How to choose the right payment gateway provider
If you are running an online business then taking payments is a crucial part of your success. After all, you need to be able to give your customers the opportunity to purchase but to do that, you need a payment gateway provider.
A payment gateway is the way in which you accept payments from customers through your website. It’s a hugely important part of the process and is one that can make or break your business.
Why It Is So Important
When people purchase online, they want to feel safe. After all, they are parting with their cash and want to make sure that they are not scammed in any way. If they come across a payment gateway that looks or feels suspicious then alarm bells will ring and this can lead to lost sales. Therefore, you need to make sure that you choose the right payment gateway and to do that, you need to consider the following.
Pricing
As with any business decision, pricing is always a significant factor when considering payment processing costs. Payment processing is complex as it involves many elements and so, there is a cost involved as part of the process. Every party involved will charge fees but there are companies such as Xonder that offer online payments with no monthly fees, setup fees and a low transaction fee. Therefore, it is always worth considering the different prices that payment gateways charge.
Every provider will offer something different but you need to make sure you do not get hit with hidden fees and additional expenses that are often seen. So, consider all of the payments and you can make an informed decision.
Look at Merchant Account Options
This is an agreement between a merchant and a bank, the merchant will grant the bank access to process their transaction. Along with this, a merchant agrees to adhere to all of the regulations that are related to the processing of credit card details.
This account can be opened through payment gateway providers that have this as part of their service.
Payment Method Support and Multiple Currencies
While credit cards and debit cards might be the most popular payment methods when using a XEpos machine they are also popular online but they are not the only payment options. So, you will need your payment merchant to support these methods but also other methods such as e-payments.
Mobile payments generate a vast amount of revenue, over $900 billion to be precise and that means using e-wallets. This allows consumers to make payments using applications on their phones such as Apple Pay and Google Pay. These store credit card information and allow users to make purchases with ease.
Therefore, it’s vital to make sure that your payment gateway supports a wide range of payment methods as your website should be accessible to as many people as possible. However, one other thing to consider is multi-currency support. If you have a business that operates around the world then you want to enable them to pay in their own currency. Many gateways now offer this as standard but it’s something to consider when choosing a provider.
Is The Product Type Accepted by the Provider?
Providers consider there to be two types of products and this includes digital and physical. Physical is where payments are made using a countertop card machine for example or a salon card machine. Digital involves being able to make payments online in a digital setting. Many providers will offer their services for both but it is important to make sure that you find one that works for you. So, before you agree to the gateway, make sure that they are the right fit for you.
Reliability
A payment gateway has to be slick and easy to use. If it is clunky and slow, people are going to abandon their shopping carts and look elsewhere. Therefore, you want it to look and behave professionally to ensure that your customers hit the pay button and make that purchase.
Delivers Confidence for Consumers
The entire payment process has to feel right to consumers but it also has to be well designed and intuitive. If businesses only accept certain payments and the entire design is old-fashioned and tired looking then people are going to be suspicious.
The payment process is the most crucial part of the process because it’s when consumers part with their money and so, it makes sense to have a payment gateway that considers their needs and meets their expectations.
Conversion Rates
If you have done everything in your power to encourage consumers to the checkout then you have done your part, so don’t let your payment gateway let you down. The checkout experience has to be smooth because if there is one single issue, they are going to disappear rapidly. So, it should be able to manage a number of transactions in quick time. The statistics show that 50% of people would choose to cancel their purchase if their payment method was not available.
So, your website could be perfectly designed. It might deliver a user experience like no other while product descriptions and images sell your products with ease. However, this is all just part of the user experience and that’s why it is crucial for you to get every element right.
Don’t choose a payment gateway because they are cheap, make the decision for the right reasons. It pays to do your research and speak with people to see how they feel about the services you are considering. Of course, every provider has something to seriously consider about and in some instances, you won’t find everything you want or need but that still doesn’t stop you from making the right choice. So, don’t settle for second best and give your business the best chance of succeeding by instilling confidence in your customers when it comes to asking them to part with their cash.
