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4 solid tips to help choose the best online payment gateway

Tag: tips and tricks

4-solid-tips-to-help-choose-the-best-online-payment-gateway
Mohab Growth Hacks 0

A payment gateway is one of the most important components of an ecommerce venture. With a secure payment gateway, you can ensure the safety of your business as well as of your clients’. In these tough times, payment gateways have become a soft target for scammers and hackers. If your business is dependent upon online payments, then it is necessary to take proper steps to ensure the robustness of these online payment systems. There are several criteria which should be kept in mind when choosing a secure online payment gateway. Listed below are some tips will help you find the right one.

Protection against Cyber Attacks:

A secure payment gateway is the one which can protect yours as well as your clients’ data. With the growing scope of online shopping, the segment come under phishing and spamming attacks. It is important that your payment gateway is able to provide protection against such attacks. This is generally ensured by employing latest technological tools to defend your data from being stolen. These cyber attacks may not only impact your data but also your reputation in the market. Therefore, it is essential to pick your online payment gateway after thorough consideration.

Also Read: Top 3 things to consider while choosing a payment gateway for your business

Pay Attention to Chargebacks:

Another metric which can help you gauge the impact of a secure payment gateway is the number of chargebacks. A company generally faces two types of chargebacks — distribution chargebacks and consumer chargebacks. Both are detrimental to the business in long run. Distribution chargebacks are generally more difficult to recoup. The ideal solution is to minimize the incidences. Consumer chargebacks, on the other hand, are generally caused by unscrupulous clients. If they are making payments through stolen or otherwise ill-gotten means then such payments are bound to fail, leading to chargebacks. You should choose an online payment gateway which is able to minimize chargeback related issues.

Proper Integration:

Incorporating an online payment gateway on your website is no longer a tedious task. However, you should still ensure that the integration of the payment gateway is seamless and secure. This is important to provide fast and reliable experience to your clients. You should also ensure that various software used by you such as online store software, shipping database and cart software are compatible with your online payment gateway system. Any technological loophole can make your system vulnerable to cyber attacks and threats. Your software should also be compatible with your website and hardware to provide smooth experience to your clients.

            Also Read: Tips To Choose the Right Payment Integration Method for Your Ecommerce Site

Secure Data Storage:

Another important feature to look for in an online payment gateway is the data storage process. However, data storage is an expensive proposition. You may have to limit the amount of data that may be stored. You should properly carry out the cost benefit analysis of data storage facility provided by your online payment gateway system. Payment gateways like PayTabs provide optimum solutions in this regard. Furthermore, the system should also have proper checks and balances in place to weed out dubious transactions. These solutions should use technologies such as fraud scrubbing and anti-theft software to enhance their credentials and provide the best possible services.

Also Read:9 Things to Look For In a Payment Gateway

3 years ago
top-5-signs-that-youve-outgrown-your-payment-service-provider
Mohab Growth Hacks 0

Every online business needs a reliable and trustworthy payment service provider to reap profits and bring in more traffic. It forms a crucial part of the business’s structure. As it allows them to generate revenue and ensure the liquidity of their concern. However, if your payment service provider is not able to keep up with the growth of your business and changes in the technological environment, it may be time to reconsider your partnership with your provider. Here are some of the top signs that you need to upgrade your online payment system and provider.

  • No Regular Updates:

Since an online payment system is critical for any business, it is important that your provider offers you the latest services. Apart from the range of services, it is also imperative that your provider upgrades the system to provide smooth services. As online payment systems are highly technological in nature, it needs to evolve with changes in circumstances. However, if your service provider does not provide such updates on regular basis, it is time to change your provider. The slow response rate may also hamper the effectiveness of your payment system, causing undue inconvenience to your clients. Smooth communication and updates are essential to keep the system running in a perfect manner. So that your clients get the best possible service.

  • No Customization:

Customization is essential to ensure that your online payment system is in line with the requirements of your client base. And your existing service provider may be offering the same payment solution to all their clients. However, this type of off-the-shelf payment system is not likely to be the best for your business. It is essential that you properly identify your market and your customer base. Then design your online payment system to meet their distinct requirements. Further, your service provider should also be dynamic enough to change the payment system in line with the changes in your business. If your online payment service provider is not able to customize your system to suit the changed environment, then you should consider changing your provider.

  • Complicated Process:

A payment system is a complex system, consisting of several steps. However, you need to ensure that the process is quick for your customers. In order to achieve these contradictory goals, you should carry out periodic testing of your system, and make sure that it is not unduly complex for the customers. The system may also get complicated over a period of time due to alternations or addition of certain features. Thus, the payment process should be designed in such a manner that it can be upgraded in future without making it cumbersome.

  • Low Monetization Options:

New payment systems are cropping up every day. And they are offering multiple payment options to make the shopper’s experience easy and enjoyable. So, if your service provider is not able to provide you multiple payment options, it is highly likely that even your loyal customer base will eventually migrate to other businesses. Essentially, customers should have the flexibility to choose from different payment options to complete their transactions. Further, the service provider should also offer you the option to monetize your engagement. This generally works through a revenue sharing model, where you are paid a certain percentage of the volume of business generated. If your service provider is not offering you any such service, then you might want to change your provider.

  • Limited Support:

Today’s dynamic businesses need different options and if your provider is not able to provide such options, then your clientele may suffer unnecessarily. Also, your service provider should be able to offer timely and adequate crisis resolution support. Multiple channels should be available to reach your provider in case some issue crops up. Ideally, you should also have emergency access to a support system. Which goes above and beyond their usual crisis resolution methods. A smooth-running payment system is essential for any business and even a single problem may cause a big dent in its market reputation. So, if your online payment service provider is not able to provide you reliable support, it is time to move on.

All in all, a robust online payment system forms the backbone of any modern business nowadays. So, it is vital to choose a payment provider that can grow with you and meet your changing needs. So that a smooth experience is always guaranteed for you and your customers.

3 years ago
here-is-everything-you-need-to-know-about-merchant-accounts
Mohab Ecommerce 0

Have you always dreamt of running your business smoothly and efficiently? What do you know about merchant accounts? Well, proper management of cash flows is an integral part of it. If you are looking to set up a new business or even if you are already running one, you need to look at your cash flows to ensure that you maintain proper liquidity at all times. Opening a merchant account can help you in streamlining your cashflows and get proper control over your finances. There are several merchant account solutions available these days. In order to choose the right one for your business, here are some tips you can follow.

Know what a merchant account is:

In order to obtain the best merchant account to meet your business requirements, first make sure that you are knowledgeable about the different features of a merchant account. A merchant account is a type of bank account which enables a business to accept payments through debit and credit cards in addition to several other types of electronic payment solutions. You will need to collaborate with a payment processor for this purpose. However, you should also note that not all merchant accounts are created equally. Shop around to see what type of merchant account is able to meet your specific requirements. You should pay attention to your business size, growth rate and future plans to pick the right kind of payment partner.

            Also Read: Merchant Account Vs. Payment Gateway: What’s The Difference?

Pay attention to fees and costs:

While a merchant account will help you in keeping your business financially efficient, you should be aware that these services come at a cost. Hence, it is important that you pay proper attention to all the fees. Generally, these costs may be divided into two categories, which are upfront or setup costs and operating costs. There are many merchant accounts which may come with nil set up fees too. However, before making any decision, focus on operating costs as well since these are the costs you will have to pay for the entire duration of your merchant account. If the costs are charged on the basis of volume, then keep your growth rate in mind, since these costs tend to add up real fast.

Pay attention to hardware and software:

Every merchant account deals with both hardware and software. It is vital that you gauge the efficiency and security of these services. Hardware generally includes payment terminals, which are required for payment processing. Such hardware may be leased or given to you outright. Make sure that you fully understand all the charges involved and that there are no surprises. For software, you should ensure that the system can seamlessly integrate with your existing business setup. Pay attention to the fine print in terms of cancellation, withdrawals and other charges.

            Also Read:5 Common Myths about Merchant Accounts Processing That Can Lead You Astray

Customer service and support:

When you decide to engage an online payment processor, you should look into the customer service and support provided by them. Payment processing is complex and there will be times when you will require urgent customer care. You should ensure that your provider is able to process your grievances promptly. There should also be provision for self-service so that you are able to fix minor issues and minimize the potential damage. The customer service should be available through different channels such as emails and telephone. However, in some cases, you may also arrange for a dedicated account executive.

Flexibility and customization:

Your online payment processor should be able to provide you customizable features so that your system can be adapted to accommodate the requirements of your business. It should be tailor-made to ensure that you are able to offer the best possible services to your clients. It should also be flexible so that it can provide for your expanding business. You may want to offer diverse payment options to your clients too and your payment processor should be in a position to accommodate such changes.

            Also Read: Top 7 Most Common Merchant Account Complaints that Can be a Red Flag

Merchant accounts are extremely important for online businesses and should be chosen carefully after due deliberation. And by following the above guidelines, you can bring positive changes to your online business.

3 years ago
how-to-increase-sales-by-improving-your-customers-buying-journey
Mohab Customer Experience 0

A customer’s buying journey is a path of interactions with the business. It covers all the points from the discovery to the final phase of purchase. In order to make your ecommerce business more effective, it is important to make this journey as smooth as possible. The idea is to stop the customer from leaving midway through the buying process. While every customer has their own unique buying journey, there are certain guidelines which an online business can follow to make the process more convenient and approachable.

Personalize:

As each customer is unique, it is imperative for an online business to ensure that the individual needs of a customer are properly met. This important strategy to attract online customers can take several different forms. You may have to personalize your website linguistically if you are catering to customers from different countries. You may also need to bring about customization for accepting different currencies. Ideally, online businesses should use progressive web apps methodology to give their clients a seamless experience. Personalization ensures that your clients are able to carry out their business in the most efficient manner possible. However, it should also be ensured that your website is still quick to load even after customization.

Attention to Analytics:

Data has become an important tool for online businesses everywhere. Organizations use data to devise new strategies, with an aim to make the buying journey of a customer smoother and increase sales online. It will also help in decreasing payment friction, which is one of the most prominent reasons behind cart abandonment. Another important step to take in this regard is to revamp your checkout page. Your website may also offer the choice to save some of the vital information, so that the customer does not have to add details every time they carry out a transaction. This will save time and energy of the customer.

Make it Interactive and Immersive:

Studies have shown that the customers react positively to online businesses that offer interactive and immersive experience. Since online transactions lack the personal rapport, the ecommerce businesses need to make an effort to replicate the real-life experience to increase sales online. This will also allow the clients to make informed decisions, further reducing the likelihood of incomplete buying journey. This step will also help in optimizing the product return ratio, where the clients had to send back the products which did not meet their requirements. As experience becomes more interactive and immersive, the buying journey will also become more productive.

Also Read: Boost sales conversion with the right payment integration strategy

Offer Assistance:

As online buying journey lack the personal touch, it is important that your website offers maximum possible assistance to the clients. There are several automated tools available in the market for implementing this strategy to attract online customers. Whether you choose to employ a chatbot or install a live chat function, it is highly likely that your clients will appreciate this additional help. These steps will also enhance customer engagement, leading to a loyal client base. Even if your business is not in position to offer 24/7 helpline, communicating official hours to your customers will increase the engagement level.

Identify Pain Points:

Since buying journey is a continuous process, it is important to recognize various pain points which hinder the smooth experience for clients. For some customers, the problem may lie with product discovery while others may face issues while checking out. To resolve these issues, it is important to look at the data generated through these transactions and undertake remedial measures. It is also vital that you update your online business with latest technological tools to boost safety and security.

Also Read: Grow Your Business by Offering Alternative Payment Options

4 years ago
Top E-commerce Tips to Beat the Coronavirus Pandemic
Mohab Covid19 Resources 0

The coronavirus outbreak, followed by lockdowns and social distancing practices, has made it essential for almost everyone to go online and shop for everyday items. The impact of this ongoing crisis has been profound on the e-commerce landscape. While some e-commerce segments are thriving, some others are facing major hurdles. However, as a whole, the e-commerce industry has adapted itself to the changed circumstances in a quick and timely manner. Online businesses have undertaken multiple steps to ensure that their customers receive the best possible services during these challenging times. You too can check out some of the top tips to thrive during this pandemic and keep your business up and running.

  • Focus on social media: While restrictions on the movement of goods and people may have impacted your business in a negative manner, keep in mind that these restrictions are forcing people to spend more time on the internet, consuming social media content. So, this is the best time to fully harness the potential of social media platforms and ramp up your engagement strategy. You can create timely and impactful content and media to remain in contact with your existing clientele and to expand into new market segments. The focus on social media will also ensure that your loyal customers continue to remain so in future as well.

 

  • Upgrade your website and infrastructure: Technology is constantly changing, and often, you may not be able to catch up with the latest trends. This is especially true during normal times when your business is thriving and you do not want to risk any breakdown or interruption of the services. However, the pandemic has changed the concept of normalcy drastically, and you must make sure to use this downtime in a constructive manner. So, try and make changes to your website and other areas of your business such as optimizing your logistics. You can try a new layout for your online store or install a new and improved checkout system. Relatively low business volume will make it easy for you to customize the new changes till you zero in on one that suits you the best.

 

  • Engage your customer base: The pandemic has also brought you a unique opportunity to spend some time connecting with your customer base. However, your efforts need not be restricted to your existing clients, as you may want to engage with untapped areas of your target markets. Now, there are several ways to build a connection with your present and prospective clients. You can engage in community services at the local level, which may provide you an opportunity to know your client base better. You can also arrange an online charity drive and fundraising events. These steps will earn you the much needed social reputation while letting you help your community.

 

  • Revamp your financials and records: If you have been planning to try out a new billing system or bookkeeping software, then this is the right time to do so. During busy times, it may not seem appropriate to try out new things as they may lead to disruption of services. So, you can use this downtime for testing things and procedures which may have long term impact on your business. Once your business picks up again, these little tweaks may bring about substantial efficiency. Additionally, installing these systems will also make your business more customer-friendly.

 

  • Network more: While it is natural that you would want to use this downtime for engaging your customers, it is also prudent to ensure that you widen your network in other areas. This temporary slump has provided you an excellent opportunity to engage with other stakeholders in your business, such as your investors and other collaborators. So, take this time to work on new financial strategies with your investors. You may also want to fine tune your upcoming marketing campaigns. Similarly, remain in close contact with your creative partners too, such as artists, graphic designers etc. You can use this time to chart strategies which can be implemented once things go back to normal.

To conclude, keep these easy tips in mind and make the best use of the time available during this breakout. Lockdowns won’t be forever and you should be prepared when they end.

4 years ago