The days when businesses on had a limited number of payment systems to choose from are long gone. These days, it has become a whole lot easier for eCommerce platforms, online stores and virtually any kind of business to set up an online payment system. Around 86% of customers use credit or debit cards to make online payments. You will find a plethora of payment systems that can streamline your payment processing, including credit cards, e-wallets, bank transfers, cryptocurrencies, and payments through virtual terminals.
As a business owner, you no longer need to struggle to set up your online payment systems. There are a wide range of payment systems available, each of them claiming easy set up and seamless processing. Your customers will not make a transaction on your website until they are certain their personal financial information is 100% secure. Therefore, it’s critically important that you choose the right payment system for business. Here are the questions you should ask when setting up a new payment system for your business.
Is it secure?
Security is your customers’ top priority, so it should be yours as well. Nobody wants to shop on a site that does not guarantee secure transactions. The best payment system for your business is one that’s adaptable and secure. You may also need to learn how to add the payment system to your website.
Of course, that doesn’t mean that you need to do it yourself, but it is important that you know how the system works and what level of security it offers. Your customers expect a reliable website that offers secure and transparent payment solutions. So before you select a payment provider, make sure it offers the highest levels of security.
What fees do I need to pay?
You also need to know how the pricing of the payment system works before signing up. The fee structure of different payment providers can vary depending on a number of factors, especially the volume of transactions.
There are often fees applicable if you go beyond the set limit for online transactions. However, some virtual payment solution providers might charge a set fee regardless of the number of transactions initiated on your website. It’s important to consider how many transactions you are likely to process each month and work out the best deal for you.
How simple is the checkout process?
One of the main reasons online shoppers abandon their shopping cart is a lengthy checkout process. The payment solution you choose must have a simple and short checkout page that allows your customers to fill in the important details and complete the checkout process quickly. You can increase your conversions greatly if you offer a payment solution that makes checkout quick and easy.
What features does it have?
A good payment system not only accepts multiple payment methods, but it also offers range of features that make the shopping experience interesting for your customers. For example, if you plan on expanding your business on a global level, it’s important to choose a payment system that supports the international credit and debit cards as well as international currencies.
How easily can you integrate the payment system with other apps?
Integrating your payment system into your website or with other apps is not easy. It isn’t something you can generally do yourself. The payment system you choose for your website must be easy to use and offer a high level of convenience to your customers. It should make it easy for your customers to carry out transactions online. They should be able to make a payment and buy your products in a few clicks.
What customer support services are available?
It is best to look for a payment system with 24/7 customer support to help you resolve technical problems that will inevitably come up from time to time. Technical glitches are common in just about every payment system and you may not be able to resolve them yourself. That’s when you need to reach out to the provider’s customer support resolve as quickly as possible before it delays your payments and affects your sales.
Most payment systems offer support during standard working hours only. Look for the service providers that offer round-the-clock support or those who are available at your disposal when you need them.
Does it meet your business requirements?
Finally, it’s essential to look for a payment solution that matches your business requirements, such as transaction frequency and the volume of transactions processed on your website. The payment system you choose for your business should be able to adapt to your unique business requirements.
The perfect payment system will offer a better experience to your customers, in turn boosting sales and increasing your bottom line. Make sure to carefully consider the options available, do your research, and assess different payment systems using the questions above.
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