Any business wishing to accept debit cards, credit cards, net banking, and other digital payment options must choose a payment gateway as part of their eCommerce ecosystem. It is a fundamental element using which businesses can offer a streamlined payment experience to their customers. At the same time, it smoothens the process of payment collection and management for the company.
Now that the concept of using a gateway is clear, let’s uncover some common mistakes businesses make when choosing one for their payment processes.
Limiting the Variety of Payment Methods
In today’s digital age, consumers expect more payment methods than ever. Whether the business sells products or services online, customers expect a wider choice of payment mediums for their convenience. If the selected gateway fails to provide such flexibility to meet the customers’ demands, the business may experience more shopping cart abandonments. Therefore, while looking for a payment provider, it’s crucial to opt for a vendor offering a varied selection of payment solutions. When it comes to payment options, the more, the better.
Missing the Fine Print and Processing Fees
Lower rates do not necessarily mean cheap overall costs when selecting a payment service provider. Some processors have variable rates or steep processing charges, making it challenging to estimate how much it will cost in the end. Some vendors charge higher for specific cards, making it an unpleasant surprise for the business. Therefore, it’s vital to pick a gateway with a transparent fee structure to avoid such shocks.
Selecting Based on the Price Alone
Although low processing charges seem excellent at the outset, choosing a gateway based on the price alone is inadvisable. There are several other factors a service provider must consider, including the variety of payment methods, security, APIs, etc.
Some sought-after features include payment links, an EMI calculator, and custom branded payment pages. The right choice can dramatically affect the business operations and revenue. Therefore, it’s crucial to spend time understanding security features, overall cost, ease of use, and technical support before finalising the selection.
Neglecting Security Features
The financial year 2021-2022 witnessed an increase in the volume of digital payments by around 33% YoY. Such a surge in digital payment volumes also saw a boost in frauds and data breaches. Since frauds can hit businesses and customers alike, ensuring robust security features in the payment gateway minimises fraud risk and builds loyalty. Ensuring protection compliance gives greater peace of mind, improves account security, and maintains a secure environment throughout the transaction.
When something goes wrong, the business needs a surety that its payment provider has its back. They may require expert knowledge and experience to deal with problems as they arise. Selecting a vendor without considering their support program is a huge mistake. The guidance of a helpful, knowledgeable payment service provider saves a business in times of complications.
All in all, a supportive gateway can be a significant factor and vital ally to ensure long-term success. While opting for a payment processor, picking one with a simple setup procedure is nice that requires minimal technical know-how. Look for a processor that resolves any issues related to the sales transactions and offers 24/7 support from a real person.
Since setting up the payment options takes effort and time, the processing company must provide ample technical support to streamline the task. Since every second of downtime impacts sales and harms a brand’s credibility, the processor should understand these challenges and provide dedicated team support to resolve any payment-related issues.
Sluggish Access to Funds
In case of suspicious activity, it may become challenging for a business to touch their own money for several days or weeks. This was a common occurrence during the early days of eCommerce. But today, payment processing companies need solid reasons to freeze money. Besides that, clearing an authentic sale that triggered an anti-fraud response must be a fast and straightforward process. It should not lock the business out of its account. Therefore, it is crucial to look for a payment provider that gives the clients quick access to their money.
Finding a suitable and secure payment gateway may seem to be a monumental task. But with careful research, understanding best practices, and avoiding these common mistakes, a business can find the right solution suitable for its digital payment needs. Every business owner needs a processor that makes the payments hassle-free and seamless. Hence, selecting the best service provider while avoiding these mistakes empowers a business to operate without customer attrition and unnecessary expenses.
Read More About Blogging Fort.