With eCommerce headlining most, if not all enterprises, big or small, it has become absolutely vital to let experts handle all things online for business operations. “Online payment receipt” is a procedure you can entrust to a payment gateway provider. The time and effort you save from this assigned work to professionals can be allotted to other parts of your operations instead.
But how to choose the ideal one for your particular business needs? These practical guidelines will help you find the best provider like East Pay Direct today.
1. Account Security
Account security tops this list. After all, we’re talking about qualified payment processing firms handling payments from your merchants to you. This is, undoubtedly, a variable that should not be, in any manner, overlooked.
Ask your payment gateway provider about what measures they have in place to ensure that your seller account, your merchants’ accounts, and the payment channels they’ve established are safeguarded from fraud and hacking. Or that they have contingencies should such events transpire.
With over 86% of the world going on web shopping mediums and/or stores, and close to 70% of them selecting online payment options instead of cash, this is as crucial as crucial gets.
2. Flow Of Payment
Payment flow refers to how complicated or uncomplicated payments are finalized and passed on from your customers to you.
Will the service provider aid you in setting up an integrated payment network wherein customers simply complete their payment details on a form. Then, said form shall be sent to the payment gateway platform via what’s deemed as “API calls” (command application).
How about payment redirecting? When a purchase is about to be made, shoppers will be redirected to a payment page. They will still be required to fill their details in through an iFrame, also known as an HTML document. The latter is embedded into a different page on the site.
Or how about Escrow? Escrow is basically a third-party payment firm whose payment channels are built into business’ websites and/or web pages. Authority has to be granted first before any transfer of funds and/or payment is allowed to go through.
3. Billing And Other Fees
No question here, that their service charges need to be reviewed before you sign a contract with the payment gateway agency. The service provider has to be upfront and detailed with what their services fees are, with no hidden charges.
Your business model for expenditures has to be aligned with the terms and conditions they’ll expect from you, financially speaking. It’s okay to negotiate for lower billing fees. Will the said “fees” stand after every contract renewal? Are setup fees all-inclusive or will they be separately charged each time?
You and your team should have your fees-related questions ready beforehand.
4. Probably A “No” To Registration Before Payment
Statistics show that online shoppers, at least, over 25% of them, don’t proceed with finalizing their payments when asked to enrol or register with the third-party payment provider as the initial step. It’s something you can work with the said provider to eradicate altogether. You’ll be surprised at how this can boost conversion by the mile.
5. Verification And Experience
Afraid of falling into the high-risk merchants’ trap? You won’t, as long as you work with a verified payments platform. “Verification and experience” here refer to the payment gateway agencies themselves. And you can get a glimpse of these two important elements when you visit their main websites, or when you give their customer service hotline a ring (chat portals work fine, too).