Are you launching a new merchant business, and you need a payment gateway service to work with?
Perhaps you’ve scoured the internet with the intention of finding the best ones, but you couldn’t really tell the difference between the ones you saw.
Don’t fret; you’re not alone.
Choosing a payment gateway service is no simple task, and lots of merchant owners find it difficult deciding on the company to go with. Many of them who rush into the process, without first acquainting themselves with the details involved, only find out they’ve made a terrible mistake after losing thousands of dollars to fraudsters and chargebacks.
To ensure you don’t suffer the same unfortunate fate as theirs, it’s important that you know what to look out for when choosing the payment gateway service provider you want to work with.
So the next time you go online to search for a name, bear the following points in mind.
PRO TIP: You may never have a reason to search online again if you visit the website of the multi-award-winning payment gateway service provider – iPayTotal – today. Their payment gateway service is definitely unrivaled by anyone in the industry.
Fraud and chargeback protection
First and foremost, a good payment gateway service must have fraud and chargeback prevention at the forefront of the service they’re delivering. But how will you know that the company you’re choosing has this in mind?
Simply go to their website and check for the following features:
- High-risk merchant account support
- Validation services
- Purchase tracking
- Certified Level 1 Payment Card Industry Security Standards Council (PCI DSS)
- Point-to-point encryption (P2PE)
- Fraud management filters
The idea here is to identify the company that has the best fraud and chargeback prevention system in place.
Luckily for you, iPayTotal fulfills all the features above. Don’t believe me? Check out the company’s website to see for yourself.
Payment Processing Fees
Obviously, you want to keep all processing fees as low as possible. The more money you have to pay, the lower your profits become. Therefore, it pays to shop around for providers that offer the most attractive rates — but be careful.
Nominal processing fees are not the only way that payment providers make money. There are also hidden charges that can affect your bottom line. Don’t forget about factors like:
- Fees for terminals and other leased equipment.
- Early termination penalties and charges.
- Fees for exceeding maximum monthly quotas.
Smooth integration process
Every merchant business operates differently. And as such, a payment gateway system that works for merchant A might not work smoothly with the business system of merchant B. So, when you’re choosing a payment processing company, be sure to check whether they offer business-specific integration services. That is, are they able to create a payment gateway that syncs perfectly with the existing systems in the company?
Once again, iPayTotal prides itself as one of the best payment processors in this regard.
Multi-currency payment methods
Your inability to accept payments in the local currencies of buyers can be a huge turn-off for most shoppers. Unfortunately, it is really not in your capacity as a merchant owner to decide what currency customers can pay with. That’s the job of the payment processor.
Multi-currency, cross-border transactions often require new bank accounts (e.g., high-risk merchant account), new business entities, and new regulatory hurdles in each national market. Selecting a payment service provider with the necessary infrastructure in place can provide effective, immediate solutions to those problems.
For instance, if you choose one of the high-risk payment processors like iPayTotal, you can easily collect payments from shoppers in their local currencies and get credited in your merchant account in your home currency.
Average Transaction Amounts and Frequency
Many payment providers offer tiered pricing based on transaction frequencies and amounts. You should choose a package that fits your current needs in the here and now. After all, if you miss or exceed these transaction limits, you’ll end up paying more than necessary.
Ultimately, you want a payment provider that can quickly adjust to your needs as your business continues to expand. Ideally, you should be able to switch review your pricing with a dedicated account manager on a quarterly basis to determine any cost-saving changes.