A payment gateway solution is a coding service that interfaces shopping carts with various credit card companies. With a payment gateway, you are able to make payments using your credit card. Basically, a payment gateway plan acts as a door that connects the customer and retailer by an automatic transaction. Many startups face difficulties when looking for a merchant account.
Since few payment gateway solutions allow merchants, it makes it hard for entrepreneurs to progress in e-commerce. Therefore, you need to be very keen when choosing a payment gateway for your e-commerce business. The following guidelines will help you to make a wise decision when selecting an appropriate payment gateway.
Nature of Your Business
The first thing to consider is the nature of your business. Always make sure that you assess the nature of your business before going out to look for an online payment gateway solution. Some payment gateways do not support specific types of businesses.
Therefore, you can avoid wasting your time by approaching companies that support your kind of business. Some of the high-risk businesses that are ignored by most payment gateway companies include; gambling, pornography sites, tobacco, e-cigars, debt collection, diet programs, and even credit repair. Therefore, choose a payment gateway service provider that support payments in your type of business.
Location and Incorporation
For instance, working with an online payment gateway in Malaysia and your business operates from the US; you will have to be incorporated with the US acquiring the bank. Therefore, check the number of countries the latter operates in. If you find out that your region is supported, then you can work with them.
Technology brings about freedom and flexibility in e-commerce transactions. The least you can expect from your payment gateway provider is being forced to be integrated according to them and not your way. You need to find an online payment gateway service provider that uses flexible and convenient technology. Also, ensure that the company’s technology is user-friendly and reliable.
If your e-commerce store allows your customers to do subscriptions to get some services or good, you will need a payment company that has recurring billing. This is a feature that essentially allows you to have an automatic billing plan for the customers that have subscribed to your product.
Security and Safety
Lastly, ensure you work with a payment gateway service provider that values safety. Make sure that your payment provider is able to meet all the safety need on their side. Your customers too should be protected from fraudsters and other online mishaps as they access your products.
Therefore, you should only work with a company provides services like card storing, 3D security, and antifraud protection tools. This should be your number one priority because it will affect the reputation of your e-commerce store.