How you should choose an online payment service provider
Do you want to start accepting online payments on your site? You have to select the ideal internet payment services that can fulfill your business needs. The number of payment service providers out there can be overwhelming for a new business owner. You can, however, distinguish each one of them by looking at their features for you to determine the most suitable to use for your online store. You need to narrow down your search by using particular criteria.
Start by looking for payment systems that are compatible with the software you use on your website. In your list, eliminate any of the payment systems that are not compatible with your current setup. Choosing such payment systems means that you would have to change your software to make them compatible.
Look at the payment systems you want to work with and eliminate the ones that don’t support merchants in your nation. Not every payment system supports organization operating in all of the countries. For instance, some of the payment providers like Moneris, Google wallet, and Bluepay need merchant accounts within the US. If your company is in the UK, you can choose payment systems such as PayPal, Shrill, and IATS.
Choose payment systems that support the currency you intend to use. If most of your customers are from a particular region, ensure you work with the payment providers that support the currency you will be using during transactions. Though most of the payment systems support different currencies, it is always good to confirm this to avoid any surprises. Beware that Global payments and BluePay support only Canadian and US dollars. Online payment systems such as Shrill, PayPal, and Moneria support a wide range of currencies.
Using online payment services comes at a fee. You have to compare each payment service provider focusing on the fees that they charge. All of them charge a specific fee for every transaction. While some of them charge a monthly fee, others even add a setup fee. You need to pick payment service providers that charge the lowest costs per transaction so that you can save some cash. Think of the number of transactions you expect your website to manage in a month. The percentage fee that a payment service provider charges decrease with an increase in the number of transactions. If you expect to handle a lot of online transactions every month, you need to stick to payment systems that offer the lowest rates such as Google Wallet and Moneris.
Different payment systems also support various payment mechanisms. In most cases, systems let your customers use credit cards and debit cards to buy products from your online store. Some of them may support MasterCard and Visa but not American Express. If you prefer a Paypay system, you can pick between using a PayPal account or credit card. Choose options that your customers will find the most convenient. Narrowing down your choices using these criteria will enable you to make informed decisions.