As we all know, payment providers help merchants accept payments made online – they facilitate the exchange of customer’s payment information, to ultimately improve the checkout experience, making the payment process simple and convenient, both for the merchant, and the customer.
Nowadays, the market for payment services is highly competitive. Merchants can choose to use banks, payment providers – acquirers and aggregators. All of these kinds of companies can offer a secure payment solution that can be automated and simplified.
Choosing the right payment provider can be difficult – A lot of factors have to be taken into consideration with regards to the payment process you wish to have.
How can you know which payment provider to use, and which solution is the best?
Here are 10 things to look out for when you are looking to use a payment provider.
1. Low abandonment rates.
Card abandonment is a very important metric that any online merchant should always track. What percentage of your visitors abandon their shopping carts?
Usually, a high abandonment rate means your customer didn’t enjoy their experience with your website. If you’re unsure why your potential customers are leaving before completing any purchase, it could be due to long-winded checkout processes or limited options for payment.
It’s always best to think like a customer – Does your payment provider ensure a smooth checkout process? By switching providers, you can take hold of the checkout process to ensure you scale down the time it takes to get from click-through, to payment confirmation.
2. Dedicated support.
Different payment providers offer various forms of support including email, telephone support, chats and manuals.
Always ask yourself, are you happy with your payment provider support service?
Does it offer the support you need, and in the manner you’d prefer to receive it?
Long wait times and unreliable support are indicators to start to think about changing your current payment provider, as getting support instantly, every time, can give you more time to carry out the critical tasks during your day-to-day business.
3. Quick fix for technical issues.
There are certain requirements that come with getting a good enough payment provider software to work with. Of course, like with any other system, technical problems can appear, but do your own problems appear too often, and are they getting solved?
You should check if your payment provider offers live technical support, so when those kinds of issues come about, you can quickly resolve them without taking a huge chunk out of your day.
4. Bespoke security features.
Payment providers guarantee risk-free payments, and make sure all information is protected against theft and/or fraud. This feature is the main benefit stemming from most payment gateways, as data is protected across a secure environment during every step of a transaction.
Security is the first thing to look at for your store – Does your current payment provider have the steps and protocols in place to protect against fraud? If not, switching to a provider that can ensure these measures are in place will not only aid your credibility as a merchant, but will provide ease of mind to every customer that purchases from your online store.
5. Global quality standards.
As the market for payment providers is so saturated, it is wise to choose only those providers whose activities are confirmed by international certificates and licenses.
PCI DSS is a user data security standard developed by Visa and Mastercard. Are you planning to serve the needs of these bank cardholders without limiting the number of transactions?
If the answer is yes, you should ensure you choose a provider with PCI DSS LEVEL 1.
6. Convenient API connection
A secure API (application programming interface) is hosted to provide an open gateway.
As an API merchant, you will no longer need a team of developers to help you to integrate new payment options or improved security features.
You should specify with your payment provider how quickly and conveniently the API integrates with software systems, and clarify whether there is a set of all the necessary operations for making and managing payments, and whether the interface can be adapted.
The right payment gateway should be able quickly, easily, and securely integrate all the necessary features into your existing system, without the need for human support moving forward, as it can all be managed using remote programming within the portal via powerful computers.
7. Regular payment schedules that can be customised
Your payment provider should be able to ensure the clarity and regularity of payments, with detailed statements and reports on transactions.
The best kinds of payment providers, for the convenience of the client, offer them to choose their payment schedule. That can be once a week, once a month, and so on.
Having a regular payment schedule removes the need to manually withdraw funds to your business bank account, and instead gives you an accurate representation of your monthly sales revenue.
8. Global accessibility to customers
An E-Commerce business can work 24/7, servicing customers from anywhere in the world.
Think about whether your payment provider can represent your business interests in any corner of the world, without delay.
Does it offer multi-currency processing, supplemented with dynamic currency conversion?
Does your payment provider offer payment solutions in the countries where you do your business?
If they don’t, it will massively help your online business if you invest in a payment provider that offers this, as it can save your customers money on third-party fees that can often be unavoidable with rival merchants.
9. Relevant payment methods
For your business to be successful and accessible to customers around the world, you need to offer a range of payment options.
Choose a payment provider that can offer all of the most popular payment methods in the countries you aim to operate in.
There are many different payment solutions to choose from, such as e-wallets, mobile payment systems, and bank card payments. Depending on the industry one may be chosen over the other, most commonly used in Europe still are Visa and Mastercard.
10. Straightforward and upfront pricing
Payment providers can charge you for various types of commission. It can range anywhere from transaction fees, to monthly administrative fees.
Some providers charge a one-time fee for connection, while others can charge extra fees for additional products. Sometimes it happens that the payment provider at the time of sale gives you low rates, and then there are hidden commissions starting to appear.
By choosing a trusted and dedicated payment provider, you can ensure you know what you are paying for, every time, so you can budget for every sale, and every time period when bills might be due.
Think about all of the reasons mentioned above, and don’t be afraid to change your payment provider if you are not happy with their services.
A good way of selecting a payment provider is to analyse all of the available information the payment provider has on its official website, and it is also wise to read reviews and recommendations.
An individual payment solution should cater to a wide combination of different requirements. Having market-leading support and a user-friendly payment processing system are two of they key features of any good payment processing provider. A good payment provider can understand the needs of your business and help you in your business development.
Choose the best payment provider, choose Decta.
Decta is certified with the highest PCI DSS Level 1 standard, and holds Visa and Mastercard Principal Member status.