Which are the best online payment methods?
There are so many things to consider before you choose the right payment methods for your business, so you need to make a strong research.
Find out what kind of payments your target market prefer the most. A lot of people want to pay by cards but there are also those who prefer local payment methods or bank transfers. Then, look for a seamless solution that will meet your business needs best.
The most important things you need to take into consideration are
The company location. Does the chosen payment provider support businesses from your country?
Your business model. Note that most providers have a list of businesses they don’t support (so-called high-risk industries) so, before starting the entire compliance process, make sure you won’t be rejected.
Your company’s reach - is it global or local? If you think about selling globally, you should find a payment gateway that gives you the possibility of accepting payments in various currencies to provide your customers with a local experience.
A technology. Make sure that the integration process will be simple enough so you can integrate a payment solution in hours, not weeks or months. Look also for a solution without redirections, make your payments as user-friendly as possible.
Security. Ask your future payment provider for all the safety requirements. Are they PCI compliant? Do they provide anti-fraud tools, non-invasive 3D Secure authentication, tokenisation, etc.?
Support. I know that it’s usually the last thing merchants think about when looking for a payment solution, but it’s also about your future customers. You (and your customers) need a sudden help when something goes wrong with payments on your site. Make sure that payment provider you want to choose comes with a very responsive team.
Sometimes it’s good to choose a few payment processors to make sure you provide all payment options your customers need. It also can help you to split the risk.
And last but not least, don’t try to choose the cheapest payment gateway. Find one that completely meets your needs and remember that the cheapest doesn’t always mean the best. Keep in mind that even if a solution seems cheap at a glance, it can come with extra or some hidden fees. Focus on the REAL cost.
Find out what kind of payments your target market prefer the most. A lot of people want to pay by cards but there are also those who prefer local payment methods or bank transfers. Then, look for a seamless solution that will meet your business needs best.
The most important things you need to take into consideration are
The company location. Does the chosen payment provider support businesses from your country?
Your business model. Note that most providers have a list of businesses they don’t support (so-called high-risk industries) so, before starting the entire compliance process, make sure you won’t be rejected.
Your company’s reach - is it global or local? If you think about selling globally, you should find a payment gateway that gives you the possibility of accepting payments in various currencies to provide your customers with a local experience.
A technology. Make sure that the integration process will be simple enough so you can integrate a payment solution in hours, not weeks or months. Look also for a solution without redirections, make your payments as user-friendly as possible.
Security. Ask your future payment provider for all the safety requirements. Are they PCI compliant? Do they provide anti-fraud tools, non-invasive 3D Secure authentication, tokenisation, etc.?
Support. I know that it’s usually the last thing merchants think about when looking for a payment solution, but it’s also about your future customers. You (and your customers) need a sudden help when something goes wrong with payments on your site. Make sure that payment provider you want to choose comes with a very responsive team.
Sometimes it’s good to choose a few payment processors to make sure you provide all payment options your customers need. It also can help you to split the risk.
And last but not least, don’t try to choose the cheapest payment gateway. Find one that completely meets your needs and remember that the cheapest doesn’t always mean the best. Keep in mind that even if a solution seems cheap at a glance, it can come with extra or some hidden fees. Focus on the REAL cost.
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