You might be bullish on an E-Commerce business and might also be planning to launch your own e-venture in the near future. The trend is so strong and profitable that even the brick and mortar companies are opening up their web stores to support their physical stores.
Business owners are usually obsessed with their products, marketing strategy, services, website design, user experience, sales and other aspects of an E-Commerce business. The selection of a payment partner is generally overlooked because it is considered a readymade solution, which needs no planning or consideration.
However, if you are already familiar with how eCommerce business is run, you must be aware of the fact that the selection of your Secure Payment Service is as important as other aspects of business. It can rather be extremely crucial at times.
You must be passionate for starting your operations on a global scale, leveraging the power of Internet but simultaneously accepting payments from different parts of the world can be extremely difficult.
Choosing the right and most secure payment service may resolve nearly 60% of the business problems you are facing. However you need to consider the following points as well in order to be successful in your eCommerce venture.
1. Payment Gateway Compatibility
Come to the technicalities of your website now. Check its API, if you are a technical person. Or else just arrange a call between your website developer and the technical team from your payment service provider.
2. Customer Support Offered
Glitches can happen at the most unexpected time. Make sure that the payment provider you are going to choose offers robust customer service so that your site is taken care of in time and is up and running as soon as possible.
3. Approval Ratio Of Transactions
Just like a crowded mobile network, your gateway might not be able to handle the extreme influx of customers at peak hours. Are your transactions being rejected by the system? In that case, you will lose those customers and will not be able to serve them.
4. Currencies Supported
Research your target market and try to find out the currencies being used by your customers. Match those currencies with the currencies supported by your payment service provider.
5. Availability Of Alternative Payment Options
These days, people want flexibility and would like to use the mode of payment that is convenient for them. Make sure that your payment service provider offers those kinds of options that are popular among your target audiences.
6. Acceptance Of Various Credit Card Schemes
Different credit cards offer different schemes and your payment gateway provider should be able to implement those schemes. If you want to enjoy a long-term partnership with your payment service partner, do check their rates and settlement schemes.
Do a lot of research about the market, before you select a payment gateway service provider.