Which Payment Gateway to choose?
1. Accepted payment types
Different payment gateways support different types of payments, such as credit and debit cards, e-checks, and mobile payments. Consider which types of payments you want to accept and make sure the payment gateway you choose supports them.
2. Fees
Payment gateways charge fees for their services, and these fees can vary significantly from one gateway to another. Be sure to carefully review the fees associated with each gateway to ensure that you choose one that fits within your budget.
3. Integration
If you already have a website or online store set up, you’ll want to choose a payment gateway that can easily integrate with your existing platform. This will help to ensure a smooth, seamless experience for your customers.
4. Support your business model
Some businesses may require the ability to hold funds and offer various payout options depending on their business model. These features can help to streamline the payment process and ensure that both the business and the customer are protected. Ensure that the payment gateway you choose can support your business model
5. Security
Security is an important consideration for any business, and it’s especially important when it comes to handling online payments. Look for a payment gateway that offers secure, encrypted transactions to protect both your business and your customers.
6. Customer service
It’s always a good idea to choose a payment gateway with a track record of good customer service. If you have any questions or issues, you’ll want to know that you can easily get in touch with someone who can help you out.
A few names to consider
There are many popular payment gateways available for businesses to choose from. Some of the most well-known options include: Stripe, PayPal, Braintree and Square.
Expert opinion
Ultimately, the payment gateway that is the best fit for your business will depend on your specific needs and requirements. Considering the factors listed above to help you make an informed decision that will help your business succeed.
— Prageeth Silva
