateways have track of all the transactions and the manager can know the required information at the instant.
- Centralization of payment: As the online store grows, and also the number of products that are sold, or even if there are multiple stores, the payment gateways can centralize the information and transactions into one account. This simplifys the management process the payments.
- Investment in a multiple tool: Payment gateways providers have improved their platforms and they have become a all-around solution that gives alternatives to businesses to receive payments in different methods from card payments such as bank transfer, direct deposit with tracking number, or payments in stores.
The importance of payment gateways
More than a luxury, a payment gateway is a neccesity for all the online stores.
Without them, is impossible to do transactions to sell products.
The importance of a payment gateways relies on the neccesity of it, as it is a requirement.
WordPress Woocommerce has the option to select among different plugins that can be added so that the payment gateways are set up easily.
It becomes really important to have this addition to properly run the online store.
Woocommerce and Payment Gateways
One of the main advantages of WordPress is that it has turned out to be one of the most flexible platforms to build up any type of digital project.
It is not only a content management system, but it also has turned out to be a flexible online store thanks to the use of e-commerce plugins such as Woocommerce.
With the huge amount of available plugins, online store owners can take advantage of that flexibility and build up the platform based on their needs.
And as mentioned, in order to operate an e-commerce platform, the payment gateways will be required.
Woocommerce has an easy integration with Paypal, but if users prefer to use one payment gateway of their own, it can also be done if there is an existing plugin for it.
Unless you are managing orders and payments with transfers and manual procedures, a payment gateway will ease up and speed the process, making it better to manage the online business.
How to choose a Payment gateway?
There are several payment gateway solutions that are available in the market, but how to select the best for you?
There are some aspects to consider before selecting a payment gatewar for your online store.
In the case of WordPress Woocommerce, you need to make sure if there is a plugin to do the connection.
There are plenty of Payment Gateways, but they don’t offer a WordPress plugin, so make sure there is one available that can ease up the integration process.
Another aspect to consider when choosing a payment gateway is to check out the transaction fees.
Most of the payment gateways don’t charge a monthly fee for the usage of their platform, but they do have a transaction fee.
Make sure that you compare the rates that the providers offer and select the one that goes according to you.
Sometimes paying the lowest fee doesn’t neccessarily mean a good option, it is sometimes better to opt for selecting a provider who might have a higher commission, but they offer additional features for your business.
One relevant aspect when selecting a payment gateway is the region where they operate.
There might be popular worldwide applications that support online businesses, but there are also payment gateways that are specialized in specific regions of subcontinents.
As in countries from Latin America, there are different means of payment in comparison to South East Asia, so if you select a provider, make sure it knows your market.
As well, now some payment gateway providers do integrations with local chain stores.
The regional specialization of the providers can also offer you the option to accept payment in cash from the main local chain stores, giving you more options to receive payments.
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