Today, most e-commerce stores run on WooCommerce. And there are quite a few reasons for that. WooCommerce is the best platform for streamlining an online shopping experience. It is accessible and flexible, so every online retailer will find the perfect solutions needed to enhance their performance. Compared to other platforms, WooCommerce is free to install and add. So it fits those who are on a budget, but at the same time, it offers numerous paid options for those who want advanced functionality.
However, to function properly, e-commerce stores need another, not less important element. It is a payment gateway so that consumers can purchase products and services with ease. And as a retailer, you want a payment gateway to fit your needs and those of the consumers. In other words, you need to choose a payment option to enhance but not deteriorate your performance. But how to do that?
First things first, and before choosing, you need to understand what are WooCommerce payment options and what they can offer. In a nutshell, a payment gateway is a service that processes and administers online payments. Unlike traditional cash or credit card payments for brick and mortar shops, WooCommerce payment gateways serve primarily for e-commerce.
Each payment gateway has the same working principle. It connects your online shop with the credit cats provider and a consumer’s bank. While a consumer sends its payment data to the store, the payment gateway collects that data and processes it, sending the request to the issuing bank. If the bank approves the transaction, the money for the purchase is deducted from the consumer’s account and then deposited into the merchant’s account. Every transaction is secure because WooCommerce payment gateways use solid encryption technology that protects personal and payment information.
There are many WooCommerce payment options to choose from. Essentially, you can consider three main types of payment gateways: iFrame-based, form-based, and direct payment gateways. The main difference between an iFrame-based payment gateway and form-based payment gateways is that the first generates the payment form directly on your e-commerce website, while the second redirects consumers to an external site to complete the purchase. However, both WooCommerce payment options are third-party platforms that are managed by an external service provider. Only the generated forms are different. Connect to PayForAll