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How to Choose the Right Online Payment Gateway Providers

Posted by PayTabs in Technology on July 27th, 2019

Picking from various online payment gateway providers can be an ordeal but it doesn’t have to feel so if you know about the factors you need to look for when searching for a reliable and efficient gateway. To make things a little bit more seamless for you, we have put together a list of criteria to make this evaluation process easier.

5 Common Mistakes in Online Payment Systems That Can Kill Your Conversion

The pricing structure and costs
You need to know what the costs of utilizing a PayTab payment gateway service is like. This includes setup fees, processing fees, registration fees, refund fees, cancellation fees and chargeback fees. Also, make sure you know whether you need to pay for monthly usage charges and per-transaction fees. Does it have a limit fee and are you charged extra when you convert currencies for foreign customers? Take into account these factors before deciding first and then decide.

How easy it is to setup and what is the cancellation process
Know whether the payment gateway requires you to possess a merchant account or whether it comes with a combined merchant account and payment gateway. Also understand whether the cancellation process is seamless or whether it locks you in for a specific period if you want to terminate services.

Does it offer adequate customer support?
It is important to have experienced and result oriented customer support whenever you need it and in the manner you want it. Get an idea about how prompt they are in their responses and whether the support team has the same working hours as you. Moreover, know whether the customer support comes at an extra charge and the kinds of ways in which they offer these services.

The aspect of integrated vs hosted
When looking at online payment gateway providers, you need to know whether it redirects your customers from your website to its own platform to collect payments that is a hosted payment method or whether customers do not have to leave your website to type in payment information and place orders as is true in an integrated payment method.

Data portability is important
You need to know whether it offers open data portability. Besides this, you need to pay attention to transaction success rate, security and fraud prevention capabilities and transaction success rate. Moreover, understand the payment methods it offers. In this case, check for internet banking, digital wallets and credit/debit cards.

Other than this, thinking about the settlement time/payout policy, checkout process and experience is also vital. Also know what are the reports it provides, and whether it comes with a smart dashboard so you can monitor and various operations seamlessly. Get to know whether the payment gateway seamlessly integrates with your shopping cart and if it supports multi-currency payments. So there you have it. Be certain to know that all of these elements work in your favor when you check for online payment gateway providers. This is sure to help you find a reliable and efficient gateway that ensures you can seamlessly conduct and look over online payments for your business.

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