Accepting online payments is essential to anyone who does business on the Internet. Whether you have an ecommerce site or accept online donations, it’s important to choose a reliable payment gateway. This will help your business survive and keep revenue flowing. It’s also a great way to empower shoppers and give them more payment options.
Do a quick search online and you’ll find hundreds of payment processors offering top notch services at competitive rates. With so many options available, choosing one can be difficult. Here are a few tips to guide you through this process:
Learn More about Payment Gateways
A payment processor or payment gateway can make your life easier and bring you more clients. Before choosing a partner, you need to understand how these systems work. Many people confuse payment gateways with merchant accounts, which are two completely different things. A payment processor approves or declines credit cards. A merchant account will hold your funds before being sent to your back account.
Assess Your Needs
Once you understand how payment gateways work, decide what you expect from your provider. How much money are you willing to spend on a payment processor? How many payment terminals do you need? From which credit card networks are you planning to accept payments? You should try to find out what countries and currencies are accepted, when you’ll get paid, and what types of sales your provider will process. Many companies are limited to physical products or restrict transactions from some countries, so you need to ask about this.
Compare Transaction Fees
Any payment processor will charge transaction fees when you receive and send money. Comparing transaction fees is a must. As a business owner, you should try to negotiate a better price. Many service providers will customize their plans to suit your individual needs. Make sure you choose a service that offers the best value for money. The more you research, the higher the chances of finding what you need.
Don’t Go for the Lowest Possible Rate
Many payment gateways are offering low merchant discount rates and other offers that seem to good to be true. A low rate may seem more appealing, but be aware that there might be hidden charges on your statements. For this reason, it’s important to compare pricing structures carefully. Pay attention to monthly fees, settlements fees, batch fees, assessment fees and other costs. Shop around for a price that’s comfortable and fits your budget, but don’t go for the cheapest offer.
Read Customer Reviews
The Internet is an excellent source of information for business owners and customers alike. With a few mouse clicks, you can find reviews, complains, and recommendations from other customers who tried the services you’re interested in. Before choosing a payment processor, compare at least three different providers and dig into their reviews. Look for information on customer service, fees, payment frequency, data security, and any potential problems. This should help you make an informed decision and pick the best service for your needs.