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eCommerce has exploded in popularity over the past decade or so. As a result, even more people and businesses are taking advantage of it. That doesn’t mean that everyone knows what they’re doing or understands everything, however.
If you find yourself in this position, you might be confused by the payment side of things. One chief aspect of this is payment gateway providers, which could sound confusing. These essentially allow your customers to securely pay you online.
You might already know what these are but might find it hard to figure out what the best payment gateway provider is. After all, this can often be hard to judge. How do you do so? There are several factors to consider.
What You Should Look For In A Payment Gateway Provider
Scalability
If you’re starting your eCommerce activities or are a start-up, you mightn’t need a payment gateway provider that’s too large. Instead, you might only need a few minor things. Over time, however, your company will need more and more features and support.
Can your provider scale alongside you? If they can’t, you could find yourself much more restricted than you want. As a result, you’ll end up needing to change providers, which can be a chore. The best payment gateway providers will scale alongside you for as long as you do business.
Safety & Security
Large retailers and other experienced eCommerce professionals go to great lengths to make their websites as secure as possible. That extends to their payment systems. Customers have come to expect this, which means you’ll need to as well.
Regardless of what you’re selling, you’ll be indirectly or directly going up against the likes of Amazon. The security your payment system has should rival this. At a minimum, it should be enough to make your customers feel secure when paying.
To do this, you should ensure that your payment gateway provider is certified for implementing industry-standard security features. That will also prevent any hacks or leaks of customer information.
Fees & Service Agreements
The ongoing costs associated with a payment provider can add up quite quickly if you’re not careful. The pricing will typically be based on the method of payment, the amount of money involved in a sale, and much more. For instance, in-person sales may be charged differently by a provider than online ones.
Take these differences into consideration and compare them with your business plan. Many providers will also take a percentage of each sale. The rate they take can vary drastically from one provider to another. As a result, you’ll need to pay particular attention to how much you’ll be charged.
There are also the likes of setup fees, account maintenance costs, and much more that could apply. These can add up, especially when coupled with the other costs associated with running a business.
You should make sure that these are costs that you can afford and are comfortable with. It’s worth comparing different providers to make sure that you’re getting the best deal possible.
Picking the best payment gateway provider can be difficult. By taking the time to compare and contrast different areas, however, you can choose the right one for your eCommerce business.