Tips to Choose The Best Payment Provider For Your Online Business
payment providers for online businesses
Payment gateways are perfect solutions for online transactions, especially when you are running an eCommerce store. An integrated payment gateway allows sending and receiving money through a secured channel. However, the security measures differ from one platform to another. These systems have reshaped the entire eCommerce business with huge scope and possibilities.
Before the advent of these convenient payment solutions, it was very challenging to transfer payments between payment portals. Managing online orders was quite daunting before the advent of these efficient payment gateways, as keeping track of transactions has never been easy as it is now.
For developing customer’s interests and enhancing the integrity of your online business, it is crucial to prefer payment gateways on old traditional money transferring methods. Today we are going to analyze top payment gateways ideal for excellent shopping experience.
Choose according to your target audience
It is crucial to choose a payment method that offers transactional support to the regions where most of your potential customers reside. Often customers tend to cancel the purchase and leave the store if they find it hard to send payments. It is quite common that most of the payment gateways have limited exposure and many regions get outcast due to multiple reasons. As a merchant, you are required to do a thorough research based on your target audience before embedding any payment solution.
Track Back the History
The customer’s confidence on a payment gateway matters a lot. Its reputation and history of service play an integral role in connecting the buyer with the business domain. A merchant need to consider its average success and failure rates to determine its reliability. One should analyze that how many customers returns back after approaching its customer handling section. All those figures matters a lot before setting up an optimal payment gateway.
Take its Fee Structure in Consideration
As a startup, you will not be inclined towards heavy charges, so consider integrating those which are either free or have minimal setup charges.
Many of them prefer to charge for the first signup charges only meanwhile most charge on monthly or annually for the maintenance and security. They usually deduct those charges from your online sales. Make sure there are no staggering hidden charges that are eating out your profits silently.
Also your customers will be more than happy if there is less number of steps to the payment confirmation page. Customers often get irritated by providing too much info and hesitate to create an account.
Resonance With Your Business Domain
Almost every other payment gateway is designed to serve eCommerce businesses but you need to make sure whether a certain gateway provider is suitable for your business model or not. If your business is targeting the local market then opt for local provider, which has direct connection with the banks in your region.
Always prefer to choose an online payment solution that has maintained solid security standards and they keep on updating their security measures. As customer’s confidential data that includes their personal information, credit card numbers etc. are more prone to theft and hijacking.
Any misfortune can harm your business reputation and will hugely affect your sales.
In addition, the content management system you online store is functioning with should have compatibility with the chosen payment gateway.
It Should Have an Adequate Customer Service
Most well-known payment gateways offer extensive 24/7 customer service and that is really phenomenal. As, customers tend to have queries related to charge-backs, overcharging issues, facing difficulty in tracking the transactions etc.
It Should be Easy to Integrate / Easy to Use
Customers love to make purchase following limited number of steps. Ideally integrated payment gateways provide leverage of opting for one page layout. As a merchant you are not short of choices if one is not working well for you, go for another one that offers more flexibility and simple user experience. Merchants running a Magento based eCommerce store can take advantage from tools like Magento 2 Payment Restrictions Extension that helps limiting payment methods to the specific regions and restrain chosen products to specific payment methods based on the demand for those products.
Paypal has achieved worldwide recognition through its extra fast performance. Now transferring funds from one person to another can be done rapidly without sharing bank details. Setting up a Paypal account is easy and it is entirely free of cost. The extensive worldwide availability makes it more reliable and because of secure transaction of funds, many merchants are hugely inclined towards utilizing this amazing P2P payment service.
Being exclusive for eCommerce business, The Stripe is a leading payment solution with enormous community of high-end customers. The stripe is simple to integrate and allows customers to checkout with single click. It is convenient to track website’s data related to sales and getting valuable insights in real time.
Wepay allow customers to have unique shopping experience. It has the ability to get integrated from small to large-scale businesses as it can easily handle complex payment requests. Wepay offers secure funds transfer and having an excellent customer support service to resolve customer’s issues instantly. It has a lot of flexible options to facilitate your business needs.
It’s a leading UK-based payment gateway provider designed to facilitate online businesses perfectly. Through its user friendly app, one can easily send and receive funds anywhere in the world. You can also request for its MasterCard that can bring huge opportunities for doing business online or running a physical store. Minimal charges are deducted with each transaction. The platform is completely secure and offers huge payment options to choose from.
In general, every payment gateway has some intricacies attached to it. Online business owners needs to look for the one that has been audited for that specific business model and has a solid track record of security, excellent user experience and innovation. The success of an eCommerce business hugely relies on trust from its customers. A Seamless transaction service can bring up rise to this business.
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