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Things to Consider before Choosing Your Online Payment Service Provider

July 21, 2020

E-payment technology is slowly catching up and most people these days prefer to do their transactions online rather than use traditional methods such as cash, cheque, or cards. It is very important to choose the right service providers for your business. Here are a few things to keep in mind before you choose your online payment service provider.

1. Payment Security

One of the most important aspects of choosing the right online payment service provider is security. Choose a processor that uses the latest technology to safeguard your customers’ payments. Make use of technologies such as point to point encryption, fraud management tools, and other technologies to secure payments. Also, there are various methods that you can use to check if a service provider is safe or not. Make sure that the service provider has all the necessary permits by the central bank or the local financial regulator and those they comply with all the rules and regulations.

2. Payment Processing Fees

Although online payment service providers may provide attractive rates, one must be aware of all the hidden costs. Many times, these costs can blow a hole in your pockets if you are not careful. Hence it is always safer to do a comparison of the costs of different payment service providers before committing to one provider. It is also good to be well aware of all their charges beforehand. Some of the fees include a monthly fee, processing fees, subscription fees, fees for missing monthly quotas, etc. This can become too expensive and hence make sure you calculate the final costs before settling on a particular provider.

3. User-Friendliness and Maintenance Ease

Most online payment service providers allow you to set up a test account. It is better to test and see if the provider is user friendly, not just for yourself but also for your customers. The easier the check-out procedure, the higher will be the conversion rates. While it comes to maintenance, you wouldn’t want to be troubleshooting your payment environment constantly as it would hinder your business. Easy maintenance is necessary so that the business runs smoothly. 

4. Customer Support

Some online payment service providers may stay with you only till you set up and may disappear when you face problems, leaving your wondering how to fix it. Hence it is always best to choose a service provider that has good customer support whom you can reach via email, chat, or phone who can deal with any issues that you may encounter.

5. Payment Methods

Lastly, choose an online payment service provider that offers you the exact payment methods that you need. You could also list out the various payment methods that you may need before actually choosing the payment gateway for your business.