Three Types of E-Commerce Payment Gateways Necessary for Your Online Trade

Are you planning to start an eCommerce business and busy in meeting all its requirements? The eCommerce websites are heavier than normal online portals because of their higher number of product pages. Maintaining such a large website obviously requires skillful professionals. Along with its design, development and marketing, you also need to pay attention to the payment acceptance gateways. It is the payment button that differentiates an E-Commerce portal from other websites. Nowadays, transactions from any part of the world have become easy with evolving technology in eCommerce. People are using different types of payment gateways according to their convenience. While setting up an eCommerce payment gateway for a website, make sure that it is covering all types of customers. As per the currently trending online payment activities, an eCommerce portal must have the following 3 gateways:-

• Debit or credit card payment gateway

• Electronic commerce gateway

• Cryptocurrency gateway

We can classify these three options into two categories i.e. conventional and nonconventional. Accepting payments from credit cards, debit cards or electronic commerce gateways like PayPal, Google pay or Stripe come in the category of a conventional system. Cryptocurrency on the other hand is an example of a non-conventional payment acceptance system. In order to stay ahead among the competitors with a futuristic approach, you need all of them. We will explain the significance of all three eCommerce payment processors in detail here.

• Debit and credit card payment gateway

Payments acceptance through debit or credit cards has some benefits and limitations. Nowadays, almost every person having a bank account must be using debit or credit cards for transactions. This gateway will cover broad criteria of potential customers from all age groups. Some cards are authorized for local payments whereas others have a global reach. Usually, most of the online transactions occur through cards that are locally accepted.

• Electronic commerce gateways

Payment processing companies like PayPal and stripe are alternatives to the banking system. Although they are connected with bank accounts but have a global reach. Potential customers from any part of the world can place orders for your products or services through electronic commerce gateways. Making payments through these digital wallets are more convenient than card payments. Customers don't even need any account number for making payments. These digital wallets are registered with email IDs and contact numbers. Even customers can pay by scanning the QR code.

• Cryptocurrency payment gateway

When it comes to adopting the most advanced and non-conventional payment acceptance gateway, you must consider cryptocurrency. The number of cryptocurrency uses is increasing globally. It is still struggling to get legal recognition from some countries but still has a bright future. Cryptocurrencies like Ethereum and Bitcoin are popular throughout the world. A lot of people prefer to pay through their cryptocurrency wallets. It is beneficial for both sellers and buyers. Payments executed through blockchain require just a few minutes to reflect the amount in your account. The blockchain payment acceptance system is more secure than conventional modes and also maintain adequate privacy of both payer and receptor.

All these E-Commerce payment processes are crucial for your online business. The number of payments through cryptocurrency may be less initially but they will definitely increase with time.