Using secure internet connections payment gateways is an e-commerce service that processes, verifies and accepts or declines direct payments or credit card processing on behalf of merchants. Payment gateways play a vital role in any e-commerce business as it helps to transfer the information regarding a transaction between payment portal and the front-end processor or bank. It makes sure that customer data is encrypted and secure. But sometimes, it just happens that you choose a wrong payment gateway, which will not be good for your business. Listed below are 5 mistakes to avoid while choosing payment gateway.
Going with Everything Low-Cost
Whenever you see low cost, it is human nature to automatically catches your eyes. But while choosing any payment gateway, you should avoid this. If the plan is priced low, give it a closer look by looking into its benefits, which come together with the price. And just ask yourself, will it be enough to improve your productivity?
Giving Too Less Payment Options
This factor will put your business at a serious disadvantage. Just make sure if you’re targeting local market, then your payment gateway should cover all the local banks for online banking and other also valuable options such as debit or credit cards. Some of the customers have age and location restrictions.
Losing Fast Access to Your Money
It is a straightforward process, working with a payment gateway to clear valid sales that may call on to the fraud protection monitoring, like international sales, irregular transactions or sudden rise in sales volume. Just make sure and look after such gateways that are likely to provide you with the quickest access to the money you earn from online sales.
Having Too Many Security Concerns
While choosing a payment gateway, it is for sure to look after for security concerns. But only if you choose a gateway that has totally been approved by the central bank or any other regular party, then you’re in a good hand and you don’t have to worry about all your transactions. Just make sure that PCI-DSS is compiled with your payment gateway to protect your customer’s information.
Not Thinking about Ease of Setup or Support Availability
You’ll require some technical knowledge before setting up any payment gateway. Take the job as a challenge for yourself without having any tech skills, and you can run the risks of frustration, lost time, and lost customers. If your business is online, you must have a full support team.
Avoid these mistakes while choosing a payment gateway so that you can make the most out of this solution.