So, you have an e-commerce business.
Now, one of the most important things to look out for in your business is choosing a payment processor. Your payment processor will be responsible for bringing the money from your customers’ bank accounts or credit cards to you.
While choosing payment processing services, you should not straightly go out for the cheapest option. Here are six mistakes you need to avoid.
#1 Not Watching Out for Hidden Fees
When comparing a payment processor’s transactions, bear in mind that a low rate does not necessarily mean a low average expense. Processors may provide high costs for delivery and even flexible pricing that can make it impossible to tell what you’re going to pay.
For example, certain credit card processors charge higher prices, such as corporate and loyalty cards. These cards earn airline miles, reward points, or cash-back incentives from clients.
They are very popular, and a lot of clients use them. So it may be a surprise to find out that they require a higher fee. So, search for a payment processor with clear payments.
#2 No Fast Access to Your Funds
A sudden notice of investigation can mean you can’t touch your assets for up to several weeks. This happened more often in the early days of electronic commerce.
Payment processors today need a good excuse to freeze your currency. It should also be a quick procedure to clear up any legitimate sale that somehow caused an anti-fraud response. That’s not meant to shut you out of your account.
Look for a service that allows you access to your cash easily.
#3 Not Choosing a Cloud-Based Service
The merchant management service that you want should be cloud-based.
Since, no matter the system you have, it will guarantee that you still have access to the service. For example, to process credit card payments, certain vendors need you to use point-of-sale (POS) device terminals.
This suggests that you can only receive orders in person from a client using a physical credit card. You will be able to accept purchases from anywhere without the use of any facilities by opting for a cloud-based merchant.
#4 Not Getting Enough Fraud Detection
Data breaches have affected big and small stores. Consumers are now seeking the best security to help reduce their chance of card fraud. Look for a payment gateway that is supported by a stable, trustworthy payment processing firm as you compare vendors.
Search for providers that help you deter fraud proactively. It will help protect both your clients and your organization and help ensure that you comply with the Payment Card Industry Data Protection Standard (PCI DSS), which lays down guidelines to avoid, track and respond to security incidents.
#5 Overlooking the Need for Setup & Support Assistance
If you’re not well versed in payment gateways and online checkout, setting up various payment options will take a lot of time and effort. It is important to locate an online payment processing provider that can offer simple configuration along with your account.
It is crucial to follow up that with technical help. Potentially, a moment of downtime reduces revenue. To support you with payment-related questions, you need a processor who knows those problems and has a committed staff.
