Did You Consider These Five Things in Your Payment Provider?

Power Retail By Power Retail | 02 Jun 2022

The purpose of any payment processor is to make it as easy as possible for your consumers to pay you. Payment gateways not only make it simple for your consumers to make payments to you, but they also reflect these payments promptly on your end, which helps enhance your company’s cash flow.

Competition is fiercer than ever in the e-commerce and retail market —  and the implications of making the wrong decisions may be catastrophic for any company. 

So, your company should pick the ideal payment provider for your platforms and guarantee that it will give a tailored experience to your target audience.

We will walk you through the 5 things we look for before you decide on a payments partner.

Security

A secure payment gateway is essential to the success of your organisation. The most prevalent means of defrauding your customers and, in some instances, your company is online payment fraud. A data leak would be the last thing you’d want to happen. A secure payment gateway should be PCI complaint – A collection of best practices put together by a group of multinational corporations like Mastercard, Visa, and American Express. Your customers’ private information is protected efficiently. 

Pricing

The overall cost of a payment gateway is a crucial factor to consider when picking a payment gateway. Setup charges, monthly fees, and transaction fees are all included in the costs of utilising the payment gateway. Sometimes there are also hidden foreign exchange or maintenance fees.

The conditions and fees associated with using a payment option vary from one provider to another. There is often a gateway start-up cost, a monthly gateway usage fee, a trading account setup fee, and a commission for each transaction.

Consider the number and value of your transactions when comparing the best cost-effective solution, as this can change drastically between providers. There are no monthly, yearly, or setup costs with Novatti Payments, and the chargeback rate is low, allowing your business to function smoothly while saving money and offering excellent service at the same time. 

Ease of Use

Ease of use is sometimes overlooked, yet it is critical, and when we say ease of use, it should be equally easy to access and set up for the client and provide fast transactions for the customer. How easy it is for customers to perform the final purchasing step has an undeniable impact on their overall satisfaction with your service and if they complete the purchase.

Novatti Payments has a devoted customer base despite its relative infancy in the market. Many people rely on its easy-to-use features, integrations and cost-effectiveness. 

Features

Some features will make your life easier and allow your business to scale – features integrating the payment gateways with your system is another essential consideration. Weigh the pros and drawbacks of ensuring that your payment gateway can immediately integrate with your system and update invoices when a customer pays online.

One of the most important features of a payment gateway is its ability to accept payments from all over the world and in various currencies through localised payment channels. Customers should be able to pay in their own currency if they prefered. You should also look into any costs associated with converting payments into another currency.

APIs and technical support are crucial for long term development and third-party integrations. These functions are necessary and should be provided free of charge by payment service providers.

An example here would be NovattiPayments integrating with Chinese payment methods such as WeChat Pay, AliPay and UnionPay for your gateway. The majority of returning tourists and students do not have traditional credit cards, so you’d be missing an entire market segment if you couldn’t process these payment methods.

Customer Support

There is a slew of payment methods with little or automated customer care. These gateways may be cheaper in the short run, but not having support from your payments provider may lose you the ability to accept payments at all!

In Summary

Choosing the correct payment gateway is a critical business choice – you should always keep an eye on the market for new providers too. Your potential customer’s impression of your business will be primarily shaped by how quickly and reliably transactions and services are delivered. The success of a company depends on a fast and reliable payment partner.

Competition is fiercer than ever in the e-commerce and retail market —  and the implications of making the wrong decisions may be catastrophic for any company. 

So, your company should pick the ideal payment provider for your platforms and guarantee that it will give a tailored experience to your target audience.

We will walk you through the 5 things we look for before you decide on a payments partner.

The e-commerce landscape is changing. With a Power Retail Switched On membership, you get access to current e-commerce revenue and forecasting, traffic levels, average conversion rate, payment preferences and more!

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