One of the most anticipated aspects of starting an online business is receiving the first payment on the service or product you are selling. The three primary players for an online payment transaction are the merchant, which is the business owner, the customer, and two technologies. Such technologies, namely, the payment gateway software and the payment processor, acting as the go-between, links both ends of the transaction.
The payment gateway connects the merchant’s website’s shopping cart to the card processing network. On the other hand, the payment processors software is a third-party company that performs a transaction by transferring data between the merchant and the merchant’s bank, as well as the credit or debit card of the customers with the customers’ bank.
Choosing the right payment processor system for your business is a crucial decision you need to make when setting up an eCommerce website. And the main reason is to ensure the success of your business. Here are the seven essential factors to consider when choosing the best payment processor system for your business.
PCI compliance is a way to make sure merchants are dealing with their customers’ bank records safely and securely. The PCI Data Security Standard is currently the industry’s guidelines, and searching for a payment processor that complies with the standards ensures merchants are meeting with PCI requirements.
Secure and reliable
Look for trusted payment processors software with systems that have never been breached. Also, ensure that the software is always available 24/7 with a backup system for emergency data security, retrieval, and checking.
Easy to use
It would be best if you choose a payment processor with an easy-to-use interface to ensure the system is set up and runs as soon as it’s needed. The solution should be easy to integrate and, at the same time, flexible.
Compatible with other software
To build successful business operations, every part of an online retail platform needs to work together in perfect harmony. The payment processor should also be compatible with any software the merchants have already incorporated in the site.
Fraud detection and prevention
There has been an increasing number of high-profile data breaches in prominent retailers, such as Home Depot and Target. It is essential for business owners to look for a payment processor that places considerable importance on safeguarding and protecting information. And this should include robust payment gateways to avoid fraud.
Secure payment gateways would integrate automated tools to help prevent credit card fraud, including the capability to detect and stop doubtful transactions.
Offer multiple payments options
Incorporating various payment options, such as debit or credit card, direct bank transfer, and Paypal, ensure that the customers go through the check-out process conveniently. The more payment methods an eCommerce website offers, the more likely customers will be purchasing from the site.
Accessible technical support and resources
As the business grows, additional needs will be required. A platform that offers excellent customer support ensures business owners get satisfying services that meet their growing company. Having decent customer support and a wealth of helpful resources also help merchants to troubleshoot issues as they arise.
Choosing the right payment processor that meets the company’s needs does not have to be complicated. However, considering the importance of payment processors in the equation paves for the success of a business. Start-ups need to put in a considerable amount of time and effort selecting the best ones that align with their business’ current and future objectives – a harmonious transaction workflow results in a higher volume of transactions when you have the right tools.