Mr. Ravi Gupta is the Founder & CEO of SafexPay having more than 10years of experience in Payment Gateway, Digital wallet, Acquiring & E-commerce industry. SafexPay is an industry leader in payment gateway solutions, white-label payment gateways, white-label Neo-banking Platform, white-label QR Code management tool, Payout API, and Customized payment Solutions.
Here's what Mr. Ravi has got to say on How to Choose the Right Payment Gateway Provider -
If you're fixing a web store, one of the foremost important belongings you are going to be trying to find maybe a payment partner. With the proper payment gateway, your customers are going to be ready to pay with no hesitation on your website. But how do you identify the right payment gateway partner?
With the market crammed with many partners, it'll be difficult to settle on the proper one. In order to choose the correct one, you should do some R&D and consider the below-given points.
9 Factors to Consider While Choosing Payment Gateway Provider
1.Look into location and incorporation details
Most of the time, your payment gateway should be from the same country or location. The significance is also true.
2. What’s the pricing and fees?
Another important step is to understand the fee structure of the corporate. Many of the businesses fall into an equivalent fee structure with a touch variation. Never get lost in the offers of lower fees or discounts, as these could be a catch to attract clients. Ensure that your payment gateway offers a transparent fee structure without any hike.
3. What’s the technology?
Choose a payment partner that's supported by robust technology. Keep in mind that it shouldn't only give simple, user-friendly solutions but also protect all transactions from fraud. Payment gateway should also be secure enough to protect your customer data and must have a low processing fee.
4. How good is the support?
Working in an international market involves a lot of risks and issues that can be not good for your business. Hence support is an important factor to be considered and the partner should fix the problems instantly when you face them. The support should be easy, simple, and with no delay and waiting.
5. Does the operator offer worldwide payments?
Ensure that your payment partner accepts worldwide payments. If you want to grow your business on an international level and get global customers in the future, then you should go with a payment partner which accepts international payments.
6. What are the safety and security features?
A very critical need is to make sure the security and security of your consumers, once they do a web transaction. The majority of the fraud happens when payments are made online. There are many ways and layers of protection and you should ensure that your partner follows the highest level of safety features in order to avoid fraud. Here's a list of Top 10 Cybersecurity Companies in India.
7. Regular payments
Many payment gateway providers have different policies of payments and settlements. You should make sure that your partner provides a short-term payment and settlement process and you shouldn’t wait too long. Ensure that the value of the transfer and costs charged isn’t high. Check on the wire transfer fee by your partners as some charge a low fee while some ask for a higher fee. Keep the rolling reserves to a minimum.
8. Does it allow invoicing
Go for a payment partner which offers a built-in invoice service. It will make it easier to create instant invoices for the customers and also helps you rely only on one platform.
9. Reporting features
Ensure your payment partner offers you an in-depth report. Once the business begins, you'd want to review the transaction details and other charges applied while using the gateway. Try to accompany a gateway that gives a far better user experience.
There won’t be a “perfect payment gateway” that fulfills every business. But ensure you go that extra mile in order to get the right partner as a bad choice will cost you lose your money as well as your customers.
Must have tools for startups - Recommended by StartupTalky
Subscribe to StartupTalky
Get the latest insights delivered to you right in your inbox