Steps to Choose the Right Payment Provider

1. Steps to Choose the Right Payment Provider

2. E-commerce is rapidly gaining popularity as more and more consumers are making their purchase online. There are many online payment services to choose from the market. As the online presence increases, the traditional retailers are left with no choice but to try and match their online counterparts while improving their online presence. Most online payment services are known to provide more value in the transaction process and also capture their commission. Choosing the right payment service provider may be a bit overwhelming. Here are a few guidelines that can help guide you to find the right payment service provider to make the most out of your online business.

3. Consider international payment methods

5. Before deciding the payment gateway for your online store, it would be best to list out all the payment methods you would need. If you sell products to different countries, or if you plan to globally expand your reach in the coming years or months, it would be better to go with a payment service provider that is compatible with the countries that you work with. It is always good to choose a payment service provider that offers a multilingual payment page for your international customers and one that offers the exact payment methods you need.

6. Be mindful of the additional costs

7. There is no fixed price for the services provided by the payment service provider. Therefore, one should keep in mind the different types of fees that the service provider may charge. In addition to the integration fees, you may also be charged monthly fees, transaction and processing fees. Most payment service providers charge fees per transaction as well as a percentage for commissions. Any additional features can also add to additional fees by the service provider.

8. Security

10. Using a secure system is very important while dealing with online payments services. There are different ways to check how safe a service provider is. Check if your payment service provider has an anti-fraud system in place that meets your requirements. Also check the payment card industry (PCI) requirements. The requirements differ depending on the size of the business. Hence it is important to check to what extent are the PCI requirements applicable to your business.

11. User-Friendly

12. Another key to dealing with online payment methods is to check if it is user friendly. Check if the payment service provider has an easy to use admin panel as you would be constantly dealing with transactions and invoices, enabling or disabling payment methods and in some cases even to integrate it to an additional website. It’s not just you but also the customers who you would have to consider. Easy check out procedures would give you a greater chance for successful transactions and higher conversion rate.

13. Support

14. As your money is involved, it is always good to have a good support system. The support team must be available 24/7 to deal with any issues you may face. Hence look for a provider that can be reached easily via chat, email or phone.