IoT seems the futuristic solution for eCommerce businesses, and it may prove a dire need to offer a...
No matter whether you are starting an online business or brick-and-mortar store, it is must for you to know which forms of payments you are going to accept in your business. It is extremely important to know as it is such part that helps you to know how your business will earn revenue.
In this modern world of technology, not accepting credit cards at your online store decrease the amount of customers who are visiting and purchasing from your store.
Now-a-days, accepting credit card payment is highly important for eCommerce merchants, but it is also essential that a payment provider must support a merchant’s payment requirements like charge low fees and more. However, these requirements are emerging simple, and selecting the best payment provider from various options is not as easy as it sounds.
If you want to get involved with payments, it is a must for you to setup a merchant account that is similar to a bank account. This account can help you out with the
management of credit and debit card funds. Currently, lots of merchant accounts are there, and it depends on a retailer, whether he is accepting credit, debit cards online or both. As we all that the process of approving an account takes very long-time as it asks for in-depth documentation from the merchant. However, it is also possible that some retailers’ requests are rejected.
An e-commerce merchant can avoid this step by working with a payment provider, which collects several retailers into one single merchant account. The provider is taking on extra risk by following this step because all the merchants using the provider are going to be characterized by a single account.
Although, it can make the earlier setup a lot easier and the fee structure straight-forward. The two most popular examples of payment providers are PayPal and Amazon as both are using an aggregator merchant account.
When it comes to other useful options for the payment provider, they need to apply for a merchant account on behalf of the retailer. In order to link the retailer’s shopping cart to the merchant account, merchants need to locate a payment gateway provider after having a merchant account.
In many cases, a merchant account provider will also provide payment gateway services. However, that is not always the case. When it comes to important payment gateway features that can be used to evaluate, ease of use, ability to integrate with the commerce platform, fees are some of the best features.
So, if you are selecting the best ecommerce payment provider for your business, below mentioned 10 ways are great to judge the best ecommerce payment provider:
1st way – From how long the provider is in the business?
It is one of the most important points because a new payment provider comes with additional risk in the retailer’s environment, so it is better that you ask him, from how long he is in the business.
Retailers also need to remember that the lure of low fees will not impact the quality of service that he needs to offer to its shoppers. If the payment provider has been in the business from the last couple of years, be careful to hire his services.
2nd way – Does Provider have experience of working with existing commerce infrastructure?
There are lots of payment providers, who are providing plugins for different commerce platforms like Magento, Miva Merchant, Shopify and more. Therefore, it is essential to make sure that payment must work with the retailer’s shopping cart and will not need any expensive, custom integration.
3rd way – Is he offering a guarantee of accessibility and performance?
Shoppers will not be able to complete the purchase if particular payments platform is not obtainable. Sometimes, shoppers also face a slow payment process, and it can compel them to leave your store that result in increasing the cart abandonment rate. So, ensure that the payment provider give a guarantee of easy accessibility and rich performance.
4th way – Is Offered Payment Platform secure and acquiescent with PCI?
If the payment platform is not secure, both the retailer and its customers can lose money. No matter which payment platform you are using, but it must support security features including authorization, authentication, SSL and more. It is must that provider also compliant with PCI and other industry standards like HIPAA for health care.
5th way – Is Their Payment Gateway Integrated With Any Shopping Carts?
Make sure that you confirm with him is his payment gateway integrated with any shopping carts or not. If yes, then which shopping carts their payment gateway is currently integrated to. It will be helpful for you to choose a shopping cart that will have a simple yet effective integration with.
6th way – Is Payment Provider Offers built-in fraud management?
It is quite difficult for you to get another provider for fraud management and integrating with the main payments provider, so make sure to choose one such payment provider that offers built-in fraud management as it decreases the number of moving parts.
7th way – Are there any extra fees along with transaction rates?
It is must that all the fees must be forward facing, and you should ask your payment provider is there any additional fees along with transaction rates? You can ask them to provide all the cross-border fees, monthly maintenance fees, terminal fees and any other fees that you will be charged.
8th way – Does the payment provider operate internationally or not?
There are lots of retailers, who have customers or operations internationally as well, so the payment provider needs to offer the process credit and debit cards internationally too. Make sure to go with only one such payment provider, who offers international support also.
9th way – Is he offering 27/7 support?
For all the e-commerce retailers, it is essential that they get 27/7 support from their payment providers, so that payment glitches can be resolved as soon as possible.
10th way – Does he is offering references from actual customers?
In order to make sure that whether he is offering references from actual customers or not, you can talk with his few existing customers to verify that the provider does or not.
Definitely, there are some other questions as well that are related to choosing a payment provider that you cannot find here. You can share your views or suggestions by commenting below. Moreover, if you are looking forward for getting more information on e-commerce payment integration, you can click here.