With rapid E-commercialization and fourfold increase in online transactions, payment gateways have become a major aspect in the forefront. It can be loosely compared to the point of sale terminals at shops and restaurants for card transactions.
Well, now if you are a business and have several transactions in a month, you need to consider a payment gateway based on your priorities. As you seek payment gateway solutions, here are the 5 questions you need to ask yourself before going to a provider.
1. How soon do you need the payment gateway?
It takes 3-4 months to set up the payment gateway and merchant account. However, some payment gateways like PayPal don’t require that much time as they allow without any merchant account. It would take more time to set up merchant accounts for other payment gateways, depending on several factors.
2. How much you can spend on payment gateway?
We know you have a budget and want to stick with it. If you have relatively low transactions on the line, then you would like to avoid the high setup costs and monthly charges. Those with higher transactions will need to consider a bigger figure.
3. How much secure is the payment gateway?
This is a question that you can’t do without. Collect as much information as you can about the encryption standards, protection standards and other issues of data security.
4. What type of cards the payment gateway will accept?
You need to know this in case of international payments. Typically, VISA, MasterCard and American Express cards are accepted.
5. What about the integration?
Learn about the integration procedures because the faster it gets done, the more convenient it will be for you.