How to Choose the Right Payment Gateway for Online Stores

Choosing the right payment gateway for the eCommerce site is vital to success. Although some may think that one system is just as good as another, each has significant differences that need to be weighed out. You need to choose a platform that is going to benefit the success of the online store now and in the future.

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While it may be easy to switch from one gateway to another down the road, you need to consider what that will do to regular customers. Perhaps you have shoppers who depend on the current system, and switching gears my alienate those consumers. Settling on a good platform from day one may help alleviate some of those issues.

Compare Fees and Services

Every payment gateway has their own set of fees and services offered to users. While some will charge a low monthly fee, others will pull a small percentage directly out of each transaction. However, don’t assume that a service with the lowest fees is the right one to use. Like the saying goes, “You get what you pay for.” Some low-cost systems may be lacking in the services they offer to users.

One of the best ways to choose a payment gateway for eCommerce is by comparing key services to the amount of the fees. This goes beyond the security systems that are in place, because that’s a given for any good gateway. Customer support features, payment tracking, resolution handling and other services often make the higher fees more attractive.

Research Complaints

When looking for the best payment gateway for your site, take to search engines and research each company. This can be done by putting the name of the organization followed by the term, “complaints.” There are variations of how you can research problems with a payment gateway with different terms. Take a few moments and discover the experiences of others. Just bear in mind that no payment gateway can please 100 percent of the people 100 percent of the time.

Some complaints that are filed may sound frivolous to you. Others may even be about aspects that don’t affect your business model. In many cases, some people will complain for the sake of complaining.

Incorporate More than One

One thing a lot of eCommerce site owners implement is handling several different payment gateways at once. This can be a great way to make sure your site doesn’t alienate a consumer if he or she specifically uses a certain type of online payment.

One drawback you’ll need to keep in mind when operating more than one payment gateway is the time it takes to manage them. Each addition may take more time out of your day to maintain the accounts. While it may be beneficial for customers, it will increase your workload in the long run.

Online shopping cart software often comes with variable methods of taking payments. Explore what each one can do for your online business and select those that fit the dynamic. Remember, not all payment gateway systems are created equal.

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