Modern Business America
Modern Business America

Deciding the right payment gateway for your business

Deciding the right payment gateway for your business

 

When we look at MSMEs, we classify them as micro, small or medium businesses, but their impacts are huge and invaluable. They are the backbone of our country’s economy because of their high employment share and value addition. It is very important for an MSME to invest in the right payment gateway system to establish itself in a more confident and pervasive manner.

The right payment gateway makes it easier for customers to pay for the services or goods that they like. But a majority of businesses struggle to decide on the right payment gateway for their line of product or service. When a business is local, there are a lot of options. But when it starts attracting the attention and interest of foreign countries, it can become very hard to choose an efficient and centralized payment gateway system.

How Payment Gateways Work

Payment gateways are applications that allow one to request for payments from customers through secure means. After a customer clicks ‘Order’, a payment gateway will handle the following steps:

  • Verify each customer’s billing information
  • Verify funds for payment method
  • Approve requests
  • Get the payment from the customer

Mistakes to Avoid When Deciding on a Payment Gateway

 

1.Go for everything low-cost

A low price is likely to catch one’s attention in the first instance. If the plan is priced very low, one should look closely at the benefits that come with it. Will it be enough to improve productivity? Or, will it take the company through a comprehensive process?

Besides, one must always be careful of hidden costs or other features that may need one to pay extra money. In such cases, one should not hurry in paying the charges. One should do a thorough calculation rather than having to get into unnecessary arguments later.

 

2.Have fewer payment options

A lack of payment options can put one at a serious disadvantage. If one is targeting the local market, one must make sure most local banks are covered for online banking and other important options, such as credit and debit card payments. However, some customers have several restrictions, such as age or location. Such restrictions may make them ask for a cash payment option and, if one fails to offer that, the opportunity to sell might be lost.

 

3.Have too much security concerns

It is good to have security concerns. But, if one chooses a payment gateway approved by the central bank or a regulatory authority, one is in good hands and all worries should be dispelled. It is undeniable that this concern hangs over businesses that are time- or data-sensitive. One must ensure the payment gateway complies with security standards, such as PCI-DSS to protect customer information.

 

4.Pick an unsuitable plan

While selecting a plan, one must remember to take into account the volume and potential volume. One must not choose a small plan when one has a large volume. If one chooses a wrong plan, one may fail to capture many payments and this may lead to customers blaming the company and losing trust.

 

5.Set up everything by oneself

If one wants the work to be easy, one must pay attention to the processes involved in the set-up, such as integration and so on and the ones that need involvement. One should make the payment gateway team work on a specific process that requires their expertise. If one gets involved in too much work, it means that the support provided is not enough.

 

6.Not thinking of other options

One must not commit too quickly to choosing a payment gateway for the sake of having it. One should look at other options that could work better with the needs of the business. One should also take time to ask around and compare, so that there are no regrets afterwards.

 

7.Overlook the competitor’s choice

In the cut-throat competition, one should never turn a blind eye to what is happening in competitors’ businesses. If they are good, in which aspects are they good? One should find out how their payment process is different. One must try to evaluate the things that customers will actually need. That will help a business bounce back with the services of a payment gateway of one’s choice.

 

What to look for in a payment gateway

  • Integration Options: One must go for a payment gateway that invests in innovation and technology so that integration with the company’s CMS, marketing and sales tools is easier.
  • Multiple Currencies: If one has international customers, asking them to pay in their own currency will improve transparency.
  • Easy Set-up: A good payment gateway already has all the processes set beforehand without the need to invest any time.

 

 

 

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