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How to Choose a Payment Gateway Service Provider?

March 2, 2021

What are the main features one should look for while selecting a payment solutions service provider? As you go about setting up your e-commerce business in China, it is critical to choose the right ecommerce payment gateway for your website. We have listed a few important factors that you must consider to make an informed choice and offer the best service to your esteemed customers.

Methods of Integration

There are two main methods of integrating a payment gateway into your website, hosted gateway and non-hosted (integrated) gateway. A hassle-free integration method takes a load off your shoulders and helps you set up your business faster.

Pricing and Fees

• Pricing – Payment processing involves multiple financial institutions or organizations, and every party that participates in the transaction charges a processing fee. Every payment solutions provider has its own fee structure. You should carefully study and understand all the fees involved to avoid hidden fees or additional expenses.
• Merchant Account Options – A merchant account is an agreement between you (the merchant) and your bank or payment gateway service provider, through which you allow the bank or the service provider to process your transactions. Does the service provider offer a merchant account? If you already have a merchant account, look carefully at all the services that you are offered.
• Supported Payment Methods & Currencies – A good payment gateway will support all kinds of payments methods, such as credit card payments, debit card payments, mobile payments etc. Make sure that your payment gateway supports all the methods popular among your customers. If you have an international business, it is very important that your payment gateway should support multiple currencies.

Security

• Regulatory Compliance – Your customers expect the best from you, and it is your duty to offer them the most secure payment options. Your e-commerce payment gateway provider must follow international security standards like PCI-DSS.
• Passwords & Authentication – A complex password offers protection against theft of financial information. Multi-factor authentication is another important factor that your payment gateway must have.
• Data and Storage – Secure cloud storage, data encryption, using the latest operating system etc., are the other factors involved in making your payment gateway secure. Remember, keeping your customers’ data safe and secure is your responsibility.

Technical Support

• Support for All Devices & Operating Systems – Most businesses tend to overlook this factor while setting up their payment gateway. Support for all devices, including desktops, mobile phones, tablets etc. is crucial to enable a smooth transaction every time. Your payment gateway must also support multiple operating systems like Windows, IOS, Android etc.
• Ability to Scale Up – As your business grows, your payment gateway service provider must be able to support the increased volume of transactions through your website. Choose a service provider that helps you scale up your business with the latest artificial intelligence (AI) technology.
• 24/7 Customer Service – Your e-commerce website will see transactions happening at all times. The service provider that you choose must be able to offer 24/7 support. Check whether your service provider offers live technical support.

A good payment solutions gateway will improve client confidence, inspire trust, and protect you from fraudulent actions. It is always advisable to go for an established company that has a good record of accomplishment.