The payment method offered through the e-commerce website is an integral part of your business. The provider you choose will affect the process of processing your cash flow and the number of orders you enter. Fortunately, there are many affordable options on the market, whether you need to expand to add new payment options, or you want to make changes from your current provider.
Although there are a lot of options for opening up to SMEs in this area, it is difficult to choose the right e-commerce payment provider for you. When you are looking for a new partnership, we need to consider five key areas.
compatibility
Your payment system should integrate seamlessly with your website to provide a smooth process for every customer who places an order. Therefore, the compatibility of the provider should be at the top of the priority list. Choosing a payment provider that has plug-ins for your e-commerce platform can save you time and effort.
Safety
When choosing a payment provider, don't underestimate the importance of security. First of all, it can guarantee the safety of your sales. Second, cybersecurity remains a concern for online shoppers, and choosing a trusted provider can have a significant impact on the decision to place an order. Choosing a well-known e-commerce payment provider [such as PayPal, Stripe or Worldpay] may make a difference.
cost
Payment fees are also important. Choosing a supplier that can provide you with a competitive price means you can increase profits and price your goods at a cost that is attractive to potential customers. Of course, you need to weigh the costs and services provided to make sure you balance both sides.
Service Level
Do you want an e-commerce payment provider to act as a simple payment gateway [such as SagePay] or as a complete payment solution for merchant accounts? Which method is best for you will depend on the resources you provide internally and the level of support you want. Often, smaller businesses can benefit from a complete payment solution in one place, and the entire business with high turnover can benefit from having a separate service.
Authorization and capture
If you are a company that delays the process, then investigating the e-commerce payment providers that provide authorization and capture may be worth your time. It allows you to authorize funds to be available, but delays capture until later. It gives you more freedom and better cash flow.
Orignal From: Use an e-commerce payment provider
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