Introduction
When it comes to online payment solutions, you have a lot of options (MYOB batch payments, Xero payment for example). You can choose from a wide range of ready-made solutions or go with a custom solution that is specifically designed for your business. However, if you don’t know what are the important features to look for when choosing a payment gateway provider, then it can be challenging to find the right one. So here we have listed 6 things that will help you in selecting an appropriate payment gateway for your business:
1. Flexible Pricing
The pricing of the payment gateway should be flexible and affordable for all business sizes. In addition, it should be transparent and easy to understand.
This is because most payment gateways charge a flat rate per transaction or a percentage of each transaction amount. There might also be additional fees that you have to pay based on where your customers are located or what type of method they use to make payments (e.g., credit card vs PayPal).
If you’re just starting as an entrepreneur, it can be challenging to know how much you can afford at first glance—especially if you don’t have any experience with running a business before! That’s why we recommend using our calculator below:
2. Security
- Security is a complex topic, as it involves many different aspects.
- The payment gateway is only one part of your company’s security strategy; it’s also important to secure the website, and ensure that all employees are trained in computer security.
- There are several ways to check if a payment gateway provider is trustworthy:
3. User-friendliness
The payment gateway should also be user-friendly for both the merchant and the customer. This means that it should have a mobile app and an API (application programming interface) so that you can integrate them into your website or app with ease. It should also have an attractive dashboard where you can easily monitor its performance, as well as manage your accounts and set up rules.
4. International Payment Support
- International Payment Support
Payment gateways are designed to work seamlessly across the globe. However, it is important to verify that your selected payment gateway supports the currency you will be accepting and receiving. If a gateway does not support international transactions, you may find yourself unable to process payments from foreign countries.
- Multiple Currencies Available
If you are accepting payments in multiple currencies then you need a payment gateway that supports this functionality. The same goes for language: if your website is in English but some of your customers speak another language, then it’s important that they can use their preferred language while paying on your site so they don’t feel excluded or inconvenienced when paying online with their credit card.
5. Multiple Payment Options
- Multiple Payment Options
Accepting multiple payment methods is important, especially if your customers want to pay with bank cards or alternative payments like Apple Pay and Venmo. You can also accept cryptocurrencies with some gateways, which is a new and exciting trend. Accepting multiple currencies allows you to expand your market reach by letting you process transactions in different countries without having to deal with chargebacks or currency fluctuations.
- Multiple Payment Gateways
If you’re planning on expanding your business internationally, then having a gateway that works across borders will be essential – otherwise, you could end up losing money every time someone tries to use their card overseas! The same goes if you’re planning an event overseas; this way people can still buy tickets even if they don’t have access to international credit cards.
6. Customer Support System
Support is a major factor when choosing a payment gateway. You don’t want to be stuck with a service that doesn’t offer the customer support system your business needs. A good payment gateway should provide the following features:
- A phone number and email address – Your customers will want somewhere to turn if they need help with their transaction, so you must offer this option at all times of the day or night, even on weekends and holidays if possible.
- A FAQ section on your website – This is another place for customers seeking answers about transactions or other aspects of your business such as shipping policies, return policies, etc…
- Live chat option – If you’re uncomfortable having someone call or email in regards to their transaction then maybe an alternative would be helpful too. A live chat feature may provide just what’s needed here! It gives users instant access without having them wait on hold forever listening to elevator music 😉 Hopefully, this helps you understand why these two elements are important when choosing an online payment method provider.
Keep in mind the tips shared when you choose a payment gateway for your business
When you are choosing the right payment gateway for your business, it’s always advisable to keep in mind the following tips:
- Flexible pricing – The best payment gateway should offer flexible pricing options so that you can choose the best plan as per your needs. Additionally, it should also provide customized rates based on volume and transaction amount.
- Security – You need to make sure that the payment gateway being used by you has robust security features like PCI DSS certification, secure storage of customer details, SSL encryption, etc.
- User-friendliness – The payment gateway must be user-friendly for both customers and merchants. It should have good mobile app integrations as well as other features such as Chatbots and a live chat support system. These features will help you improve customer satisfaction levels while saving you time in answering repetitive queries from clients or customers on social media platforms such as Facebook Messenger or WhatsApp messenger services etc.
Conclusion
If you are looking for a payment gateway that can help your business grow, then you should consider these tips.
Digital Web Services (DWS) is a leading IT company specializing in Software Development, Web Application Development, Website Designing, and Digital Marketing. Here are providing all kinds of services and solutions for the digital transformation of any business and website.
