A payment gateway serves as the bridge between customers and businesses by facilitating the transfer of funds in e-commerce transactions. It’s a combination of software and service that plays a key role in authorizing payments, preventing fraud, and ensuring compliance with regulatory guidelines, among other crucial functions.
Despite being ascribed these important tasks, payment gateways are not immune to issues. It’s entirely possible for a service like this to encounter problems that can then disrupt the operation of an e-commerce site. Familiarizing themselves with these payment gateway issues allows entrepreneurs in the Philippines to address emerging problems and prevent interruptions in their business. If you want to do the same for your online sales channel, check out the following common payment gateway issues and how to resolve them.
Integration and Compatibility Issues
Integrating a payment gateway into an e-commerce website can be a challenging task, especially when you’re faced with compatibility issues. This may occur when the website builder you’re using does not support your chosen payment gateway or if additional customization is needed. The lack of seamless integration between these technologies can lead to technical errors, payment failures, or a disjointed user experience.
Resolving this issue requires thorough research on your part, and it should happen before you even choose a payment gateway solution. It’s a must, of course, to look for a service that’s compatible with your technical capabilities as well as the platform upon which you will build your e-commerce website. If you’re not too tech-savvy, for instance, then you should check out payment gateway Philippines providers that offer no-code integrations like Maya. To simplify the integration process for businesses, Maya developed plugins and application processing interfaces (APIs) that will ensure its payment gateway is compatible with popular e-commerce platforms in the country. This will make it easy for local entrepreneurs and small business owners like yourself to find options that can be smoothly integrated into your choice of e-commerce platform.
Security Concerns and Lacking Fraud Prevention Measure
Issues in security and fraud prevention mechanisms can severely impact a business’s reputation and financial well-being. Naturally, customers would be wary of doing business with online stores that are vulnerable to data breaches and fraud. If they feel that your e-commerce platform does not have enough security measures in place—if its payment gateway doesn’t use encryption, for example—to protect users’ financial and personal information, then customers might bring their business elsewhere.
This is why the best payment gateway Philippines providers make use of advanced security features such as data encryption, tokenization, and comprehensive fraud detection systems. You should prioritize payment gateways that incorporate these safety and security measures. Plus, security threats change over time, so protocols must also keep on improving. It makes perfect sense, then, for you to stay updated with the latest security measures and compliance requirements to anticipate and mitigate risks effectively.
Limited and Global Reach
Even small businesses in the Philippines can cater to an international market. Perhaps you’ve had an experience in the past where an international client tried to order your products or services. Unfortunately, you were not able to process the transaction because your payment gateway can only accept local or limited payment methods. This is not an unusual situation, but it can still lead to lost income for the business.
The ability to accept a wide range of payments is a feature that should be present in the best payment gateway for small businesses in the Philippines. It’s a must-have, at least, for businesses that are aiming to expand their global reach. If you’re aiming to cater to an international clientele in the future, it’s in your best interest to look into a payment gateway that supports popular payment methods relevant to your target market. Consider payment gateways that can process payments from credit and debit cards, QR Ph, and e-wallets, and allow both local and international customers to transact conveniently in their preferred currency.
Fragmented User Experience and Checkout Flow
The checkout process is a critical touchpoint for customers, and any issues in the payment gateway can negatively impact the user experience at this point. Complicated or slow-loading checkout pages, multiple redirects, or confusing interfaces can lead to cart abandonment and lost sales.
You should ensure a seamless and intuitive checkout flow by selecting a payment gateway that integrates smoothly with your website. Conducting regular testing will help you identify and resolve any issues that may hinder a smooth checkout experience. Optimizing the checkout page for mobile devices is also a smart move, especially considering the increasing number of customers making purchases through smartphones.
Compliance and Regulatory Requirements
To avoid potential conflicts with the law and regulatory bodies, it’s a must for your business to adhere to relevant compliance and regulatory requirements when handling online transactions. Non-compliance can result in legal issues, financial penalties, and even reputational damage. Your payment gateway, then, should comply with industry-standard security protocols and data protection regulations such as the Payment Card Industry Data Security Standard (PCI DSS). Thoroughly review the compliance measures and certifications of the payment gateway you are considering to ensure adherence to applicable regulations. By selecting a compliant payment gateway right from the start, you can protect your business from hefty fines and keep financial criminals out of your operations.
It’s not unusual for entrepreneurs like yourself to encounter various challenges when implementing payment gateways, but you need to spring into action once you notice such issues taking place. By promptly resolving payment gateway issues, you can enhance customer trust in your business, minimize cart abandonment, and build a solid foundation for your e-commerce’s long-term growth.
Karina is not your ordinary supermom. She juggles her time bonding with her three amazing kids while being in the loop on the latest happenings in the tech and lifestyle scene. Follow me on Instagram (@digitalfilipina) regularly visit www.digitalfilipina.com for daily dose of updates not just for moms but for everyone!