As a controller, director of finance or an executive officer, choosing the right payment gateway is one of your most important choices in order to improve efficiency and maintain an eCommerce powered website.
Choose wisely. Ensure that you really understand what you are getting into. The wrong payment gateway may not fit your needs, impact your resources, and make it difficult to achieve and maintain PCI compliance. (What is PCI Compliance? Learn more here.)
So why switch?
Below are a few points of consideration when switching payment gateways:
Features. As you gain more online customers, it’s important to consider which features are necessary to help maintain and grow your business. Is your current gateway fitting the needs of your online store? Do my customers need recurring billing? Do I need to charge a customer’s card for future purchases? If you need to make your online store more effective, you may want to consider switching.
Your business is growing. It’s time to use a more efficient system that reduces your fees as sales increase and your business scales. Can the new gateway make my eCommerce site more cost effective?
PCI Compliance. Online business is always at risk of data information security. As technology grows, fraudsters also become more competent. Ask yourself, Is my business up to date with credit card security standards? Are we at risk of compromising customers’ personal information?
Tips for making your choice easier
Identify your needs. This is a given. Make a plan. Know what you want before you start looking, it will be much easier to narrow down the right gateway.
Customer Service/Work with someone you trust. Find a payments provider that will maintain a solid business relationship with you. Online business is 24/7. You can’t risk working with someone who doesn’t care about you as a client. Do they understand my payment gateway needs and the nature of my online business? Will they provide adequate support? Are they able to reduce my costs? Work with a company that has exceptional customer service and can prove their loyalty to you.
Industry specific experience. Ensure that your relationship manager has experience implementing the solution you are looking for. Ask them for an example about their experience! Are they going to make it easy for my development team to implement the payment gateway? Would you go ice climbing with someone who is inexperienced? Work with a professional that understands the nature of your business.
Selecting the right payment gateway is a decision that should be given much consideration and not taken lightly.
Have a question? Don’t be shy!
Should you have more questions on gateways, eCommerce, merchant accounts and payment processing, give us a call.
We’ll help you find a solution that meets your needs. If we can’t, we’ll give you the best advice in the industry. After all, we are a customer service focused payments consultancy. Contact us here.