How to Choose Best Payment Gateway for Your eCommerce Store ?
Check out their Contract and Fees StructureWhen you are looking for payment gateway for eCommerce website, you will understand that the payment providers will offer a locking period for the merchants. This locking period could be two years or even more. So, in case you are unhappy with the service,this two years binding will be difficult. You can also choose a contract that goes on monthly basis.
Additionally,these services come in at a certain price. Merchant account charge and payment gateways differ. They may depend on a fixed fees that is levied per transaction, or it could be a monthly fee or it could be variable fees too which depends on the transaction amount too (a certain percentage of the transaction amount may be asked). There may also be chargebacks and many more. In order to get a greater understanding of the fee structure, make a quick online comparison before you actually sign up with a provider.
- Take a Serious Look at the Reputation of the Payment Provider
Check out if the payment gateway has garnered good reviews by itsusers. A few of them had encountered issues with outages. A few of them had issues by holding the money of the merchants without a relevant cause. If you are hearing about the online payment gateway for the first time, be extra cautious.
- Are you getting What you have wanted for your eCommerce Store?
A lot depends on whether you are looking for recurring payments from the client base or you are looking for one-off payments from them for your products and services that are being bought. Most of the online payment gateway providers offer limited functionalities. So, it is essential that you ascertain whether you are getting those features which you have wanted for your eCommerce store.
Your target market perhaps uses certain methods of payment. Ensure that you get an understanding of the general modes that people use in your target group and then make a choice accordingly. When your eCommerce store does not support the payment method that your target has, you are losing out heavily on sales.
- High Risk Businesses
If you fall under the high risk business category, then the payment providers too are wary about you. This wariness is because of the amount of risk that is involved. Credit repair, debt collection, gambling, travel, tobacco, diet programs, electronic cigarettes and e-books are such sectors that attract a lot of caution from the provider side. During such instances you will have to identify that Magento payment gateway provider who does payment processing for high risk companies.
Originally published at storify.com.
