Online merchants and customers alike expect easy, safe and effective buying and selling processes. New technologies are making that simpler and smoother. But user demands for additional payment features and options lead growth in multiple directions. If you select a payment gateway for your business you should pay attention to these payment features.
1. Fraud Protection and chargebacks
In addition to more obvious fraud-monitoring tools such as the customer account, validation services, and purchase tracking, a certified Level 1 Payment Card Industry Security Standards Council (PCI DSS) а processor can provide additional protection through security methods like:
- Point-to-point encryption (P2PE)
- Fraud management filters
2. Technical integration
Integration should be very simple so that businesses do not need to have programming skills. It is important to automate all accept payment processes, that can seamlessly sync incoming transactions with the accounting, CRM and other software platforms you currently use to run your business. Or payment processor can provide you access to a merchant account with all analytics and CRM.
3. Multi-currency and payment methods
Online payments help merchants compete in international markets by allowing their customers to pay in their native currencies and select different payment methods. For merchants, multi-currency, cross-border transactions can require new bank accounts, new business entities, and new regulatory hurdles in each national market. Selecting a payment service provider with the necessary infrastructure already in place can provide effective, and immediate, solutions to those problems. A merchant can easily collect payment in one currency and credit the merchant account in its home currency.
4. Omni-Channel Payments
You need the ability to pay — no matter where your customers are, all online channels that exist: website, messengers, social media, email campaign, mobile or web, all platforms even offline. The right processor will support every merchant type, whether you’re:
- An online merchant, who needs a secure payment gateway or mobile payment processing.
- Offline business, who wants a virtual terminal.
By working with one processor for all of your payment processing needs, you reduce vendors and costs, while saving time reconciling transactions with centralized reporting.
5. Processing Fees
Not everyone views processing fees as a “challenge” — it’s simply the cost of doing business.
There is a lot of variance in processing fees and how they are calculated. Significant factors include a type of business, type of card used, methods you use to accept payments, average transaction size, etc.
This is why it’s crucial that you sit down with your provider and discuss how each fee actually works.
Transaction issues can crop up any time, even in the dead of night. So, is your payment processor available after business hours
It’s important to have a processor that is ready to help troubleshoot any problems you might be facing. Having accessible resources and video tutorials is also a plus.