Payment gateways are an essential part of any WooCommerce store. They allow customers to pay for their purchases quickly and securely.
In this guide, we will discuss what payment gateways are, why they are important, and what factors to consider when choosing one.
We will also take a closer look at HitPay, a popular WooCommerce payment gateway with a wide range of features and benefits.
What is a WooCommerce payment gateway?
A payment gateway is a service that facilitates payments between merchants and customers online. It acts as an middleman between the merchant’s website or point-of-sale (POS) system, and the customer’s bank or credit card issuer.
When a customer makes a purchase online, the payment gateway encrypts and transmits their payment information to the bank or issuer for authorization.
Once the payment is authorized, the payment gateway then sends the merchant a confirmation that the payment has been processed.
Here are some of the key features of payment gateways:
- Security: Payment gateways use state-of-the-art security measures to protect customer payment information. This includes encrypting data and using fraud detection tools to identify and prevent fraudulent transactions.
- Convenience: Payment gateways make it easy for customers to pay for goods and services online. They support a wide range of payment methods, including credit cards, debit cards, e-wallets, and bank transfers.
- Reliability: Payment gateways are highly reliable and can process transactions quickly and efficiently. This helps to ensure that customers have a positive shopping experience and that businesses receive their payments on time.
Payment gateways are an essential part of the online payment ecosystem. They provide a secure, convenient, and reliable way for businesses to accept payments from their customers.
Why is it important to choose the right payment gateway for your WooCommerce store?
Choosing the right payment gateway for your WooCommerce store can have a significant impact on your sales, customer satisfaction, and overall business success. Here are a few reasons why:
- Payment gateways can affect your conversion rate. If your payment gateway is difficult to use or unreliable, customers may abandon their carts before completing their purchase. A study by Baymard Institute found that cart abandonment rates can be as high as 69.8%. Choosing a payment gateway that is easy to use and reliable can help you reduce cart abandonment and increase your sales.
- Payment gateways can improve customer satisfaction. Customers want to be able to pay for their purchases quickly and easily. They also want to be confident that their payment information is secure. Choosing a payment gateway that offers a variety of payment methods and that uses state-of-the-art security measures can help you improve customer satisfaction and encourage repeat business.
- Payment gateways can help you expand your business. If you want to sell your products and services to customers around the world, you need to choose a payment gateway that supports international payments. You may also want to choose a payment gateway that offers recurring billing options, if you sell subscription-based products or services.
- Payment gateways can help you reduce fraud. Payment gateways use a variety of fraud detection tools to identify and prevent fraudulent transactions. This can help you protect your business from financial losses and reputational damage.
Overall, choosing the right payment gateway for your WooCommerce store is an important decision that can have a significant impact on your business success. It is important to consider factors such as ease of use, reliability, security, payment methods, and international support when choosing a payment gateway.
What are some of the key factors to consider when choosing a payment gateway?
As a WooCommerce store owner in New Zealand, choosing the right payment gateway is essential for providing your customers with a seamless and secure checkout experience. Here are some important factors to consider:
- Ease of Use and Reliability: Opt for a payment gateway that is simple to use and navigate for both you and your customers. Ensure it can process transactions quickly and efficiently to avoid any checkout delays or errors.
- Comprehensive Security: Prioritize a gateway that employs robust security measures to protect customer payment data.
- International Reach, Affordable Fees, and Responsive Support: Choose a gateway that facilitates international payments if you plan to expand your customer base globally. Compare transaction fees offered by different gateways to find one that suits your business's budget. Ensure the gateway provides reliable customer support to address any issues promptly.
- Integration Compatibility and Recurring Billing Options: Select a gateway that seamlessly integrates with your WooCommerce theme and plugins, simplifying setup and usage. If you offer subscription-based products or services, choose a gateway that supports recurring billing options.
- Local Expertise and Convenient Payment Options: Opt for a gateway with a strong presence in New Zealand to access localized support and expertise. Ensure the gateway supports credit cards including Visa and Mastercard, which are among the most popular payment methods in New Zealand.
By carefully evaluating these factors, you can make an informed decision and equip your WooCommerce store with the ideal payment gateway that delivers a positive checkout experience for your customers.
Top WooCommerce payment gateway for NZ stores: HitPay
HitPay is a payment platform for small businesses and SMEs that allows them to accept payments from all channels, including e-commerce, social media, and in-person.
It offers free business software, including recurring billing management, invoice generator, and an online store. It also has an integrated point-of-sale (POS) system that automatically syncs online and offline sales.
- Free business software including recurring billing management, invoice generator, and an online store
- No code integration with WooCommerce
- Integrated point-of-sale (POS) system to automatically sync online and offline sales
- Competitive transaction fees with no subscription costs
- Accept payments from all channels, including e-commerce, social media, and in-person
- Limited availability of certain payment methods: While HitPay supports a wide range of payment methods, some popular options, such as EFTPOS, are not yet available. However, these methods are expected to be added in the near future.
By adding a strong payment gateway, businesses can really boost their sales, earn their customers' trust, and set themselves up for growing bigger.
As online shopping keeps changing, picking a payment gateway that fits what your business wants and what your customers need is super important.
HitPay is emerging as a compelling alternative for SMEs, particularly those seeking a comprehensive, cost-effective, and SME-centric payment gateway.
HitPay's no-subscription model eliminates recurring subscription fees, aligning perfectly with the needs of small businesses.
Its multifaceted platform seamlessly caters to both online and in-person sales, providing SMEs with a versatile solution that adapts to their evolving business needs.
Have questions about HitPay?
If you're a customer who has questions about paying with HitPay, feel free to contact us on our website.
- Set Up WooCommerce In-Person Payments on HitPay – Free WooCommerce Card Reader Plugin with No Coding Required
- Sell Digital Products Online with the HitPay Online Store
- New Zealand Payment Gateway Comparison: Shopify vs. Stripe, PayPal and HitPay
HitPay is a one-stop commerce platform that aims to empower SMEs with no code, full-stack payment gateway solutions. Thousands of merchants have grown with HitPay's products, helping them receive in-person and online contactless payments with ease. Join our growing merchant community today!