When choosing a payment provider, there are various functionalities that you absolutely must have. These include security, availability, speed and convenience. There are, however, other features that different payment providers offer. It can make your life much easier and more productive leaving you to do what you do best. Run your business.
Considering that it is quite arduous to onboard with any payment provider, it makes sense to investigate different providers’ hard and soft features of before you leap.
Modern shoppers don’t have time to waste. Window shopping now happens online with the swipe of a thumb. If a customer gives a product the thumbs up and reaches for their digital wallets, you better be ready. You want to be able to process the transaction 24/7 and 365 days a year, whether they wish to pay via Apple or Google Pay, Card, or bank transfer. The more options you offer, the more likely you will make the sale. So, when shopping for a payment provider, you should look at how many payment methods the provider offers. You should also read some reviews by other merchants to see if the provider processes fast and if they are available or online 24/7. Some merchants run physical stores in multiple locations. Some have multiple online stores. Your payment provider should be able to handle all of them in one merchant account. Some payment providers offer a portal where you can see and manage all your settlements. Payment widgets are something you should also look for. They allow merchants to add payment forms that save the client’s card details on their ecommerce stores. It’s a minor feature but adds to the convenience that might encourage shoppers to return to your store.
Another critical feature to look out for is the number of currencies the provider can process transactions in. The world of shopping has no borders, and people buy products in different currencies from across the globe. If you’re unable to process the transaction, you’ll lose the customer. Simple as that.
When you run a business, you are not just concerned with how you collect money. You also look at how you pay out funds. It needs to be convenient, fast and versatile. You should be able to send money or pay somebody from your merchant account in minutes. Although refunds is a four-letter word in the ecommerce world, you should be able to do them in multiple currencies and fast. You might also choose to pay salaries and suppliers from your merchant account, so the ability to load recurring payments can come in handy.
Pre-authorised payments happen when you accept deferred payments rather than an immediate and full settlement. When a transaction is pre-authorised, there is a holding period, determined by the merchant, before the payment goes through. Businesses use these payments for various reasons. They might use the time to replenish stock or check for fraud. Pre-authorised payments are a great tool to avoid chargebacks.
Check the technology that comes with your payment provider. Does their solution integrate with Magento, WooCommerce or Prestashop, and how easy is it to integrate and maintain? Do they offer technical support for your webmasters? The better the support, the more attractive the provider. If your payment provider develops their own technology, they can assist you better and faster than a provider that relies on third-party technology.
Unlike other transactions where most of your needs or questions are asked and answered before you buy the product, signing up as a merchant is the opposite. Running an online business brings new challenges every day. Things pop up that you could not think of in your wildest dreams. To address them, you need the best support. Support is where the good providers are separated from the bad.
Speaking of good payment providers. Truevo offers everything we covered in this blog. And then some. We develop our technology ourselves, so we know what you’re talking about when you have a query. We’re known for some of the best customer care in the business. To us, you’re not just another number on a client list. You’re an individual business with specific needs, which we consider when developing our products. If you’re not a Truevo merchant yet, drop us a line. We can’t wait to do business with you.