What kind of payments do you accept on your online business? Find out how to choose a payment gateway that works here in this article.
When you are running a business that accepts payments online, you need to make sure that you have the right payment gateway installed. The last thing you want is to put potential customers off from making that final purchasebecause you do not accept a trusted payment type or because your network appears to be not secure. So, to help you find the perfect payment gateway, we thought we would offer some tips and tricks. Read on to hear what these are.
Research Your Options
First things first, you need to make sure that you are looking into all of the options on offer before you make that final decision. You may be tempted to go for the obvious payment gateways like Visa or MasterCard, but have you considered e-wallets? There are actually tons of options now for business owners to choose from so research is a key step in this process. Begin by looking at your competitors’ site and see what they are using. Then, look into these methods to see if they will work for you.
Consider What Your Customer’s Trust
Customer trust is a very important factor when you are choosing a payment gateway for your business. If your customers don’t trust your payment providers, they won’t commit to making a purchase. This could have a direct impact on how many sales you make online as they might go somewhere else where they can find payment providers that they recognise and trust.
One of the best examples, in this instance, comes from the online gaming industry. The competition between sites is high, and casinos accepting major credit and debit card providers like Visa and MasterCard will no doubt represent a better choice to customers who are keen to have fun in a way that keeps their sensitive details secure.
However, you will find that other payment platforms are trusted by customers, such as PayPal. Look into customer trust and consider doing a survey to find your answer.
Are There Fees Attached?
As a business owner, the fees that come with any of these payment gateway options are very important. You won’t want to have to pay large fees on every single transaction and you won’t want that fee to be transferred to your customers either. The fees will affect the overall sales and the eventual profit that you make. So, look into transaction fees and see if you can find something that works. Each payment gateway will price their service in a different way so don’t ignore this important step.
Quicker Processing Options
Finally, you should consider the processing times that each payment method you are considering offers. If transactions are slow, this could have an impact on the overall productivity of your business. Customers could be left waiting around for their products due to a delay or if they can withdraw money from their account, they might have to wait a few days longer with some methods. Typically, you’ll find that e-wallets offer the quickest transaction time so this might be worth looking into a bit further. You should be able to find this information online easily enough.
Find The Right Option
It is possible to accept payments from more than one provider and so this might be something that you should consider for your online business. Don’t fall into the trap of simply offering the leading debit and credit card providers as your customers might be looking for an e-wallet option. Look into all of the options and read up on the terms and conditions for the merchant and the customer. This way, you should be able to find the right option for your business and start making those online sales happen a bit more quickly.
Websites by Masterhouse
Masterhouse Media is an innovative digital consulting agency from Vancouver, BC specializing in web development and mobile apps. Masterhouse is best known for launching the popular Internet portal Clubvibes.com in 1999, one of the first social media platforms on the Internet. The company is currently focused on building digital strategies and premium websites for clients. Find out more at masterhouse.net
