The 6 step guide to choose the perfect payment gateway company
Before you can get geared up to getting your online business’ momentum perpetually running, there are a few obstacles that need to be overcome. The primary one is choosing the payment gateway that will best suit your needs and requirements. This simple yet helpful guide will allow you to be one step closer to finally starting your own online business with the flexibility it grants to customers.
What is a payment gateway?
An online business will not be labeled a business if it does not grant the customer to make transactions through electronic means. A payment gateway does exactly that; it processes the customer’s credit or debit card information which allows them to make transactions when looking to purchase a product or a chain of products. One highlight that a payment gateway solution serves to the business owner is that it can easily integrate to the website’s shopping cart software.
1. Thoroughly check your website’s hosting options
Before moving expeditiously to choose your payment gateway company, you would do well to check your website’s hosting service in order to confirm whether or not the host can provide payment gateway services that you can quickly assimilate on your site. There are several ways to confirm this. Checking the website’s control panel or the online shop’s admin page are the first places where you should start.
2. Check to see the available options that you have
While there are a myriad number of payment gateways available, finding one that provides the services that you require as well as charges an amount that will not make your wallet feel considerably lighter by the end of the month is going to require thorough amounts of research on your part. In order to avoid compatibility issues, you should check which gateways your shopping cart software supports. Some of the commonly used gateways are as follows:
3. How much can you actually pay for the service?
This is the part where it all comes down to; how much is it going to charge you? Typically, a payment gateway will charge you for ‘one time only’ setup fee, afterwards which you will be required to pay a monthly fee, and then charge a small amount for each transaction that has been successfully processed. Alternatively, you can also choose to pick an external gateway for payment processing. Direct payment gateways conduct the payment process from within your store while external gateways redirect the customer to another webpage to conduct their transactions. Choosing a direct gateway will be a ‘plus one’ for you if you want your customers to have a good impression on your website’s professional aesthetics.
4. Other features that the payment gateways are offering
In addition to providing customers the facility to process payments digitally, some payment gateways also offer additional services which include online invoicing solutions. If you feel that this will further supplement the service for your customers, they you can choose the gateway which provides such services.
5. Sign up for a merchant account
After thoroughly researching on which payment gateway will suits your needs, it is time that you move on to the next step; signing up for a merchant account. A merchant account is an account which will create a digital bridge between your account and your payment gateway. This bridge will allow you to receive payments from the customer. Keep in mind that merchant accounts are also subjected to charging you per transaction as well so it is paramount that you do conduct copious amounts of research in searching which bank offers the best service for the opening of a merchant account.
6. Signing up for your payment gateway
After everything has been added to your checklist, you will be provided with the necessary information needed to put to your online business’ software. The most common will be a username and a password, while in some cases; you might also be provided an ID and an authorization file.
With this guide, your hunt for a suitable payment gateway as well as a merchant account will finally reap the fruits of your efforts.