Factors To Consider Before Selecting The Right Payment Gateway For Your Retail Business

For retailers who conduct their business online

, it is important to have a means of safely and securely accepting internet transactions. A payment gateway is a special service that internet retailers use that can securely pass the customer's credit card numbers and other private information to the merchant and their bank. No two gateways are the same so doing a little research is crucial in selecting the right payment gateway for your retail business.

It's important that internet retailers pick a payment gateway that will suite their business's every need. Factors such as whether or not you plan to accept foreign currency, fees, long term costs, security, and integration should all be considered. Make a decision with your business strengths and long term financial goals in mind.

If you are planning on targeting your products to the overseas market you will need a gateway to help accept foreign currency. This process can be a tedious and confusing one, a company that can walk you through it would be helpful. Look into payment gateways with low money conversion fees. While gateways that accept multiple kinds of currencies are more expensive, they are well worth it when you consider the price of your customers' peace of mind.

For younger online businesses a gateway with lower long term costs is a good start. These cheaper payment gateways offer retailers the ability to accept most credit card payments without charging any monthly or setup fees. They instead have a fixed transaction fee that is simply a small percentage of sales. The downside to working with these cheaper companies is that services and payments will be considerably slower.

Many payment gateways charge excessive fees which, in addition to ones from the acquired bank, can be quite overwhelming for some smaller businesses. There are a few services that, when paired with certain banks, charge slightly less setup and monthly fees. Know exactly how much your business can afford to spend before deciding on a service provider.

Gateway companies need to securely send sensitive information through the internet. Because of this they are commonly lucrative targets for hackers. It is extremely critical to take customer security seriously. Choose a payment gateway with a good reputation and one with an accountability statement so that even if the unthinkable happens, the money can be quickly refunded.

A retail website's shopping cart service is the backbone of its income. They are popular in that they allow for 24/7 secure transactions and confidentially reduce customer concerns. Do your research and be aware that not all companies mesh with all shopping cart services. Make sure to choose a gateway that integrates with this feature well.

In conclusion, it is very very important to know your specific needs and available options prior to selecting the right payment gateway for your retail business. Whether your priorities are with costs, integration, or security, plan ahead and decide what your goals are for your business. Way the pros and cons of each gateway provider and make an informed decision.

by: Adriana Noton

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