Why its Important to Choose the Right Payment Gateway for your Business

February 25, 2019 Payments

Are you starting out a new e-commerce business? Or are you using an existing payment gateway and are looking to explore different options? Choosing the right payment gateway for your business right from the beginning is crucial. In today’s post, we’ll discuss why its important to carefully consider before rushing into choosing one.

Why your business needs a payment gateway

Using a payment gateway can help you lessen the frequency of credit card fraud within online businesses. It can also drastically affect your conversions so choosing one that’s right for your business is crucial. Having a good one versus having a bad one could result in a high percentage of cart abandonments which no business owner likes to see.

1. Payment Types

The payment gateway you choose must also suit your customer. If you don’t have their preferred method of payment, you’ll run the risk of them leaving your site and going to your competitor’s. Nowadays, there are several number of payment types that gateways can process. The most traditional and common being the credit card entry. However, more options are now available such as digital wallets where only a password is required to complete a transaction.

2. Currency

Another aspect many people seem to forget about when choosing a payment gateway is making sure they support the currency your customer is going to want to pay in. Sure, you might start off just in your own country, but its important to plan ahead if you’re looking to expand into foreign markets. You’ll actually find that only a small percentage of payment solutions offer multi-currency which means your customers can pay in their currency. It’s also important to consider a payment gateway that can handle dynamic conversions so you make sure you’re not losing out on any money due to currency fluctuations.

That’s why we work with payment solution providers like Payoneer. Not only do they accept multiple currencies, they make it easy for your customers to pay their way.

Sign up for your Payoneer Account here to earn a $250 USD bonus when you sell $25,000 USD within 6 months! *Send us a message on my Facebook Page for an additional surprise once you sign up with your Payoneer ID.*

3. Transaction & Processing Fees

This is likely to be your first priority when you look at any payment gateway solution. There are quite a few fees to consider when choosing a solution. This could include setup fees, any ongoing monthly or yearly fees, transaction fees and even support fees. Additional fees might also include chargeback fees, refund fees and when a customer disputes a transaction. Having full knowledge of what you’re getting yourself into is important so it doesn’t end up affecting your bottom line.

4. Supported by your Website

This might seem like an obvious one, but you’ll be surprised how many e-commerce websites you go on that forcefully use a payment gateway that doesn’t integrate with their site well. Using a solution thats supported by your e-commerce platform or one that is able to be integrated via an API will mean your customers will have a seamless shopping experience. There’s no page redirects, no new windows that open. Just a beautiful, checkout experience that doesn’t make your customer think.

Read our previous blog post on how to expand your business globally.

Sign up for your Payoneer Account here to earn a $250 USD bonus when you sell $25,000 USD within 6 months! *Send us a message on my Facebook Page for an additional surprise once you sign up with your Payoneer ID.*

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