12 Considerations For Choosing a Payment Gateway Provider

Payment gateway providers facilitate brand awareness, ensuring business profitability.

Wednesday, November 3rd, 2021

According to Accenture’s 13th Annual, “Strategy Global Consumer Pulse Research Report”, it was discovered that in the year prior, 41% of consumers switched companies due to a “lack of trust” and “poor personalization.” This ended up costing businesses $756 billion. 

The key to delivering on these demands is to have a top-tier payment gateway.

Factors To Consider Before Choosing A Payment Gateway Provider

Payment gateway providers exist for just about any industry. The key is knowing what to look for when choosing a provider.  Here is a list of factors to look out for in selecting the best.

1.  Processing Speed

Customers want speed and efficiency in their transactions. Vice versa, the speed at which the money moves from your customer’s bank to yours is equally important. For high processing speeds, consider implementing a cloud transfer. 

2.  Security

The safety and security of sensitive financial information are a must. Ensure that your payment gateway provider offers top-tier security and anti-fraud protection, as well as a PCI-DSS certificate.

3.  Cost and Fees

The cost will largely depend on the market served, consistency of revenue, in-person versus online transactions, and frequency of transactions. It is important to examine the provider’s fee structure, as some may command set up fees and contracts. Others might even charge extra if a transaction volume is not reached. 

4.  Checkout On All Devices

Research has shown that the mobile payment market is expected to hit $4.57 billion by the year 2023. Online retailers must ensure that their payment gateway solution provides a checkout experience that is optimized for a variety of mobile devices.

5.  Easy Integration

Seek out a payment gateway solution that will not hamper the website’s user experience. Especially important is to provide as many payment methods to ensure customers can pay using their preferred method. 

6.  Make Sure Your Provider Allows Your Products 

Some providers service digital or physical products, but not both. Ensure that the provider you choose can service your product for long-term growth and reach revenue targets. 

7.  Consider The Features You Need

Seek out payment gateway features such as mobile access, omnichannel offerings, and EMV credit card processing. This will guarantee that your business will be equipped to accept payments through multiple channels, using a variety of methods, easily. 

8.  24/7 Customer Support

The ability to quickly resolve technical issues and other mishaps are vital to your business. Having a provider that offers live technical support around-the-clock protects your business from any downtime and in turn, loss of revenue. 

9.  Recurring Billing

Another great feature to consider is whether the payment gateway provider allows recurring billing. This capability allows merchants to set up an “automatic billing cycle” for their customers, ensuring a consistent income on a monthly basis. Subscription-based services businesses operate by using this recurring payment model. 

 10. Payment Location

Some payment gateway providers are configured to redirect customers off your website to complete a transaction. Most consumers are not too keen on this practice. It is often better to maintain trust and to ensure that all payments are completed directly on your website. 

11. Merchant Analytics

A first-rate payment gateway provider will give the merchant access to important analytical data such as what method of payment most of your customers use. This information is vital to improve any gaps in service. 

12. Straightforward Fund Management

The wrong payment gateway provider could subject businesses to “user-drops” and “failed transactions”. Reliable payment gateway providers must offer “easy management options” for all payments, this can include refunds, payouts, and disbursements. 

In Closing 

Selecting a payment gateway provider is by no means difficult or financially prohibitive, it simply comes down to being acutely aware of your needs for your business. 

By choosing a solid and reputable provider, you are developing a brand that earns the respect of your customers, facilitating many years of growth and profitability. 

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