With U.S. businesses earning an estimated $394.9 billion from e-commerce sales in 2016, making sure you’re equipped to accept online payments is more important now than ever.
However, before you can offer your customers the convenience of purchasing online, you’ll need to choose a payments gateway provider to integrate with your current payment system. But with so many payments gateway providers to choose from, finding the right one for your business can be overwhelming and confusing. So what factors should you take into consideration when looking for your ideal provider?
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 toward creating a positive experience in your customers’ minds.
Technology and functionality
Gateway providers need to offer you the functionality that best suits your business and appeals to your customers. Ideally, you want a gateway which is easy to integrate into your current system and a provider which is always looking to prioritise user experience and ease of use. This is especially important with the growing number of people making purchases on their mobile device.
Pricing, fees and service value
While gateway providers who offer lower fees may seem like an attractive option, they don’t always mean the best value for your business. When considering gateway providers, look for a transparent fee structure, hidden fees in the fine print, conversion rate, and value-added services.
No one wants to lose a sale due to a technical glitch. Similarly, not being able to accept a payment because you’re confused about how your gateway processor works can be a massive headache. Make sure whichever gateway provider you’re considering offers thorough customer and technical support, preferably with live assistance from a responsive team or account manager.
Even if you offer the best product or service possible, unless customers feel secure and at ease while shopping on your site, sales will be few and far between.
Before choosing a gateway provider make sure they meet these minimum requirements:
- Payment Card Industry Data Security Standard (PCI DSS) compliance on their end
- Maximum protection of cardholder data, including card information storing, tokenization, verification from card brands, etc
- Tools to help you meet and maintain PCI compliance for your business
Recommendations from peers
Perhaps the best way to choose your payments gateway is getting recommendations from other online retailers you trust. You may be able to pick up tips and pointers from fellow business owners who have already gone through the selection process.