(Newswire.net — October 4, 2017) — It’s one of these two; we all got lazy, or things just got easier, and since I’m one of those people who would rather lay in bed all day while purchasing all my needs on the internet, then I’ll just go with the option stating that things got easier.
Thanks to the increased use of online shopping, electronic payment has become a lot more popular.
Due to our ever-advancing technology, more and more devices used in transacting electronically are springing up while the traditional use of checks and cash keep declining by the day.
The reason for this is not far-fetched as our society is now plagued with so much criminal activities, especially theft. Lots of people now prefer to walk around cashless, and will rather hold on to their cell phones or cards which can be used in making payments for items purchased.
As a business owner, it’s important you move with the trends in order to generate more sales and also attract more customers. With the right Payment Service Provider (PSP), this will be easily achievable.
However, in this modern day where people are being very careful with their card details when it comes down to online payment, you need to ensure that your payment system is secure and trustworthy.
With this in mind, here are 5 factors to consider when choosing an electronic payment service provider.
1. Multi-currency support
Before choosing an electronic service provider, ensure they support international and multi-currency payments.
This might come with some extra charges, but it would be totally worth it since every currency counts in business. Also, you might need to have a merchant account in that particular country, but asides that, let the currencies roll in!
2. Technical support
After choosing the electronic payment service of your choice, integrating it into your business’ website might be a problem and it might be quite difficult for you, owing to the fact that you are probably no IT specialist.
This is why you should choose a PSP that offers third party support – like maverickbankcard – as this ensures that your payment solution is properly integrated into your site.
3. Total cost
One of the major concerns when it comes to payment service providers is the fees. Upon choosing an electronic payment service provider, ensure they give you the total cost estimate. This should include admin costs, set-up costs and transaction costs.
Also, be sure to ask if there are no other hidden fees that will eventually come up later.
4. Security
People are very protective of their financial details and the last thing you want to do is mess up with it. You’ll not only lose their trust forever, you’ll lose your customers and all potential customers because nothing spreads faster than bad reviews.
In order to avoid this, choose the PSP that is compliance with the Payment Card Industry Data Security (PCI DSS).
This service provider will ensure the tightest level of security on your website and ensure your customers feel safe when making their payments.
5. Compatibility
Another factor to consider is the compatibility of the payment service provider you want to opt for with the ecommerce system you’re using.
Not every payment service provider partners with third party software, so make proper findings.
With a solid electronic payment service provider, your business will have no problem generating more income because your customers will be more than willing to purchase from you, knowing their transaction details are safe and the payment process is easy, seamless and fast.