The online business is growing rapidly with every passing day. It has already become a global business. According to some research, the total income from online business will increase by 80% in the upcoming five years. The success of enterprises goes to the latest and growing urbanization and digitalization of technology.
Now, users have the opportunity to involve in legally without any fear. Most users experience excitement because, in enterprises, users can get a chance to win a huge amount of funds just by playing online games. This is why booming nowadays, and more players are attracted to these enterprises.
But, to run this business successfully, a merchant needs a suitable payment gateway. As the business industry is considered a high-risk business due to the high volume of transactions, high chargeback rate, high possibility of fraud, etc., it is quite challenging for the merchant to find the best payment gateway.
However, most merchants just started their face with a lack of knowledge when choosing the payment gateways. Here, this blog will discuss what mistakes merchants make while selecting the payment gateway.
What mistake merchant do while choosing the payment gateway?
You cannot imagine your online business without a suitable payment gateway as a merchant. A payment gateway plays a key role in online businesses. It has an essential step in accepting transactions on websites. So, as a merchant, it is very important to choose the payment gateway very carefully.
But, most of the newcomer merchants made mistakes when choosing the payment gateway. The most common mistakes are –
Choose the payment provider that has lower fees –
Everyone wants the best solution at a low cost. But as a merchant, you should choose the best payment service provider because your business is already a high-risk business. You ought to know that not all the service providers who offer low fees are reliable. The low fees service provider does not cover all your business needs.
Let’s check what the fees payment provider determines –
- Transaction fees:One of the most general fees charged by the payment service provider. Most of the payment service providers charge per transaction. A payment service provider charges a fixed amount for each transaction. For visa cards, it generally charges 0.11%.
- Occasional fees:As its name indicate, this fee is charged on several occasions like chargebacks, fraudulent activities, failed transactions, etc. You can also say that it is not a regular fee. It is easy to avoid this fee. You just have to look for the fintech service provider that offers anti-fraud and anti-chargeback tools.
- Flat fees:To use the service of the payment gateway, you have to pay additional funds.
Don’t go with cheap solutions. There is a chance that it will destroy your business. We recommend you choose PayCly as your payment gateway. PayCly has experience in dealing with industries and offers the best possible rate in the market.
Take responsibility for securing transactions data –
For any merchant, security is the top priority. The merchant needs to consider a PCI DSS certification for the transaction’s data security. The Payment Card Industry Security Standards Council certification offers the chance to meet the most recent requirements for transaction data security and optimize the entire infrastructure’s performance.
On the other hand, the infrastructure is improving, and at the same time, customers’ attitudes toward the services are also getting better. It helps to reduce business losses from hackers.
Merchant has full right to complete the certification process and demonstrate the system’s dependability to their own. However, establishing the latest technology and high level of security and getting ready for an audit is time-consuming.
In this situation, it is better to choose an international payment gateway service provider with proper certification and a high level of security, just like Paycly. PayCly offers you PCI DSS level 1 compliance to protect sensitive data. Along with this, it also has anti-fraud tools, anti-chargebacks tools, etc.
Only offer a few payment options –
To make the business successful, the merchant needs to offer their customer the best possible payment options. Some customers do not want to use their credit cards to make payments for security reasons. You can simply lose your customers if you don’t have payment options.
Some customers easily switch websites if they don’t find their preferred payment options.
So, as a merchant, you have to offer the best possible solutions, such as credit/debit cards, and alternative payment methods, such as net banking, bank transfer, e-wallets, mobile payment, contactless payments, etc. Including these popular payment options help you to reach a large audience.
Paycly service provider offers you many payment options. It also allows their customer to make payments via cryptocurrency.
Easy and simple integration processes –
Always choose the fintech service provider that offers a simple and easy integration process. As simple as the payment service provider integrate the payment page into the websites, it is more pleasant to use.
Different types of payment gateway implementation on websites are –
- API – API stands for Application Programming Interface. It is a combination of various tools and features. These tools and features are used as an interface to build new apps. The API was primarily created to enable programmers to greatly simplify efforts when creating various applications by using pre-written code.
- Virtual Terminal – In a virtual terminal, no need to install any other additional software. It allows the merchant to accept the remote payment made by credit cards. It makes the transactions. It uses secure connections via the internet. It is easy to implement recurring payment technology using these functions.
- CMS plugins – It is a software component whose key function is to enlarge the basic capabilities of other programs. These components are also called mini-programs which cannot work independently. As a merchant, you just need to install this plugin. Nowadays, plugins are the most top-rated because they easily satisfy all users’ needs.
- Hosted payment page – This type of payment page is not on merchant websites. It allows you to make the payment during the checkout process. On this payment page, as the customer clicks a “BUY” button, they are redirected to the secure payment page, where they must complete the payment processes.
Local payment provider –
As you are running the business, you need to choose the fintech service provider whose service is available worldwide. Global or international payment service providers offer multi-currency acceptance.
As your business is accessible to customers all over the masses, it is essential to have a wide collection of payment options. Go with the service provider that offers the most popular payment options in a broad spectrum of regions.
We suggest you choose PayCly. PayCly offers high-risk merchant account the most popular payment method, and it accepts multi-currency. Customers from anywhere can make the payment hassle-free in their currency without any conversion charges.
Final thoughts –
Online enterprises are one of the most profitable. It allows the merchant to earn more and more significant profits. But, operating an online business is not an easy task. The merchant needs a suitable payment gateway to accept customer funds to operate the business.
Nowadays, you can find many payment gateways available for enterprises. But choosing one is not an easy task. Most newcomers make mistakes while choosing the payment gateway we discuss above.
Our suggestion is to go with Paycly. PayCly is one of the leading fintech service providers specializing in dealing with high-risk businesses. Its service is available worldwide. It offers the best possible solution according to your business model and the best pricing structure in the markets.