The online payment gateway market is expected to reach a value of USD $193.27 billion by 2030, according to a research report by Market Research Future. And while the user side driving this growth is clear, I wanted to explore what is important to up-and-coming EdTech startups when introducing payment gateway solutions in their business. For all companies, especially startups, the keyword is “efficiency” in the payment solutions they are incorporating into their businesses.

Easy Onboarding And Integration Of Plugins For Webshops

As a startup founder, you want a payment gateway that enables quick onboarding for you and quick integration for your tech team. A simple, entirely online onboarding process is offered by the majority of payment gateways. These payment gateways offer solid APIs and unique SDKs that will help you get up and running quickly. Each of these payment gateways offers plug-in support for popular e-commerce platforms like Shopify, WooCommerce and others. Startup founders appreciate the simplest possible integration to ensure that the team’s resources remain efficiently used on core business projects. Furthermore, startup founders boast tech-savviness and therefore value developer-friendly integrations of payment gateways.

A Wide Range Of Alternative Payment Methods

Because the website or app they’re shopping on doesn’t accept their preferred payment method, online shoppers frequently abandon their shopping carts at the checkout page. Nowadays, with more than 200 available alternative payment methods, the incorporation and maintenance of all integrations is a huge challenge, especially for startups. So it is important to make sure that the payment gateway you use accepts all payment methods, including EMIs, UPI, credit and debit cards, net banking, PayPal, cryptocurrency and others. Depending on the startup’s target market, local, specific payment methods are something that must be taken into consideration. Besides providing an adequate technical solution, the ideal payment gateway provider should also act as a consultant for all payment uncertainties that the startup is facing.

Support When Something Goes Wrong—Bigger Doesn’t Always Mean Better

Experiencing payment failures is a pain for both consumers and businesses. They can occur for countless reasons, and once they happen, it is crucial for everyone to quickly eliminate all issues. Disruption of the transactional part of the sales funnel significantly affects the shopping experience and reduces the chance of repeat purchases in the future.

Sometimes reaching the support service of certain payment gateways can be a real burden and a time-consuming job. Since time is essential in the startup world, the choice of an adequate payment gateway provider must also take this aspect into consideration. The biggest payment gateways usually try to optimize the support process by introducing automatized processes like chatbots.

Customize, But Don’t Overdo It

Unique and innovative business models that startups are known for result in the irrelevance of off-the-shelf solutions, which is why they need payment gateways with customization features. Creating a payment experience that fits into the buying process and perfectly suits the customer can bring numerous benefits and ultimately result in a significant return on investment. However, there are significant challenges that need to be addressed, and they relate to compliance, safety and scaling options, as well as the length of the process required to introduce a custom payment gateway solution. The main advantage is the avoidance of high recurring costs for each transaction.

Offering One-Click Payment And Tokenization

Surveys show that the habits of Gen-Z customers are in the direction of a reduced attention span, but also a lower tolerance for waiting and long-lasting processes. For example, STEM Studio, a startup using my company’s payment gateway, is bringing a suite of hardware and software tools that students can use to develop core STEM skills, which is why the implementation of one-click payments is necessary for them to have a pleasant buying experience. Advanced processes like tokenization open the door to new layers of protection to ensure all sensitive data is encrypted.

To sum up, the payment gateway market opens up significant room for progress, while for the further implementation of solutions, it will be necessary to go in line with market trends. Approaching the requirements that startup founders put before them will be an important and challenging step in that process.


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