Online payment experiences can affect the number of transactions customers successfully complete. In a survey of online shoppers, 18% of abandoned carts were attributed to an inefficient or cumbersome checkout process. As e-commerce grows, cybercrime related to online payments is also rising. Businesses need to address both issues by creating a simple, efficient online payment experience for customers that’s also highly secure and equipped to combat evolving fraud attempts.
Payment gateways play a crucial role in achieving this complex and vital goal. Below, we discuss what Jersey businesses need to know about what payment gateways are, how they work, their pivotal role in ecommerce, and how they operate in a broader payment processing system.
What are online payments?
A payment gateway is a technology platform that acts as an intermediary in electronic financial transactions. It enables in-person and online businesses to accept, process, and manage various payment methods—such as credit cards, debit cards, and digital wallets—securely and efficiently. The payment gateway bridges the gap between the customer, the business, and their respective financial institutions in one platform, typically charging a fee every time a transaction is processed.
What does a payment gateway do?
Security: It ensures that customer payment information is transmitted securely using encryption protocols like SSL (Secure Sockets Layer) or TLS (Transport Layer Security).
Authorization: It checks with financial institutions to confirm that the payment method is valid and has enough funds.
Settlement: It helps facilitate the transfer of money from the customer’s account to the merchant’s account.
Fraud Detection: Many payment gateways include fraud detection tools to prevent fraudulent transactions.
Navigating online payments for Jersey
Payment gateways in Jersey can be challenging for growing e-commerce businesses. Before selecting a payment gateway, you need to make sure to concider some essential aspects that can have an impact on your business, such as:
Transaction fees from the payment gateway supplier
A clear understanding of the transaction fees, which include % per payment, monthly and integration costs.
If it supports Jersey restriction
The most important consideration when selecting a payment gateway or processing partner is whether they operate in Jersey. Often, providers don’t capture Jersey within their UK service offering or deem Jersey an offshore finance centre, resulting in a lack of service delivery or integrations with common marketplaces.
Security measures
If the payment gateway support the latest nessesarry security fetures that protects the customer for fraud. The Payment gateway must ensure the security of online transactions, payment gateways employ encryption protocols such as Secure Sockets Layer (SSL) or Transport Layer Security (TLS), fraud detection algorithms, AVS, and CVV checks.
Supported e-Commerce platform
An efficient and straightforward e-commerce platform is critical to small businesses’ success. As a small business, you want to identify an eCommerce platform that supports your type of business, your customers’ preferences, and your desired features.
The good thing here is that the e-Commerce platform supply is significant. However, you should avoid falling into the trap of selecting a platform that only supports payment gateways that are not supported in Jersey. An example many e-Commerce platforms only supports integration with Stripe, which doesn’t work in Jersey. BookWhen or SimplyBookMe that supports PayPal or Stripe with either no support for Jersey or high transaction charges for Jersey businesses.
If you make a wrong decision here, it can be expensive for you when the volumes increase and hard to repair.
Investigate before selecting an e-commerce platform, or seek help from Salespie, who can make the decision, implement the e-commerce platform, and integrate the payment gateway.
Salespie is your payment ally
At Salespie, we can create and connect various e-commerce platforms, including booking systems like Bokeoo, Cinolla, Bookwhen, and Simplybookme. We also support popular e-commerce platforms such as Wix, Shopify, Shopwired, WooCommerce, BigCommerce, WordPress, Magento, and Shift4Shop, along with invoicing systems like Quickbooks, Xero, and Sage. Additionally, Salespie works closely with payment gateways available in Jersey, including CityPay, Elavon (Sage Pay), PayPal, NMi and Modern World Business Solution.
PayPal
PayPal is a leader in digital payment solutions, shaping the future of commerce for millions of customers globally. PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.
PayPal supports Jersey businesses and integrated to the majority of the larger e-commerce and accounting systems. The % rates are high for Jersey businesses so at volumes goes up PayPal will not be the partner for you.
CityPay
For over 20 years Citypay have been at the forefront of providing safe and easy card payment solutions to thousands of satisfied customers. Anywhere you do business – in-store, online, through mobile, or over the phone – we have the payment solution. Let us help your business thrive.
Citypay is a Jersey company with a local team that support hundreds of Jersey Businesses. Their advanced payment solutions support all major debit and credit cards, as well as Apple Pay, Google Pay and Mastercard Click-to-Pay. Working in conjunction with CityPay’s product sets, Salespie can help further your e-commerce and accounting platform integrations.
Elavon
Elavon, a wholly owned subsidiary of U.S. Bank, has been a global leader in payment processing for more than 30 years. With a broad range of technologies, our scalable payment solutions are tailored to meet the needs of any size business, in any industry or processing environment. Elavon leverages the world’s best technologies for our partners – from large worldwide enterprises to locally owned small businesses. Evalon acquire both Sagepay and Opayo pay and integrated that under the Evalon brand.
Modern World Payments
Modern World Payments is a UK payment provider offering several e-commerce payment gateways. Its team of dedicated specialists who helps its customers grow their businesses through best in class payment solutions.
Modern World Paymnets uses, NMI and Evalon Payment Gateways which is an alternative payment gateway to Stripe and PayPal.
NMI
Building a successful business is becoming increasingly difficult and complex, especially if you need to enable payments. NMI’s integrated payment gateway technology powers innovation, opens up opportunity and democratizes the latest technology to help more businesses succeed.
Book a free consultation
Book a free consultation with our team in Jersey, and we will guide you through the selection process of online booking systems, e-commerce platforms and payment solutions that are best for your business.
We will ensure that the solution selected meets the Jersey requirements and is the most cost-efficient for your business.
We will help you realise some immediate cost savings. 3% of £300 000 is £9000, 1.2% of 300 000 is £3600. A big difference for a any size of company.
