5 Ways Your Online Payment System Is Failing You [Slideshare]
So you’re running an online business and using an online payment system, but you’re not really happy with the way it works. Well honestly, choosing the right payment gateway is not the easiest task. There are many options to choose from and you probably haven’t made the best choice…
Read this post to see why your online payment system is failing you, and arm yourself to make the best choice possible!
The number of payment providers and new technologies can be overwhelming, but you need to consider some important features in order to choose the best payment gateway for your business. So, buckle up and prepare for the rocky road!
No time to read? View the post as a SlideShare presentation
These are most likely the most common mistakes made by your online payment system:
1. Your payment solution costs you too much
When choosing a processor, cost is one of the main decision-making factors. A payment gateway is something that contracts you, the merchant, and the processor, so it’s obvious it incorporates some fees on every transaction. But first, you need to check the pricing carefully in order to avoid extra costs.
You need to know that the costs usually depend on the type of card used, and there are processors with various fees related to the card types. However, there are also providers with flat rate pricing. You should also ensure that there are no minimum or maximum volume commitments that might impact rates and fees, and find out also if there’s a minimum payout – it’s important when you run a small business with no regular payments.
Some providers also add a setup fee. However, there is no need to pay for launching a payment gateway. Finding the one with clear and simple fee structure and without an extra fee would be a smart move. The goal here is to cut the costs wherever possible and enjoy higher profits.
Finally, determine the overall costs, which, as we mentioned before, can include: setup fee; transaction costs; and sometimes admin costs. If you research the available solutions carefully, you can avoid expensive setup costs, and monthly fees. Focus on the ongoing costs of your payment processor, and then consider switching providers. Also, remember that the lowest rate doesn’t necessarily mean the lowest overall cost. So check carefully before you’d make a final decision.
2. It is hard to integrate the payment gateway
Payment gateway setups are a difficult and time-consuming process. You probably aren’t a technical person, and you probably don’t have a developer on your team. So you should know, that there are many options, with drag and drop solutions, that will allow you to integrate the payment gateway onto your website in minutes.
You should spend some time trying to find a online payment system that is easy to integrate and provides reliable service, that also works great on mobile devices. It’s a bid plus if the payment provider is also developer-friendly. Flexible and clear APIs allow for implementing the additional features, while also integrating with third party products in a time efficient way. This helps you save the time and money you need to maintain it.
You should pick the solution that doesn’t require additional software, and that manages the entire payment process securely, and time efficiently.
Choosing the right payment gateway can save you many hours of development.
3. Customer support sucks
Have you had a problem with payment processing, written tons of emails to the provider, and received a completely useless reply after waiting for days? That is not a normal situation, and you shouldn’t settle for less. It is important to have support when you need it, and the Customer Support agent’s reaction should be quick and helpful.
Customer support is extremely important for payments. This is because payment processing is a 24/7 experience. You need to be sure you can get a quick response, with the problem solved in minutes or hours – instead of days or weeks. Customer Support should save you time and money with their efficiency, but if you choose a poor provider it could cost you. Great (and patient) support teams are worth every effort, especially if you’re not a developer or tech-savvy person.
4. Your payment gateway doesn’t accept essential payment methods
Accepting VISA, MasterCard, and American Express is standard, so it is truly a must if you care about your customers. Sometimes payment gateways that support local credit card types can be a better solution. You should know where your customers are, and what payment methods they prefer, in order to choose the right one.
You should also think about recurring payments. If your business needs that, find a system that will store customers’ credit card details, and let you automatically charge them on a recurring basis. Give your customers a wide choice of payment options in order to make more sales. Furthermore, you should find the gateway with multi-currency support. This is crucial, especially when you want to run your business globally. Customers mostly want to pay in their domestic currency, and don’t want to spend time on calculating how much they need to pay.
Interfacing with multiple languages is also a great idea. Even if you don’t need to take international payments now, you might need to in the future.
5. The payment form looks cheesy
Payment gateways with customization, management, and tracking tools help you find out and understand what works best for your business. You have a business to run, so it’s obvious that you don’t want to spend your time thinking of what happens to your customers’ payments or data. So choose the gateway provider with the most secure and cost-effective solutions, while also making it easy to use for your customers. No matter how well designed your eCommerce site is, the success ultimately depends on how easily the customers can purchase your products. A user-friendly payment gateway is a great tool to build trust and increase conversion in your online business.
Make sure your customers fill out just as many fields in the form as needed, and that it looks professional and fits your website. Many providers offer customizable payment forms. These are great because you can change the form’s look in minutes. It is very beneficial if the payment system you choose allows you to process the payments without redirecting customers to other sites. Keeping customers on your page make the payment process much simpler and convenient for them, and it also helps to increase your conversion rate.
Also, make sure you check the security of your payment provider. Choose those with PCI compliance level 1 – the highest level in card data protection.
It’s time for you to choose!
It is important to implement the right payment solution in order to keep customers on your site, and not suffer a loss of orders. Think about the long-term success of your business. If the payment solution you’re using now fails at most of the mentioned points, move on to a processor that will better understand your needs.
Implementing the right payment solution on your eCommerce website is a convenient way to process your customers’ payments, whether you run a small or large business. You just need to avoid as many mistakes as possible while choosing payment gateway. It can be difficult, but not impossible.
If you’re looking for a online payment system that you can trust, with the highest level of security, then check out SecurionPay. We don’t mean to brag, but… we know you’ll be tickled pink!
Latest posts by Lucas Dominic (see all)
- Face the Biggest Startup Challenges With the Right Payment Solution - October 10, 2016
- What Does eCommerce Mean? - August 31, 2016
- What is a Bank Trust Account? - August 10, 2016