E-commerce is rapidly growing. Most tech companies have been providing a wide array of merchant services to e-commerce businesses worldwide. Online payment technology plays an important role in the building of e-commerce payment solutions. Most providers today face fierce competition to become the most widely accepted payment service across different sectors. Online payment technology has grown so much that it could be quite confusing when it comes to choosing the right solution for your e-commerce needs. Here are a few guidelines to help you choose to help you decide what is best.
What kind of payment solution are you looking for?
If you own a small business and manage everything on your own, you could probably use the service that your e-commerce supports best. However, payment gateways would require setting up a merchant account with the bank. Hence it all depends on the online payment technology solution that you select which would determine the amount of set up that is required.
Compare the fees
The online payment technology fees differ based on the services that you choose. There could also be some hidden costs, monthly or volume costs, or a percentage that is added to the flat rates that they charge. All these can impact your profitability in different ways. Hence it is best to compare your choices and see what impacts your business the most.
Are you looking for a hosted or an integrated solution?
A hosted payment solution redirects the customers to the payment processor’s platform to complete their payment information. The customer security and PCI compliance would lie in the hands of the provider. However, if you are looking for an e-commerce payment solution that allows you more control over the process and the brand, an integrated solution would be the answer. In an integrated solution, you would have full control of the checkout process and your customers need not leave the site to complete payment information.
Transacting process time
The time is taken for you to receive payment post the transaction could vary depending on how the service is set up and the payment solution that you choose. Comparing the various payment solutions would be the key to choosing the right online payment technology.
Analyze your target market
It is good to study your target market. Your target customers would prefer to pay with their own currencies. Some payment solutions charge an extra fee for receiving payments outside your home currencies. If you are planning to expand your e-commerce business internationally in the future, it is always best to choose an online payment technology service that can adapt to your future expansion and development plans.