Finding the right payment gateway can be a daunting task as there are many options to choose from. In addition, these gateways seem to have similar features. If you want to find the right payment gateway, then this article was written with you in mind.
As a business owner, you should look for a payment gateway that will meet your needs and enable your business payments to run without any hitches. So, without further ado, here are some tips that will help you find the right payment gateway that will suit your needs:
Look for a payment gateway with a good reputation
Reputation is one of the most important things to consider when looking for a payment gateway. Therefore, it may be a good idea to consider the reputation of the payment gateway you want to choose.
Consider the fees charged by the payment gateway
It is a good idea to consider the fees charged by a payment gateway so that you can know whether or not you will be saving money by using a certain payment gateway. The costs you will incur when using a payment gateway include set-up fee, transaction fee and monthly fee.
When looking for a good payment gateway, consider the value and volume of your transactions. For instance, if your value for your transactions is usually not high, then it may be a good idea to consider the transaction fees.
On the other hand, if your business deals in high-value transactions, then it may be a good idea to look for payment gateways that provide services at a certain monthly fee and at a low transaction fee. How you will be Dealing with Identity Theft on Social Security Cards
Consider the holding time
Although payments are often approved almost immediately, money will be held for some days before being settled into your account. This is to enable handling of refunds and chargebacks.
The holding time usually varies depending on the payment gateway. Some payment services require only one day while others need up to 7 days. Therefore, you can choose to get paid immediately or to wait depending on your cash flow.
Consider upper limits
Some of the payment gateways have an upper limit on how much you can process per month. This may not be problematic for small businesses. However, it may be a problem for businesses that deal with high value goods or those that process a large number of transactions. Therefore, it is a good idea to consider limits when looking for a payment gateway for your business.
Look for a payment gateway that supports mobile payments
Since most of the customers nowadays use mobile and tablets to transact, look for a payment gateway that supports mobile payments. This will be convenient to your customers as they will be able to pay regardless of the device they use.
Choose a secure payment gateway
It is important to look for a secure payment gateway as payment online include storing sensitive financial information. Different payment gateways adhere to different security standards. Some of them protect their clients from fraudulent transactions using fraud detection and other screening tools. learn more with us