- September 19, 2017
- Posted by: Affiligate Selling Software And Affiliates Network Online
- Category: Best Payment Gateway, Payment Gateway, Payment Gateway Reviews, Payment Gateway Reviews And Tips Choose Best Payment Gateway, Payment Gateway Service Providers
Payment Gateway Reviews And Tips Choose Best Payment Gateway
Which payment gateways should you really use for your business? With numerous processing options for online payments to choose from, this will surely be a complicated and confusing situation. Individuals who are new to e-commerce might also find this as a difficult task and something that is not easy to decide on. For sure, there are many different factors that need to be taken into account to ensure that you will end up with the best payment gateway option that suits your specific needs. These payment gateway reviews will help you come up with the most informed decision. But before anything else, you need to first familiarize yourself more with payment gateways.
What’s Payment Gateway Anyway?
Payment gateway pertains to the technology which creates a more secure and reliable connection between your browser or your site and payment processor, properly encrypting payment data for every credit card transaction. There are some companies in the lineup that have proprietary payment gateways, however; majority set you up with the third-party payment gateway. Though you might not need payment gateway if you accept debit and credit cards exclusively through a terminal, however, you might need on if you’re using your computer as a major virtual terminal or in case you accept cards online through a site.
Every time you run online transaction or customers make a final purchase on your site, their credit card details enter payment gateway where it is encrypted and then routed via a secure connection to credit card processor, card network and also the ban which issued the card and the bank account of the business. The card of the customer is actually charged for transaction amount; then you will receive funds from the sale, reduced processing costs.
>> Related: Best Payment Gateway For Ecommerce Website
Factors that Determine the Best Payment Gateway Service Providers
These payment gateway reviews will reveal to you the factors that determine the best service provider. Regardless of what provider you choose to handle your payment transactions, make sure that you got to experience the following:
- Pricing Transparency and Consistency
The best service provider of payment gateway posts complete information about their fees, pricing as well as the terms of their site. Though various companies start to post rates on their website, the information about terms and fees is commonly difficult to find that the information about pricing. If you take a closer look at payment gateway reviews, you will realize that there are about one-third of payment gateway services reviewed that do not post their service terms and processing costs and half of these services do not post fee schedule.
- Pricing Options
Interchange-plus pricing models are recommended by industry experts and also recommended by companies. There are agents that provide first quoted tiered pricing but were also willing to quote interchange plus rate if clients particularly asked for it. However, some companies are reluctant to quote such pricing model to clients. Also, some processors will ask you to exclusively process with them for various months under tiered pricing scheme or plan prior to qualifying for the interchange plus. There are instances that clients will be warned against this interchange plus pricing and told that this is only ideal for businesses that process ultimately high amounts of credit card transactions every month. However, you must know that this particular warning contradicts industry expert’s advice and advice received from other companies.
- Processing Fees
Aside from processing rates, the majority of gateway service companies charge various different fees. The monthly fee is the most common but this depends on how you accept payments; monthly gateway fee. You can also expect to settle a particular compliance fee that is usually charged monthly or annually. Prior to choosing a processor, it’s vital to read a full contract to make sure that you are aware of the fees that you need to pay.
Other factors that define the best payment gateway service provider are ease and speed of setting up as well as canceling accounts, the length of time to obtain funds following transactions, quality of service and customer support.
Best Gateway Payment Pricing Model
When choosing payment gateway provider, it’s essential to understand the pricing models and figure out the most suitable and cost-effective choice for your business. The entire processing rates are commonly made up of three known parts namely interchange rate, card-band free and processor’s markup.
Pros and Cons of Payment Gateway
These payment gateway reviews highlight the following pros and cons of payment gateways:
- Secure Transaction
Payment gateway properly checks and then validates the entire online transactions. This also protects the customers and merchants from fraud.
- Easy to Use
Individuals with basic knowledge of computers can also perform some business transactions making use of payment gateways. There is no need to go through the costly training and does not need to learn complicated set up a payment gateway is easy and simple and everybody can actually use it.
- Rapid Deployment
Merchants can immediately use payment gateway service for their online stores. They don’t need to wait for longest hours to complete payment gateway set up on their business. They can avail this in the fastest way and time possible.
- Feature Rich
Online payment gateways provide numerous customizable features which could mainly benefit customers and merchants alike. There are also choices for payment options, security features and more.
The pros of payment gateway are given but there are also few drawbacks when it comes to this option. These include risks of highly sensitive information, the technical glitch which takes considerable time for troubleshooting and uneasiness of customers. Keep in mind that deals on payment gateway include providing your information to a customer so there is always a risk since someone might just get access to your information without you knowing. Payment gateway remains software so there is always a chance for this to go awry at times.
Payment gateway remains useful and beneficial and more and more business owners are tapping into the power of payment gateway when operating their business. To get the most benefits out of this, you need to make sure that you commit to the best service provider.