Whether you are an artiste or a business owner, you would be going online in this world of strong virtual businesses for best results. It is important to select an appropriate payment gateway in the melee. The payment gateway is your virtual cashier. It handles all transactions in a way that is secure and safe for you and your customers alike. And to meet this need, there is a growing number of payment gateways online and choosing one can seem like a major task.
When you are screening payment gateways, check for the following information
- Security including Virtual Terminals and Fraud Protection
- Country support
- Type of account required – is the Merchant Account mandatory?
- Service Cost.
To make it easier for you to select a payment gateway, here is a list of major factors that you should consider while selecting.
●Charges : Decide on your budget and the timeline of your venture. In case you are a wholesaler it makes sense to go for specific features which require a sign-up fee. If you are catering to select clientele for a fixed period in time, or are a start-up with limited budget, it is always better to go for a payment gateway with no sign up charge.
● Financial : So, this bit is like going through a childhood math book. Fee structures often have hidden costs. So understand the fee structure of the payment gateway service provider thoroughly. Hidden fees pull down your profits so get all information clearly above the board. Mostly gateways charge in two ways- Some charge a transaction fee and some have a monthly subscription fee for a fixed ceiling of transaction numbers.
● Security: Unlike national laws, the internet has laws that are more or less not different country to country. Instead each product on the internet has standard protocols it has to meet. When you are selecting a payment gateway partner, first and foremost, you need to identify the security of card payment data. Check for the Payment Card Industry Data Security Standard (PCI DSS) information. It is a non negotiable that the gateway service provider is Level 1 compliant with the PCI DSS. This means that they meet the highest level of card data security.
● Currency support: Like we discussed in Security, the internet is quite literally global, and crosses national boundaries. This also means you need to decide where you are trading your product. If it has a global demand, you would need to look for a payment gateway which has multi-currency choices.
● Products allowed: Check if your product and payment gateway rules match. Some payment gateways do not allow intangibles. While some have do’s and don’ts which may affect your product sales. And it would really be pointless to sign up for a payment gateway and have your customers denied service because the product is disallowed.
● Customer and Client Support Services: The major difference between online stores and those in real time (besides the real vs. the virtual world) is the fact that an online store is open 24X7. Similarly, the online payment gateway must be available throughout as well. So, it is essential to check for this before you get the payment gateway on board.
Here is wishing you a great time at eCommerce with a payment gateway that supports all your needs and keeps your business attractive and profitable.