You are in the process of setting up an enterprise and at some point you will need to enable a payment system. With the perfect payment gateway, a person or an organization can make it easy for their customers to pay for products and services. Getting the right gateway can be tricky if you do not know the right pointers to getting the perfect one, be sure to check out thesoutherninstitute.com/cbd-oil-mexico-merchant-account/.
How a Payment Gateway Works.
A payment gateway is an application which allows a firm to securely request for payments from their customers. A good gateway payment should be able to:
•Verifies any potential customer’s information
•Verifies the funds from each customer’s method of payment.
•Approves requests after proper verifications.
How to Pick The Right Payment Gateway.
Below are some factors that will ensure you are able to pick the right payment gateway.
1). Fee Charges.
Ideally, the right payment gateway you select should have transparent charges that do not include any hidden charges. You should ask for an invoice of all possible charges one will encounter while in operation. Some common charges include:
– Setup fees.
– Monthly or annual subscription fees.
– Transaction fees.
– Processing fees.
– Contract termination fees.
There are increasing cases of businesses loosing money through fraud, employment of fraud prevention tools can help you reduce such losses. Get to find out what your potential payment gateways offer as their fraud prevention tools. Some of such tools include:
• Card Verification- usually in the form of a 4 digit PIN that is unique and only known to the individual card holder.
•Transaction IP Filter- A filter that isolates any suspicious activity from any single IP address for online payments that over certain amounts.
When getting the right payment gateway, find the perfect one that will be able to offer full time support to you and your potential customers. However, a potential payment gateway should have an easy user interface that requires less customer support.
Self-help options for individual customers to do a self troubleshoot can also be an added advantage to customers for convenience when they get stuck somewhere.
4. Application and Time Frame.
It is very important to find out how much time transactions and various processes take in the given payment gateway. If a transaction has been approved, how long will it take before you can process payments from the payee? What is the timeline for you to receive cash following a successful payment?
5) Supported currencies.
The potential payment gateway you select should be able to support the currencies you intend to bill your customers with. The system should also be operational within your location of operation. You do not want to go through middlemen to access your funds because they would have to dig into your profits. Other times, payment gateways will tend to offer multi-currency cards depending on your location and transaction currency. Such cards have different transaction fees.
When looking for the right payment gateway, it is good to factor in a variety of features in order to select the right payment gateway from your incubation stage.