Choosing a Payment Gateway Service Provider for Your Tech Business
One of the biggest decisions an employer has to make when starting to accept credit card and digital payments is choosing a provider for your business’s payment gateway. Offering the best product in the world won’t do the merchant any good without a safe, affordable, and reliable way to accept and process debit and credit card transactions, as well as other forms of payment.
From rates, to security, to credibility, to support and everything in between, there are a great number of factors for aspiring merchants to keep in mind when choosing the appropriate payment gateway service provider for their business. Not every provider will be suited for every business’s size, pricing model, or seasonality, so it’s important for tech business owners to ask the right questions before committing to one company over another. Here we’ll discuss two of the most important angles to consider.
Rates and Fees
As with most business decisions, cost plays a key role. Payment gateway providers come with a myriad of charges for their services, like monthly fees and transaction fees, as well as more advanced dues like international card payments and chargebacks. These fees will vary based on the risk of product involved, volume of transactions, and other variable rates that can ebb and flow based on how things are going for your business. Design firms, for example, should be prepared to pay more for transactions with their clients than software retailers do with their customers, as card-not-present transactions typically incur higher rates. Make sure to request a comprehensive overview of all charges, including any potential hidden fees, before choosing a payment gateway service provider for your business.
While as many as 85 percent of internet users are also frequent online shoppers, a mere 61 percent of these users actually feel confident that their personal information is safe and secure online. In an economy increasingly dominated by transactions over the internet, choosing a payment gateway service provider that allows your customers to feel comfortable and secure will help maximize profits by encouraging them to come back for more. Using multiple payment-gateway options may sound appealing because it allows your business to accept more forms of payment, but it also may present more risk to your customers, thereby dissuading them from returning.
If you choose to make Allied Wallet your payment gateway service provider, security will be the least of your concerns. 100 percent of our users make purchases safely and securely with the aid of our customary Fraud Scrub, proprietary blacklist, and PCI-DSS Level 1 Compliance. No matter what your decision, make sure you pick a provider who understands and accommodates your business’s needs.