So, you’ve officially set up your e-commerce website and ready to start selling. But have you thought about the right payment processing method you’re going to use? We’ll know that no serious business person will forget this crucial step.
Like any person new in the online business world, you must wonder how payments work and the right payment processing system to use. What are the available options for you, and how do they work?
Many businesses make the mistake of choosing the popular method. They don’t consider their unique business needs. This method might not work but will only expose you to payment fraud. Everybody knows the level of vulnerability in online transactions.
Now that brings us to the question. How do you choose the right payment processing method for your businesses? Find all your answers here.
Consider the Convenience
Just because a certain payment processing method is available in your location doesn’t mean that it will work for you. Convenience works more than the availability of the method. Consider how fast you need your payments done.
Will the payment processing method work for your business during agent needs? Or is it going to mess you up when you badly need to use it? Is the payment system effective in serving your customers?
Don’t forget to consider the overall functionalities and performance. All these will determine how fast your transactions work.
Consider Your Location
Thanks to technology, financial institutions have found ways to streamline cash flow globally. When traveling to a new place, you don’t have to worry because you can now carry your dollars and transact with ease at any payment processing center. All you need to do is convert the cash to the local currency, and you’re good to go.
Global online payments are also straightforward. As long as you have a valid card, you can make your payments from anywhere.
But if you’re a merchant, the case is quite different. Payment processors with merchant capabilities have limitations depending on your country. Not once do you meet messages like ‘we only support US-based merchant accounts.’
To avoid inconveniences, you should first confirm if the payment processor is supported in your location.
Review the list of countries that your processor supports and only sign up with those. A good rule of thumb is to go with more established ones such as PayPal as interruptions here are few.
Consider Your Customer Safety
Just because a certain payment processor such as Stripe payment processing works well for your business doesn’t mean it will work for your customers as well. Online shopping can be hectic, especially if customer privacy and security are not put into consideration.
Start by setting up a reliable website as this is where everything starts. A quality website won’t have any trouble running the most secure payment methods. Remember, you’re competing with more established merchants such as Amazon. Any hitch on your side can make you lose the customer.
Some payment gateways will enable you to customize the experience to reflect your logo, color palette, typeface. This way, your customers won’t have any problems redirected to a different website as they might not even notice it.
Look at the Feature of the Payment Processing Method
Payment processing methods come with several features that you can adopt depending on your business needs. For instance, if your business is available to customers globally, you’ll need global solution features such as acceptance of credit card payment processing or debit cards and support of different currencies across the globe.
Payment Processing Integration Method
The performance of a payment processor depends on how well it’s embedded in the network. It should be well integrated so that it can bond well with multiple services offered in your store. Both you and your customers benefit from uninterrupted data exchange and transactions.
You should never ignore the kind of integrations that come with your payment processor. Consider the e-commerce platform embedded in the network. After that, move to less crucial resources like marketing solutions and your analytics to benefit from the effects of integrated payments.
An effective payment processor should embed holistically with a wide range of platforms and applications used with ecommerce payment processing. They should also receive regular updates to keep up with the ever-changing nature of the website technology.
Mobile Payments Support
At the rate at which the mobile payment methods are evolving, it looks like it’s going to replace credit cards and point-of-sale payment sooner than you imagined. For anyone running a small business payment processing, you don’t expect to wait until this happens before you can do the necessary.
Mobile payments work together with payment processors to enable easy transfer of money from buyers to sellers using their mobile phones and other devices. There are mobile-optimized sites and branded apps that make this transfer easy.
Gateway payments power these mobile apps, which are optimized for different devices such as phones and tablets. Other customers use digital mobile wallets like Apple Pay, Samsung Pay, or Google Pay to make their mobile payments easy and convenient. Imagine the kind of flexibility this will give your business.
It All Narrows Down to Your Business
To choose a good payment processing system, you need to understand your business needs. Take time to figure out one that will work perfectly for your specific case. Remember, your business’s profitability and customer experience depend on the method you choose. You can also consider hiring an expert to help you choose the right payment processing system for your business.
About Author: Salwa Awad Quraishi
Writing marketing research reports, documenting the identified business problems and organizational change requests is often difficult for people within organizations. This is what I help them with. Join me on Linkedin.