Which payment gateway should I choose for my business

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Choosing payment gateway can be a tough choice, considering the variety of options in the market. We’ve come up with some quick questions to help you choose a payment gateway that’s right for you.

Start accepting payments now

With a merchant account and a reliable payment system provider, you’re all set to go. The setup process usually takes 3-4 weeks. There might be some providers thatcan get you started instantly.

Setting up a merchant account can be hard. So can obtaining one. Luckily, most payment gateways offer help with the process. This guide can tell you more about why you need a merchant account, and how to obtain one.

Business budget restrictions for payment gateway

Let’s be honest: business owners don’t like paying fees. Cost is a concern for both start-ups and major corporations. Before you sign up for a payment gateway, make sure you’re aware of their fee structure. There are different types of fees that may not be immediately apparent. You want to know what your total cost will be, which includes things like:

  • Set-up costs
  • Transaction costs, and
  • Admin costs

Funds availability

When you accept a payment, it can take up to a few days for the funds to be available. They will usually not be accessible until you receive a response from your payment gateway.

It can be frustrating to have to wait for your funds to be settled. Some gateway providers may even hold onto your money for up to 4 weeks while others can settlemoney the next day. It would be best if you find a gateway provider that pays out funds every day.

International payments

If you want to take international payments, then you should be sure the payment gateway has this option. Some gateways offer both the ability to take international payments and to speak multiple languages.

When you plan to collect online payments from international customers, it’s important to be aware of any additional fees. Are there any other costs, such as for accepting a multi-currency payment or for processing payments from another country? If so, will you need a merchant account in that country?

Security & compliance

When it comes to payment security, the words ‘never’, ‘always’, and ‘all’ are not the most fitting. Different providers offer different degrees of security. Most importantly, make sure your provider is PCI DSS compliant and offer strong built-in security capabilities such as tokenization

To safeguard against criminals, you should always use protection and screening tools. For example, most gateways offer tools to define the people or places that can pay you. It’s especially important to use these if you’ll be accepting payments from strangers.

Business support provided by payment gateway

The customer experience is often undervalued. It can hurt your business down the line if you don’t take it seriously. When you’re looking for a payment gateway, make sure to find one that offers support when you need it and in a way that suits your needs.

Questions you might want to ask are:

What type of customer service do they offer?

Do they offer email support?

Are they responsive?

Where are they based?

Do you pay for customer support?

To start, find out how your payment gateway provider handles the initial experience and do research on other customers’ experiences.

The types of cards payment gateway can handle

You want to collect payments from the entire world, but your payment gateway only accepts Visa and Mastercard. If you collect international payments, make sure you’re looking into what types of cards it supports.

 

 

 

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