The number of e-commerce businesses is increasing, driven by the simple fact that more people now choose to shop in that manner. It has also meant that the number of companies providing payment solutions to merchants is also rising.
Using a range of options in this field can be fantastic but can also make it more difficult to decide which one will be the most acceptable for your business. Among the difficult choices many need to confront is that of which payment gateway is the best.
Here are some of the items to Take into Account Prior to making your choice:
1. Integration – before you look at some other aspects you first need to understand whether a given gateway can really be incorporated with your own shopping cart. The likelihood is that it may, however there are exceptions, so make sure you check this first before looking at other aspects.
2. Charges – this is very important to all businesses, especially start-ups. Find out what the installation charges are and remember to request the fees per transaction in addition to any monthly service fees. It's good to know beforehand the amount of transactions you're forecasting to make, as it makes it possible for you to choose the most acceptable tariff.
3. Security – it is crucial that you only use a Payment service provider (PSP) which is Level 1 PCI DSS Compliant. This means that their networks and servers are protected and can process massive numbers of transactions safely. Besides protecting you and your consumers it also requires a lot of hassle away from the company becoming compliant too.
4. Reports – every payment gateway will come with some sort of reporting programs, which will allow you to observe the trades made through your website. The caliber of the tools and the reports that they generate will vary from 1 supplier to the next, making it another thing you should compare when doing your research.