How to Choose the Best Payment Gateway for Your Business - Roamsoft Technologies Blog
Assuming you are a developing business hoping to smooth out your customers’ payment process and work on your cash flow, you should now be very certain that online payments via payment gateways are the most effective way to go. Payment gateways entryways not just make it simple for your customers to pay you, these Payments reflect instantly your end and improve your cash flow. To begin getting online payments, you really want a secure system set up, that will allow you to deal with sensitive customer data and basically, this is what a payment gateway does: it approves online payments and charges your customers’ credit/Debit cards securely.
Payment gateways accomplish by completing three things done:
Important factors of Payment gateway:
Cost
The most important thing you need to consider while choosing a payment gateway is the total cost that you’ll incur. The costs involved in using a payment gateway.
Types of cards allowed
The most commonly used credit cards are Visa, MasterCard, and Amex. All of these card types are accepted by most payment gateways. However, if your customers usually pay you using other card types, such as a debit card or a Diners Club card, you need to make sure that your payment gateways support that card.
Holding time
Even though payments are usually approved almost immediately, the money is held for a few days before it is settled to your account. This is to allow for the handling of refunds and charge-backs. These holding periods can vary from 1-7 days depending on the payment service provider. You can choose to wait or get paid immediately, depending on your cash flow.
Multiple currency support
If you do business internationally, you need to make sure that your payment gateway can handle payments in different currencies and from different countries. It is of utmost importance to let your customers pay in their currency. You’ll also want to, check for fees involved in foreign currency transactions.
Recurring billing
If you run a subscription-based business, you need to pick a payment gateway that’s equipped to handle all the moving parts that go into recurring billing. Any provider you choose needs to be able to save and store customer details for future transactions, automatically charge credit cards on preset subscription schedules, and offer retry options for failed transactions. Otherwise, you may have to do all this additional work manually.
Security
When it comes to receiving payments online, because you’re storing sensitive financial information, the security of your payment gateway should be a high priority. Keep in mind that different payment gateways adhere to different security standards.
Mobile payment support
A majority of customers shop using mobile phones and tablets now, so it’s important to select a gateway that can support payments made from mobile devices as well. This will give your customers the flexibility to pay you regardless of what device they use.
Limits
There are some payment gateways that set an upper limit on the transaction amount that you can process per month. This might not be a problem for small businesses. However, if yours is a business that deals with high-value goods or processes a large number of transactions, you need to be aware of any such limits, as you may lose potential customers.
When looking for the best payment gateway software, many of the characteristics mentioned above should be at the top of your list. PCI compliance, API functionality, tokenization and encryption, and global payment capability are some of the features many businesses will want. Most payment gateway software providers offer some or all of these necessary features. Be sure to research the fees charged by the payment gateway software provider.
These can vary based on several criteria, such as the type of business and the number of expected transactions. This inference is the perfect element for the payment gateway for all your efficient payments.you need to begin now.
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