Set up the Ideal Payment Gateway for Your Business- 5 Questions to Ask
Finding the perfect service provider for your payment gateway could prove a tough task. However, with the correct guiding questions, you can select the perfect gateway for your business. Therefore, we decided to put together these five powerful questions to get help you troubleshoot when things aren’t going your way in the business.
- What is your budget for the payment gateway?
It is important to check the cost of the gateway before you consign to a service provider to see if it matches your budget. Take time to confirm all expenses which include:
- Set-up costs
- Transaction fees
- Admin costs.
Therefore, this means at least $700 for a set up, a monthly fee of $60 – $100 and some fee for each transaction. Also, the provider will charge for any chargebacks. If your business receives relatively fewer online payments, avoid monthly charges and costly setup fees. Consider Stripe – easy and free to create. Also Direct Debit is cheaper than card payments.
- How secure is my data with the payment gateway?
Your data security is a top priority. Ensure you provider is compliant with Payment Card Industry for Data Security Standards (PCI DSS) and offers inbuilt security capabilities. Also, consider advanced screening and fraud protection tools; make sure the payment gateways provide you with filters alongside other instruments to protect you from unknown new buyers.
- How quicklydo you need to begin accepting payments?
While the process of creating a merchant account and a payment gateway can last around 3 – 4 weeks, some gateway providers like Stripe and PayPal won’t need a merchant account; you can sign up and get started. This feature is helpful, particularly for small growing businesses.
- How quickly do you need to receive your cash?
After approval that comes immediately after a transaction, gateway providers usually take a few days to settle your payments. Each provider has their settlement timings. While other service providers may get your cash ready by the next day, others may take up to a month. Other vendors pay out funds to clients on specific days. Go for one that pays everyday
- Does the gateway allow international payments?
For businesses that wish to- or those looking to take global payments in future, consider payment gateways that offer international payments across all currencies or one that allows the use of multiple languages. Also, check for any additional costs for receiving multi-currency transactions or any fee for transaction between two countries.