It’s not always a good thing to have too many options. especially when you have to choose the best payment gateway provider or another important business decision. So what factors should you take into account when selecting a payment gateway provider during the research stage?
The market makes it difficult for an internet firm to select a suitable partner. Extensive investigation, care, and perfect alignment are crucial.
Here we will give you the best tips to choose an online payment gateway for online business.
Consider the Costs
Set-up fees, monthly fees, and transaction rates are the three sorts of costs associated with payment gateways when it comes to collecting online payments and operating an online business.
- The setup fee is the one-time, upfront cost associated with registering for an online payment gateway.
- If you choose to continue utilizing the online payment gateway, you will be required to pay a monthly fee.
- The transaction rate is the percentage that the online business is charged each time a customer’s payment is processed.
You must take your estimated sales volume, the value of your transactions, your business model, the speed of the payment process, and the sorts of payments you accept into account when looking for a cost-effective payment gateway for your online business.
Check security factors.
Check security factors
Information storage on the internet can sometimes be rather frightening. Sharing private information while buying is now simpler than ever. However, there is still some skepticism regarding giving internet retailers access to credit card data.
When selecting the best online payment gateway, security is an important aspect to take into account. It guards against the possibility of fraud and security lapses that could jeopardize the reputation of your company and your clients.
What should you be on the lookout for in security features then? The PCI compliance certification and the 3D secure payment mechanism are crucial elements that give your consumers a safe and secure experience. Both will effectively protect your internet business’s payment system.
Accepted Card Types
You are the only one who truly understands your clientele. You can better understand how your consumers pay if you are aware of their purchase patterns, LSM (where they fall within the economic segmentation), and geographic location. Knowing the different card kinds that your clients will use is part of this.
Would that be e-cards, digital coupons, debit cards, or credit cards for you?
Visa and Mastercard are the two most widely used debit and credit cards worldwide. These cards are accepted by well-known payment gateways.
Also Read: Features to look at in an online payment gateways
Seamless user experience
One of the key elements in determining the success of an e-commerce website is reportedly user experience. A consumer is more likely to depart without buying if their experience is not flawless, quick, or easy.
You must make sure that your website can readily and seamlessly integrate the payment gateway you select.
It’s critical to comprehend the content management system (CMS) you used to create your website. In terms of payment gateway integration, this will help guide you in the proper direction.
Customer Support
Any business owner is aware that mistakes might happen. You need to have a plan and support system you can rely on in case something goes wrong.
Having a functional payment gateway is essential to your organization. It is unable to afford to pass up the chance to collect payment. Spend some time analyzing, comprehending, and choosing a service that will not only be considerate of your wallet but also provide first-rate support when you need it.
Multi-Currency Support
Regardless of size, businesses are connecting with the globalized markets amid Bangladesh’s rising economy. As a growth-oriented company today, it’s doubtful that you don’t have such goals. However, if you want to grow your e-commerce company internationally, you will need a payment gateway that can easily process payments in several currencies.
Giving your consumers the option to pay conveniently in their currency without having to deal with complicated exchange rates is crucial.
Ideally, you should be looking for a payment gateway that can handle transactions in all the major currencies to be future-ready and globally competitive.
Turnaround Time
The growth of your organization depends on having the appropriate payment gateway. However, it’s equally crucial to avoid disrupting your regular operations while implementing the new system. Fortunately, the most recent payment gateways on the market today allow you to go live and begin taking payments within a day after online activation. You have no justification to accept anything less!
Understanding the settlement horizon that your payment processor is providing is also crucial. To guarantee a consistent and competitive cash flow for your organization, it may be argued that it shouldn’t take me more than T+2 days to credit the funds into your account.
Easy System Integration
It is understandable if you choose to use e-commerce platforms rather than creating your online store from the ground up. Your payment gateway must, however, be able to seamlessly interact with these environments in such a situation.
Additionally, it would be beneficial if you thought about connecting your payment gateway to your billing or accounting software. Every time an online payment is finished, your books will automatically update with the accompanying invoices so that you don’t have to manually keep track of your transactions.
As a result, you want to search for a payment gateway that offers a variety of system integration kits.
Analytics
For your business executives to make informed decisions, they need quick access to insights. Look for composite analytics dashboards for visibility into important indicators including the status of payments, refunds, transfers, subscriptions, and invoices when choosing a payment gateway.
Additionally, if your payment gateway offers a Control Center solution for managing all operations from a single location, that will be beneficial.
You Can Also Read: The future of mobile payment technology in Bangladesh
Final words
We believe the advice will be useful in helping you choose a payment gateway that fully satisfies your business needs. We can appreciate that finding all the attributes in a single box is a little difficult. However, it is challenging but not impossible in India’s fiercely competitive and rapidly changing payment gateway business.
One of the greatest payment gateways for your online business, with easy Integration, a feature-rich checkout, and the best success rate in the market, is offered by SSLCOMMERZ, one of the businesses that set the trends in end-to-end payment gateway solutions.
