6 Crucial Things to Check Before You Select a Payment Gateway Provider – You may be an optimist in the field of e-commerce, and you may also be planning to launch your own e-commerce project in the near future. The trend is so strong and profitable that even physical businesses are opening their virtual stores to support their physical stores.
Business owners are often obsessed with their products, marketing strategy, services, website design, user experience, sales, and other aspects of an e-commerce business. Choosing a payment partner is often overlooked because it is considered a turnkey solution that requires no planning or consideration.
However, if you are already familiar with how to run an e-commerce business, then you must be aware of the fact that choosing a secure payment service is just as important as other aspects of the business. They can be very critical at times.
You must be excited to launch your operations on a global scale, harnessing the power of the internet, but accepting payments from different parts of the world simultaneously can be very challenging.
Choosing the right and safest payment service can solve almost 60% of your business problems. However, you also need to consider the following points to be successful with your e-commerce venture.
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1. Payment gateway compatibility
Come to the technical aspects of your website now. Check your API if you are technical. Or just organize a call between the site developer and the payment service provider’s technical team.
2. Customer support offered
Failures can happen at the most unexpected moment. Ensure that the payment provider you choose offers solid customer service so that your website is serviced on time and up and running as quickly as possible.
3. The rate of approval of the transaction
Like a busy mobile network, your portal may not be able to handle the huge influx of customers during peak hours. Are your transactions rejected by the system? In this case, you will lose these customers and will not be able to serve them.
4. Supported currencies
Research your target market and try to find out which currencies your customers use. Combine these currencies with the currencies supported by your payment service provider.
5. Availability of alternative payment options
Nowadays, people want flexibility and want to use the most convenient payment method for them. Make sure your payment service provider offers these types of options that are popular with your target audience.
6. Acceptance of various credit card schemes
Different credit cards offer different schemes and your payment gateway provider should be able to implement these schemes. If you want to enjoy a long-term partnership with your payment services partner, check out their fees and settlement plans.
Do a lot of market research before choosing a payment gateway service provider.
PayTabs is an innovative economy-focused payment solution created to provide buyers and sellers with advanced technology to make and receive payments.
PayTabs services offer a hassle-free online payment solution with the will to empower e-commerce businesses, especially small and medium-sized businesses to allow them to accept credit and debit payments at affordable rates to grow their business with stronger cash flows while still providing us with great profit opportunities. PayTabs also serves companies such as telecommunications and airlines.