Ariel Fortson - June 19, 2021
Among other things, when setting up your e-commerce store, getting paid is one of, or if not, the most important reward of all. That is why choosing the right payment gateway is so important. Payment gateways process transactions safely from your customers’ bank accounts to yours. Examples of this process are how Paypal or Cashapp work-the transfer of money from one account to another.
Payment gateways are made to do these three actions to ensure a safe transaction of funds:
Authorize: Make sure the customer has sufficient funds in their account and then authorizes the purchase.
Capture: After the purchase is authorized, a hold is placed on the money until the item(s) is shipped.
Settle: Money is transferred to your account (this may take a few days).
When choosing a payment gateway, keep in mind that not everyone trusts buying items online as they would a physical store. To keep customers from being troubled with this fear, you want to make sure that your customer feels that buying from you is a safe and secure process. Not all payment gateways have the features available to ensure these things, but here are some that we recommend.
For the full list of your payment gateway options, visit https://woocommerce.com/product-category/woocommerce-extensions/payment-gateways/.