Danny Dotson
Are you a business or product owner confused about how to collect money from your customers? The fact is that you can’t stay in business if you can’t sell to your customers.
So, if you’re confused about what payment gateway providers are and how to find the right one for our business, then you’re in the right place. Keep reading to learn everything you need to sell your product and collect payment from your customers online.
To embark on the journey of how to start a payment processing company, meticulous preparation is essential. Conduct extensive market research to identify your target audience and analyze competitors. Develop a comprehensive business plan outlining your services, pricing, and growth strategies. Register your company and ensure compliance with all relevant regulations. Build a robust and secure payment platform, and collaborate with banks and payment networks to establish credibility. Prioritize excellent customer support and stay updated with the latest industry trends and innovations to excel in this competitive space.
What Is a Payment Gateway?
A payment gateway is a service that will ensure your business can process payments on your online store, website, or app. Payment gateways give you access to several different payment merchants such as Apple Pay, PayPal, and others so you don’t have to set up separate systems with each one.
When a customer purchases from you, they need to be able to trust that their payment information is secure. And, concurrently, you need to be able to trust they’re giving you accurate information so you can get paid.
Fraudulent purchases cost businesses millions of dollars every year. You need a merchant that can quickly connect with the issuing bank, receive confirmation, and finalize the sale quickly.
Your client on the other hand wants to make their purchase and move on very quickly. Many studies have shown that one of the primary reasons for high shopping cart abandonment rates is waiting for the transaction to finish or needing to enter too much information. You need a processor that will make the process as short as possible for your customers.
So, you need a system that can process your customer’s payments, confirm authorization with the client bank or credit card network, and finalize the sale within about three seconds. Then you need to compare each different system to ensure they have the features you need.
Best Features You Need in Payment Gateway Providers
Every business has different functions and requirements that it needs to consider. Depending on what you’re selling and how you’re selling it will determine which provider is the best payment gateway for your business.
These are the seven top features you should compare when choosing your payment gateway provider:
- Offers Safety and Security
When your customer entrusts you with their financial information they need to be able to trust that you will treat it as securely as you would treat your own. This feature must be the first and most important one that you check with each provider you consider.
If they can’t show they have PCI Standard security then you won’t be providing your customers with the level of security they expect and deserve.
- Fees and Payment Structure
It costs money to do business. And a quality payment provider is worth paying for a quality service. However, that doesn’t mean you don’t need to do your due diligence to ensure that you’re getting a fair fee and payment structure so it doesn’t eat away at your profits.
- Offer Payment Plans
If you’re selling high-priced items it might be a good idea to offer payment plans to your customers. Many digital marketers are giving their customers the option to make payment plans over a set amount of time to spread out the cost.
And if this is something that you would like to provide to your customers, find out now if the provider you’re considering offers the ability to create payment plans.
- Available Globally
We live in a global society and if you want to scale your business to the international stage then you need to choose an online payment gateway provider that works with global banks and credit cards. Not all providers do this, so be sure to find out before you lock into a contract if this is important to you and your business.
- Mobile Ready
If your website and payment provider aren’t both mobile responsive then you’re missing out on the largest segment of the population. More people are using their phones over computers these days, and that includes making online purchases. Be sure your payment gateway is mobile-ready.
- Integrates With the Rest of Your Tech Stack
Before you start trying to incorporate your new payment application software into your tech stack take the time to ensure that they are in fact compatible. This will save you countless headaches and time that you can’t afford to spend working on connecting your various software programs.
- Great Customer Service
Lastly, you need to know what kind of customer service you can expect from your payment gateway provider. After you purchase you don’t want to find out that you can’t call anyone and that their business is in a very different time zone from you. You need to be able to troubleshoot any problems that may arise and get your questions answered quickly.
Find out what level of customer service support you can expect before your purchase.
Make Payment Processing Easier With the Right Provider
Now you know what payment gateway providers are and why they’re so important for your business. Use this features list as a checklist when you’re comparing different payment providers.
And don’t settle for anyone that doesn’t check all the boxes you need to provide great service to your customers and sell your amazing product. It’s time for you to take your business to the next level and increase your sales. And the first step is finding the best payment gateway available that fits that the needs of your business.
For more great information on this and other topics, check out the rest of our blog.
