How To Choose The Right Payment Gateway And Payment Processor For Your Business

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Payment gateway and payment processor are two key links in the payment chain, especially for ecommerce businesses. 

It's important for your business to have both since they will make it easier for you to accept payments from customers, which will in turn make it easier for you to grow your business! Also, having them is not as expensive as you might think. There are plenty of options available for your business, even if it's small scale. 

However, choosing the right one for your business is an important decision and it's not an easy one. Not all systems are created equal, and some might not be a good fit for you. 

Let's explore what to think about when choosing yours. This article will give some tips on how to choose the right payment processor and payment gateway for your business. 

Price is important

First, one of the most important things to think about is price. How much does your business's payment processor or payment gateway cost? Is it affordable? Is it worth the money? You should be able to find ones that are affordable and fit well into your budget. 

How To Choose The Right Payment Gateway And Payment Processor For Your Business_

There are a few different types of pricing structures for both processors and gateways. The first is a monthly fee, which is pretty common. There might also be a transaction fee every time you make a sale. Or, the processor might take a percentage of each sale. Sometimes companies can offer more than one plan as is the case with Authorize.Net, so you can choose the best one for your needs. 

It's also important that your chosen company bills you only for active merchants, not all users.

Be sure that you're getting a fair deal and that these features are not going to cost your business too much money. It's especially important that you watch out for hidden fees. Anyone who can't provide you with a list of fees upfront is likely hiding something. 

Your customers should feel secure

Another thing to think about is your customers' security. Will they feel safe making a purchase through your site? 

Security is a huge issue, especially when it comes to payments. Big businesses have raised customer expectations for all eCommerce sites by taking the online purchasing experience to new levels. Customers demand a high-quality website that uses the most secure payment alternatives, even if the website is a small business.

Make sure that the system you choose is as secure as possible. It should have up-to-date SSL certificates, not be vulnerable from a security perspective, and have bank-level data encryption. It should also be compliant with the Payment Card Industry Data Security Standard (PCI DSS).

You don't want to lose customers because your site doesn't feel safe enough for them to pay for their purchases. Remember, most payment gateways offer comprehensive security features, so it shouldn't be difficult to find one that meets your needs. 

It should be easy to use

Another thing to consider is how easy the payment processor is to use. You don't want something that's going to be difficult for you or your customers to navigate. 

Both the processor and the gateway should be easy to set up and use. Payment gateway should integrate seamlessly with your site and not cause any problems. It should provide clear reports on all aspects of the payment system, including sales history, orders, etc.  The checkout process should be as fast as possible, and the payment processor should have a clear interface that makes it easy for you to monitor orders from beginning to end.

Any company worth its salt will make sure that its systems are user-friendly and intuitive, so this shouldn't be a problem. 

Choose features your business needs

One more important thing to think about when choosing the right one is the features it offers. The right system will have everything you need in order to run your business effectively. You should look for some or all of these features: 

  • Multi-currency support – Some processors and gateways may give you the option to accept foreign currencies as well as US dollars. In order to do this, they need to have a robust currency conversion system. 
  • Tax calculation – They should be able to automatically calculate taxes for each sale based on the customer's location. 
  • Automatic billing – The processor and the gateway should be able to automatically bill your customers' credit cards or bank accounts on a regular basis. 
  • Order management – You'll need a system that lets you track orders from beginning to end, including order status, shipping information, and delivery confirmation. This information is essential for both you and your customers.
  • Reporting – You should get detailed reports so that you can track your sales and expenses.

When choosing the appropriate system for your business, it's important to think about everything they offer. You don't want to go with a company that has great rates but doesn't have all the features you need. 

Choose features your business needs

All things considered, most systems are similar in price, so it's important to make sure you choose one with features that fit your business model.

Mobile payments are the future

In the near future, most payments will be made through mobile devices. This means that your payment gateway should offer support for mobile payments. The emergence of digital mobile wallets such as Apple Pay, Google Pay, Samsung Pay, and others have revolutionized how users pay using their phones, and payment systems are now supporting all major digital wallets.

If you're not sure whether your system offers this feature, contact customer service and ask. They should be able to tell you whether or not they offer mobile payment processing. Not all systems do, so if this is something that's important to you, make sure to ask. 

Good customer support is essential

Your customers are going to have questions about how to pay you, and sometimes they're going to run into problems. That's why it's essential that the company you choose offers good support for both your customers and yourself.

Good customer support is essential

Most companies have some sort of customer service number where you can call in with payment-related issues. Find out if their hours are acceptable to you, and find out what the average wait time is if you do have to call them. Some companies are better at customer support than others, so it pays to do your research before signing up with a certain service.

The chosen company should have 24/7 support and a few ways to contact like chat, email, and phone.

It should have multiple payment options

You should be able to provide multiple payment options for your customers. This means that they should be able to pay you through methods such as credit cards, debit cards, bank transfers, and digital wallets.

Not all processors and gateways offer all of these payment methods, so it's important to find out which ones are available to you. If there are certain methods that are important to you, make sure to ask if they offer them.

It should have multiple payment options

You should also find out what the fees are for each payment method. Some methods have lower fees than others, so it's important to choose a system that offers the payment methods you want and has reasonable fees. 

Ask for a demo trial

Don't be afraid to ask the chosen company for a demo. This will give you a chance to see how their system works and how it can benefit your business. You should also ask if they offer any training courses so you can learn how to use the system. This will help you get up and running quickly, which means better service for your customers.

During the demo, make sure to ask questions about all the features of the system and find out if there are any hidden fees or other costs that you don't know about. You should also take notes so you can reference them later while using the system on your own. 

Do your own research

In order to make an informed decision, it's important to do your own research. Ask your friends and family for recommendations, or search for payment processors and payment gateways online. There are plenty of reviews available online, so take the time to read them before making a decision. Customer reviews are important because they will give you a better idea of what the payment processor is like.

If you're not sure how to find out about customer reviews, just Google search for "company name + reviews" and read through some of the results. You should also contact these companies directly to see which ones are willing to offer any free trials or discounts.

How to Use Bad Business Reviews to Your Advantage

If you're not sure which system is right for you, contact the companies you're interested in and ask for a demo. This will help you make a decision based on your specific needs. 

Conclusion: how to choose the right payment gateway and payment processor for your business

When choosing this tool for your business, it's important to consider all of your options and make sure the chosen company offers features that fit your needs. Some of the things you should consider include mobile payments, good customer support, multiple payment methods, and more.

After deciding on the things that are most important to you, it's time to compare your options. Contact companies and ask for a demo, or conduct your own research online. Once you've chosen the right system for your business, make sure it offers good customer support so you can get up and running quickly. Good luck! 

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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