As a business owner, choosing the best system or software for payment processing is crucial for the business. There are various parameters for comparing all the different payment processing companies and if their offers are the best. The comparison is what will ensure, that the business is paying the optimum rates for the best payment services.
E-commerce sites often require multiple payments option and currencies, thereby requiring a global payment processing system to ensure that everyone has an equal opportunity to pay in a secure and fast manner. Before committing, however, an entrepreneur should be sure that he or she has exhaustively compared all the benefits and drawbacks for each and every service provider for the best deal.
Comparison factors
Hosted versus integrated
Hosted requires customers to be taken to the hosting website for the completion of the payment; on the other hand, integrated will allow the customer to order and make the payment on the e-commerce site without being redirected to another platform.
Pricing
It goes without saying that this is one of the major contributors when it comes to choosing the right one. Comparing the different facilities offered by each company, that is relevant and affects the cost is imperative for sound business decisions.
Security compliances
The service providers should be in compliance with PCI DSS (Payment Card Industry Data Security Standards). This is the most basic security compilation, other security certificates or methods, depending on the type of transactions and also the initiative of the service provider to enforce security for all merchants and customers alike for the best service for global payment processing.
Merchant account
Many payment gateways require the merchant to open a merchant account, to transfer payments, and some others will transfer and manage without opening a special account.It works better for the merchant if the money can be transferred without a merchant account, as startups and small businesses mainly benefit from this arrangement.
Settlement time
Vital to running the business, is how fast does the money gets credited to the merchant account. It is the time taken for the funds to get credited to the account after the deduction of service fees.
Multiple currencies
This is pertinent for large e-commerce sites working in the global markets, whose customer base is large and varied. It is best to get a payment processing system that allows the e-commerce site to accept payment in the customers’ currency. It helps customers feel comfortable and minimizes chances of cart abandonment.
Different types of payments
Accepting various modes of payment is crucial to the business, especially in the global markets. Customers should be able to pay through their debit or credit cards and also be allowed to pay through bank transfers, direct debit, internet banking and digital wallets and so forth.
Status page
This is the place where merchants can view the service provider’s performance, with the downtime, reflecting the gateway’s reliability and availability.
Shopping carts
Plug-ins for payment gateways integrations is available, and is a great option, in case of faster integration, ensuring security at all times.
These are the main components that merchants should compare before committing to a service provider. Ensuring fast and secure payments with a global payment processing system is critical for the business to move forward, whether it is a startup or an established business.
