In the realm of modern eCommerce and mCommerce, a critical element comes to the forefront: payment gateway solutions. To operate a successful eCommerce business in Ireland, a Web Technology Expert must seek a payment solution that allows customers to conduct transactions seamlessly. However, a common dilemma faced by these businesses is choosing the right payment solution from the myriad of options available.
The Irish eCommerce landscape has undergone a significant transformation since the pre-pandemic era. Rapid technological advancements, shifts in consumer preferences, and rising competition from emerging players in the payment gateway industry have energized online retail in the country.
Irish consumers are increasingly leaning towards transaction systems that offer accessibility, frictionless experiences, and speed. Ireland has demonstrated one of the fastest consumer adoption rates for contactless and mobile payments, mobile banking, and online commerce in general. Irish consumers also display a willingness to embrace new technology.
In May 2022, Ireland recorded a historic high of 93.7 million monthly contactless transactions. Consequently, nine payment gateway brands have come to the fore for facilitating smooth mobile payments in Irish eCommerce and mCommerce domains. The question remains: which one is the right fit for your brand?
Selecting a payment gateway solution is a crucial decision that businesses in Ireland do not make lightly. Several factors must be considered before integrating and regularizing a payment gateway solution:
Reliability:
Ensuring the reliability of a payment gateway is integral. The safety and security of financial transactions play a pivotal role in building customer trust and brand credibility. Therefore, opting for a payment gateway that offers a reliable service is paramount in completing the buyer’s journey and enhancing brand trustworthiness.
Supported Currencies:
The breadth of supported currencies is another critical factor. Payment gateways that facilitate transactions in various local and international currencies expand a business’s conversion potential significantly.
Payment Options:
The range of payment options supported by the payment gateway should be diverse. Gateways offering various payment options are likely to gain more traction in the market.
Market Integrations:
Businesses should be capable of swift integration with emerging markets to implement an effective omnichannel conversion strategy. Leading payment gateway companies can offer seamless interfaces with recent marketplaces.
Security:
In a world where the projected cost of eCommerce fraud is expected to reach $206.8 billion in 2023, businesses must embrace payment systems that provide multiple levels of security to foster consumer confidence in the brand.
Pricing and Other Fees:
The “cost of doing business” is an essential consideration. Payment gateway services often charge setup fees, transaction fees, and commissions. Lower service fees translate to reduced business costs as a company’s operations expand.
With these criteria in mind, businesses in Ireland can choose from the following nine payment gateways for their eCommerce endeavors.
2Checkout
Rapyd
Adyen
Braintree
Checkout.com
Authorize.net
Stripe
Skrill
Revolut
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