Thinking of accepting payments online? Great idea. Online shopping is a booming industry across the globe and U.S.
To get started, you’ll need to select a payments-gateway provider to integrate with your current payment system, build your online shopping cart and process your customers’ online payments similarly to how payments are processed in-store.
But with so many payments gateway providers to choose from, finding the one for your business can be overwhelming and confusing.
Here are the top nine things you should consider before making a selection:
1. Your Customers' Experience
It’s common knowledge within the payments industry that offering your customers more ways to pay creates a better customer experience. Great customer experiences lead to repeat customers, which often leads to referred business. Adding an online element is a great step towards creating a positive experience in your customers’ minds.
2. Technology and Functionality
Speaking of customer experience, you want to make sure your gateway provider can support the types of functionality (e.g., reporting, emailed receipts) that best suit your business and appeal to your customers. Easy integration is key. Your gateway provider should offer the flexibility that allows you to do business today AND as your business grows in the future. Look for a provider that is constantly developing new ways to elevate user experience and ease of use.
3. Your Business Location and Incorporation
Where your business is located and where your provider is located can make a difference in how you incorporate your business, which is what most gateway providers will ask you. This means there are a different set of incorporation rules for a U.S. business seeking processing service from a gateway provider in the U.K., and vice versa. It’s important to know those details ahead of time to get you accepting online payments quicker.
4. Your Business Model, Products, and Services
The type of business you have is just as important as the type of gateway provider you choose. Some payments processors don’t support businesses and services that are considered “high risk.” Before you make a selection, save yourself some time by making sure the payments processor you choose doesn’t put your business in that category.
Examples of high-risk industries are:
Gaming, Gambling, Dating, Travelling
5. Pricing, Fees and Service Value
6. Technical and Customer Support
7. Payments Security
8. Getting Paid and Reserve
9. Recommendations From Peers
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