Choosing An Online Payment Gateway

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If you run an online business, selecting the right online payment gateway is a must. All e-commerce service providers have to use a payment gateway to authorize electronic payments using debit or credit cards.

A few tips to choose a first-rate payment gateway like Powercash are:

See if it’s compatible with your business model.

The first thing to do when selecting an online payment gateway is to check its compatibility with the business model you have. Check the gateway website for businesses not supported and if your business is among any of the categories mentioned there. There are primarily three types of gateway services. These are low and medium-risk providers for e-commerce. Another kind is the high-risk for businesses with greater chargeback as per the product or service on offer. You need to determine which type your business is categorized.

Business outreach.

Are you targeting a specific market locally or on a global scale? This will help to decide if you require a global or local gateway. For a local audience, you need a local service that’s linked to local banking institutions. They will offer an account with an attractive fee structure to process local payments. For a global market, you need to select a gateway that gives support to multiple types of card vendors and currencies with the option of alternative payments.

Quality of customer service.

One of the most important factors to consider when selecting a gateway is the kind of customer support they provide. Being technical, anything can go wrong at any time, and the gateway after sales service should be prompt in resolving the issue at hand. Getting virtual support from the technical team with troubleshooting tips won’t always help. Having a ticketing system isn’t always an efficient service, too. The gateway provider must offer 24/7 live support with fast response time for any issue. Examine customer support before deciding to use a payment service provider.

Verify the security measures.

Security is of paramount importance when opting for a payment gateway service provider. They have to cover all aspects of customer safety without any banking data or information compromised in any manner. It should offer fail-proof security measures to ensure customers’ safety at all times. The business’ payments need to be completely secure from hacking or phishing, or any other form of cyber threat. Confirm the level of security protocol they use and check reviews of security measures in use. Commit to working with them only after ascertaining it’s completely safe and secure.

Check the price and fees structure.

You need to confirm the amount or profit you’ll earn from every single sale provided by the payment service provider. It should be competitive and suit your payment structure. Never fall prey to marketing ploys of companies that offer the very low fees and have hidden charges involved. Instead, opt for a moderately priced payment provider that offers a transparent fees structure instead. Also, ensure they offer a decent conversion rate.

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