Finding the right payment service provider for your e-commerce business
Every e-commerce business needs a payment service. No matter what, the only way to sustain your business is by making money. If you are selling online, chances are your customers are not all from the same country or location as you. Without the right payment service, it will be a waste of time to sell because if you don’t get your money, then why are you selling?
I admit, not every new online business understands how to find the right payment service, and that is why this article is the best read for you right now. So that you know what I am talking about, let’s understand first, what a payment service is, so you know what you need.
What is payment service provider?
It is a third party payment services which allow a merchant to accept a broad range of payments through a single channel. The service involves the acquiring banks who are payment processors that enable payment transaction processes to take place entirely. The payment service provider gives your e-commerce business the capacity to accept a variety of payments including credit card, direct debit payment, bank-based payments, real-time online banking transfer and bank transfer. They not only facilitate a secure financial transaction for payment for goods and services, but they also ensure the security of your payment transactions so that your customers will feel confident releasing their payment details without fear of security threat.
How do you choose the right payment service provider?
Considering the critical nature of the services offered by a payment service provider, caution is required when selecting one for your business. Find your choice like choosing a life partner, the only one that gets picked should be that which meets your defined characteristics. It should be noted that you have choices when selecting a payment processor that is why we need to discuss the features of the right payment service provider so you can use that as the yardstick for your selection.
Features to look for in the right payment service provider
As I said earlier, you are not out of choices when choosing the right payment service provider. Therefore, you need to take your time to select one that meets your needs.
Below are things to look for in the right payment service provider:
Payment service is required everywhere you sell your product or service. You need a payment service provider that can provide for your customers’ need. Assuming going to a remote area where your business is currently focusing on local customers’ unique needs, only a payment service provider flexible enough to provide for your clients will be the right service provider you need to consider.
Many studies report high cart abandonment at the point of payment check out, and the reason mostly adduced to such development is poor processing procedures that get many customers confused. You want a payment service provider who will keep your customers on your site without redirecting them elsewhere to get confused and abandon the payment process. If you search well, you will find such providers with secure payment procedures.
Hassle free integration
The right payment service provider will have a payment system that can integrate faster and without bottleneck. Find out the technical details needed to integrate their system into your website and see if you are comfortable with the process. The right payment service provider will provide the APIs that help you integrate without sweating and completely hassle free.
Discuss with your prospective payment service provider what it will cost you to use the system. You need to know the fees to pay for using the service and how much it costs to process each transaction. Don’t settle for the first one you got, deepen your research on the fees and settle for the best fees that offer same excellent services as herein described. The right payment service provider will be transparent with its fees… make sure to check the fine print in the TOS as well.
The worry of most customers who shop online is the security of their money. In a world where scammers seem more than genuine people, you want to double check the safety of the prospective payment service provider before accepting to deal with them. Does it come with the best and industry compliant data encryption system? Is the company PCI compliant and how about the security technology at their disposal to guarantee peace of mind in a transaction? How about their fraud protection system, please check and be satisfied before saying yes to the service.
Reliable Support Service
Payment service is a product of financial technology which may get sometimes twisted, what backup services are in place to help you sort things out? Is the company responsive when you need them? One way to know is checking with existing customers or searching reviews to see how good their customer service is. If everything else but their CS is good, please don’t deal.
Reliable payment service is the life of your business. You may have 100% in marketing, have the best product and happy support staff ready to bring tons of customers on board, without the right payment service, all is zero. Pay more attention to your payment service and see how your conversion will triple in no time.