Friday, January 7th, 2022
According to Strawhecker Group’s latest study of 100 services, 50 percent of payment gateway providers now impose a monthly fee. This figure marks a significant drop from 74% in 2019. According to the paper, the drop might be due to COVID’s unprecedented influence.
More findings suggest more than half (52 percent) of Gateways focus on retail. Other sectors of interest include:
- Health care (22%)
- Restaurants (19%)
- Education (14%)
Also, the study found some Gateways offering services to two or more industries.
Gateways benefit from integrated payments, and a good number of them—57 percent—have free-to-use developer-center websites with unrestricted access to their API code. APIs allow different software programs to exchange info and communicate with each other.
Fees, regional emphasis, corporate structure, integration methods, payment methods accepted, and reporting tools are among the gateway data in Strawhecker Group’s NMI-sponsored Payment Gateway Directory.
“The payment market has transformed significantly as of the pandemic. This makes e-commerce a crucial component for those physical retail stores that have had to transform their business strategy to an e-commerce-oriented business,” says Al Novacek, Strawhecker Gateway Enterprise Metrics director.
“So, in terms of performance, the documentation of a gateway is crucial to the contentment and retention of the merchants and consumers using the platform.
Final Words
Traditional models no longer suffice in a digital environment. To stay competitive, payment service providers are tweaking their services to suit the changing needs of merchants and customers.
Topics discussed in this article:
- Ecommerce Business
- Payment Gateways