How you choose the right payment method for your e-commerce is essential for your business. Choosing the right one will assure your customer you are reliable, that your website is secure.
Taking payment from your online store is not an easy process but it doesn’t have to be impossible. Taking the time to narrow down your options is important. Today we will help you choose the right payment method for your e-commerce with the help of some important factors.
Going forward, when it comes to money it is important to take things slowly and take the following factors into consideration.
First, how your payment Gateway works, what are the main task it performs on your business.
- The payment Gateway verifies each customer’s billing information.
- It also authenticates funds for each customer’s payment method.
- Approves requests, allowing your store to issue a confirmation number.
- And most importantly, gets you paid!
First, you need to know how much a payment gateway will add up to your service. This is an important part of the choice-making. You need to make sure the service along with your financial goals and if it is sustainable for your business.
Before choosing a payment gateway you need to consider the final cost this will incur on every transaction made on your portal. The cost will involve the following: set-up fee, monthly fee, and transaction fee.
Type of cards:
To choose the right payment method, we also recommend taking into account the type of card they accept The most commonly used credit cards are Visa, MasterCard, and Amex. However, customers may want to make a transaction with their debit card another type of cards or diners club card. Make sure you know which card your gateway accepts
The holding time is important when choosing the right payment gateway. Because even when payments are accepted right away the money might take a few days before it settles on your account. These holding periods can vary from 1-7 days depending on the payment service provider.
When it comes to receiving payments online, the security of your payment gateway should be a high priority. Keep in mind that different payment gateways adhere to different security standards. Make sure that the gateway you choose is level-1 PCI DSS compliant.
Mobile payment support:
An important factor you need to know it that, 81% of Americans own a smartphone in 2019. This important fact only talks about the importance of having a gateway compatible with smartphones.
The e-commerce world is growing and more and more people purchase online. This means that you need to try hard to cover all the options for your customers to have easy and smooth experiences when buying your products.
In conclusion, choosing the right payment method for your store will require a little time and research. But it is important to do it and ensure a great service to your customers to make sure they will purchase again in your store.