Payment

How to Choose the Best Payment Gateway Provider for your Business

When choosing a payment gateway, there are several variables to consider even at Online Casino casino guide. Without further ado, let’s get straight into it.

Compatibility

If you are purchasing something different from your merchant account provider, ensure sure the two can work together. Check the integrations available if you are utilizing an eCommerce platform. If it does not, it has failed a major condition and should be removed from your shortlist.

Checkout experience and ability to customise UX

What is the user experience like when entering card information on a computer or a mobile device? In Q1 2021, 18 per cent of online buyers abandoned an item because the checkout process was too long or difficult.

A strong payment gateway will help you to optimize the customer experience at checkout, which has a big impact on your bottom line.

Offering payment options your customer wants

Offering your consumers the payment alternatives they want will minimize friction at the checkout page and boost sales. This might include new card kinds, such as Amex, new payment mechanisms, such as Apple Pay, or the ability to buy now and pay later.

Security & fraud prevention

Is it PCI compliant to the degree required by your company? Here’s how Visa determines the PCI levels that are required. Online payments are known for having a higher rate of chargebacks, and the supplier of your payment gateway will have an impact on how well fraud is prevented (and save you chargeback costs)

 Speed of payment

Some gateways are excruciatingly sluggish when it comes to transferring payments, so make sure you know how soon you can expect to get your money once it’s been settled (it typically takes 3 days).

Reporting & user interface

Some payment gateways’ user interfaces and reports are head and shoulders above the competition. They are not only simple and enjoyable to use, but they can also help you make better decisions.

International coverage

If you are taking foreign orders, you will want to be sure you can accept numerous currencies and card types. You should also confirm whether there are any additional fees for foreign payments and whether you need a merchant account in a specific country.

Payment gateway costs

There are several types of cost associated with a payment gateway that can be split into:

  • Set up (one off fixed fee)
  • Transactions (added to each transaction by associated the merchant account provider)
  • Admin & security (fixed monthly fees)

Above all, you need to make sure that you consider taking a look at some of these services before you even start using them. The above will walk you through everything you need to know.