Even though the competition in the market has increased exponentially, every business is unique. Understanding your business needs and goals is the first step toward meeting your objectives and increasing profitability.
For businesses accepting digital payments both online and offline, using gateway payment solutions is a necessity today. Every business has unique ways of working, and understanding which factors are a higher priority over others can help business owners make the right choice regarding the gateway service provider they choose.
Factors Affecting Gateway Payment Solutions for Businesses:
Take a look at some leading criteria that businesses should consider and question while choosing their payment gateway provider.
1. Flexibility:
Every business and marketing page talks about flexibility but doesn’t necessarily understand what it means. Before choosing or finalising a payment gateway provider, businesses should confirm how long their application process will take. Ensuring regulatory compliance is a time-consuming process. Businesses must ask their provider for the exact duration and understand how soon they can start processing consumer transactions. Every provider with a powerful API usually displays them on their websites directly as it’s a large selling point for them.
2. Options for payment processing:
A payment provider should provide an embedded customised form that will keep users on their client’s website at all times. Redirecting users to a different page for payments only increases the number of existing steps that customers need to follow to complete a transaction. An innovative provider offers a wide range of services beyond this that help increase profits and sales. This includes features like one-click upsells, cross-sales, multi-language checkout functions and more.
3. Technical integration:
While shortlisting gateway payment solution providers, ask them about all the technical documentation and integration options. Cumbersome integration processes will take weeks and take up money and time. The best gateway payment solutions provide a bunch of APIs that enable technical integration in just a few hours using minimal code.
4. Fees and additional costs:
Every subscription comes with a set of costs that are not revealed at the first glance. Look for a transparent pricing policy and ask your provider to confirm all the costs and fees that could be incurred before you sign a contract. Some types of fees that you should know about are:
- Set-up fees
- Monthly charges
- Processing fees
- Registration fees
- Refund fees
- Successful and unauthorised transaction charges
- Chargeback fees
5. Security:
Make sure you confirm the level of security that your payment provider will give you. The highest level of security required is PCI Level 1. This level of security confirms that a technology is secure and that the stakeholders are aware of any risks in payment processing. This means there are protocols and procedures in place to minimise or prevent any misconduct or fraud.
6. Customer care:
Being redirected to an FAQ page or an automated chatbot every time you need personal assistance is not going to be enough. Make sure the provider you choose provides you with a 24×7 customer support team that can resolve your queries and answer questions instantly.
By choosing a digital prepaid solution according to these parameters, you will get the best payment solution for your business.
