Which is the most sensitive section of an ecommerce business?
The payment segment, as the user, needs to share sensitive information, which increases the risks of fraud. Many ecommerce have higher abandonment rates during the checkout process as they fail to gain visitors’ trust.
Did you know that by 2025, there will be a 53% hike in digital or mobile wallets to complete ecommerce transactions?
While many payment gateways are available in the market, PayTrace payment gateway Magento 2 has gained customers’ attention. It is a software tool that helps smooth transactions between the business owner and customers.
We will focus on a detailed insight about this payment gateway to ensure you have a clear idea before integrating it into your ecommerce store.
What is a payment gateway?
It is a technology that enables store owners to accept payments and customers to pay through a convenient process. It accepts payments through digital platforms and provides multiple choices to complete transactions.
The architecture of the payment method is dependent on the user’s convenience. It will collect customer information to complete the payments and ensure credibility by connecting with the bank server. They have encryption on the two-way process to secure the data.
What is a PayTrace payment gateway?
It provides a web-based method to complete transactions. Be it a credit card, gift card, or check to process the payments between customers and business owners. It has the best features that will assist the business owner in managing the business efficiently. Also, has some great features and functionalities to provide a smooth customer experience.
How to integrate the PayTrace payment gateway in Magento 2?
To integrate with Magento 2, here are the basic steps you can follow:
- Install the PayTrace module for Magento 2 store
- Log in to your Magento 2 admin panel
- Navigate to Stores > Configuration > Sales > Payment Methods
- Locate the PayTrace section and click on the “Configure” button
- Enter your PayTrace account credentials and settings, such as the API login ID and transaction key
- Set the module to “Enabled” and configure any additional settings you wish to use
- Save your changes and test the integration to ensure it is working correctly
What are the unique features of the PayTrace payment gateway?
- Multiple login choices
It is convenient for users to complete order processing without a complicated and time-consuming process. Some ecommerce stores allow users to place orders as a guest or log in through other resources like Gmail accounts.
- Ease of checkout
Most users want to avoid redirections while completing their orders. This payment gateway does not introduce any redirections to handle payments. The speed of the transaction provides a hassle-free user experience.
- Multiple payments method
When most customers choose digital payments, your payment gateway must support multiple methods. Customers can complete payments using a credit card, e-check, wallet, and debit card at their convenience.
- Secure method
The PayTrace method allows users to save and manage payment information for future purchases. This is a crucial feature to gain customers’ trust with robust security.
- Faster refunds
The admin can easily initiate full or partial refunds for customer requests. Settlement of business bank accounts to customer accounts to manage the cash flow is a significant factor of payment gateway. Most ecommerce businesses provide instant refunds, which gains customer trust.
What are the benefits of the PayTrace payment gateway?
- No Equipment Costs
The users only need the device to access the ecommerce store and complete transactions. It does not require dedicated phone lines, software installation, maintenance, or update fees.
- Great Security
It protects sensitive information and controls access to your account to reduce fraud and increase security. It has a compliant that is important for the PCI (Payment Credit Card Industry) security standards. There is multi-factor authentication to avoid data loss and permissions for every user.
- Less Processing Costs
These payment solutions deal with real-time answers to reduce processing costs. The PayTrace Payment Gateway ensures daily settlement to provide smoother customer and business owner services.
- Strong Customer Support
A core value for every business is strong technical and customer support. PayTrace offers to provide prompt responses and exceed customer expectations. It offers 24/7 customer support to help with any issues that may arise
- Ease of Integration
PayTrace can be easily integrated with various shopping cart software and accounting systems, making it easy for businesses to set up and use.
- Detailed reporting
PayTrace provides detailed transaction reports and analytics, allowing businesses to track and understand their payment activity.
- Variety of payment methods
PayTrace offers flexible pricing options to fit the needs of businesses of all sizes. It will support various payment options, including credit cards, debit cards, ACH, and eChecks.
- Wide range of industries
PayTrace has different solutions for various industries like Retail, ecommerce, Healthcare, Wholesale, etc. This means you have the ease of integrating this payment extension when you are dealing with any industry.
What is the checklist of the ideal payment gateway for an ecommerce store?
- Security: If you choose the best payment gateway, it is important to focus on safety, compliance, recurring payments, and customer support. They follow simple methods to protect customer information and verify for secure payments.
- Features: It is important that your payment method handles multiple methods, authorize user, allow various methods of payments, save information, and less processing fees.
- Pricing: Most payment gateways and merchants offer great deals to accept transactions. Look for a provider that provides straightforward and convenient.
- Support: It is crucial to know the potential of the payment gateway. Look at the documentation to understand the flow of information and consider all the processing fees to understand your budget.
The End Note!
We have curated all the information required to seamlessly integrate. Be it data storage, ease of accessibility, security, updates, and pricing for an ecommerce store, everything is available in the right payment gateway.
It is flexible enough to bring customized according to the business owners and customers for the best outcomes.