What to Consider When Choosing a Payment Gateway

 

A payment gateway is the bit of technology that sits between your website and the payment networks, and if you are setting up an online business you’ll need a payment gateway to accept payments from your customers. In simple words, the payment gateway is a merchant service that connects the link between your credit card and the credit card company that’s authorizing the sale. The payment gateway infrastructure like from booker clover and clover station 2018 allows a merchant to accept credit, debit card, and others form of electronic payments. Choosing the right payment gateway for your business can take little time but it will be fruitful in the long run. Let’s explore how you can choose the payment gateway best for your business so you can get back to focusing on what matters.

Business Model and Services

The payment gateway will generate bread and butter for your business so it’s your prime mission to check whether the payment gateway or services provided by it support your business or not. Fortunately, most providers have a list of businesses they do not support shown on their website. Make sure to check it before taking any decision.                                                 

Security

When it comes to receiving online payments, as you’re storing sensitive financial information, the security of your payment gateway should be a high priority. Make sure your service provider meets all the safety requirements on its side (PCI), while also providing maximum protection for your customers while they are shopping online.

Multiple Currency Support

If you are planning to do business internationally, you need to make sure that your service provider can handle payments in different currencies and from different countries. A customer will always prefer to pay in their currency so make sure to check the fees involved in foreign currency transactions.

Cost

Like with almost any service, there are fees associated using third-party tools like payment gateways. Pricing for payment gateways is based on various factors like type of transaction, transaction frequency, market region etc. So pay attention during your research and choose the service which is best for your business.

Multiple Platform Support

According to the survey, the majority of customer prefer to shop using mobile phones and tablets. As you assess your service provider, make sure that you are able to provide active checkout participation that is friendly to different mobile devices. This will give your customers the flexibility to pay you regardless of what device they use.                                                            

Customer Support

While most of the payment services provide customer support but there are some which don’t, In that situation, users need to follow manual instructions to fix a problem. To avoid these kinds of situations check whether your service provider offers technical support. Also, some of the best payment gateways will assign you a dedicated account manager that will be there for you until the query is resolved.

Conclusion

There’s no perfect payment gateway out there, so you’ll need to find the best fit for your specific business needs. All you need is to do proper research and study the above-discussed points, before selecting any product or service.

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