We wouldn’t be exaggerating when we say that finding the right payment gateway is just like choosing your life partner: They both need to have the characteristics that we are looking for and they need to make us feel special.
But how do we find out if they possess what we are looking for? By asking questions of course! Trust me finding the cheapest payment gateway is no easy task. These are the 6 crucial questions you must be asking a prospective payment provider (Note: These are questions to be asked to your prospective payment provider and NOT your prospective better halves):
- How Would You Explain Your Flexibility?
These days, everybody seems to talk about flexibility, but very few understand it and actually deliver it.
The question you need to be asking the Indian Payment gateway provider are:
- Can you adapt to specific needs of my business?
- Can you adapt to our programming language?
- Can you operate worldwide in all the currencies we need for our business?
- Will the platform that you are providing allow me to create any business model and any payment scenario?
- What are integration possibilities?
- What Are the Processing Options?
This is where the real magic happens. Check if the payment provider is offering you an embedded custom-form that will keep your customers on your website.
- Explain About Your Technical Integration
Ask about the technical documentation. Difficult and long integration processes can cost you a couple of weeks, not to mention the time and money that you will be spending. Good online payment gateway providers must provide you with APIs that will allow you to integrate with a couple of code line in a matter of hours.
- What Is the Fee Structure?
Make sure that there aren’t any hidden fees or taxes and the stated pricing policy is transparent. Ask the payment gateway provider to give out all the estimated costs that you might have to come across while using their service so as to save yourself from unpleasant surprises of paying more than what you came in for. You may end up making more loss than profit. So, ask if you have to several times.
Ask for:
- Monthly fee
- Set-up fee
- Registration fee
- Transaction fee (for both successful and declined)
- Processing fee
- Refund fee
- Reserve
- Chargeback fee
- and any such fees that you may be subjected to in future based on certain scenarios
- How Would You Go About with the Security?
Make sure the gateway provides you with an anti-fraud system and also an active charge back management.
Check if the payment providers are meeting the security requirements (which are sometimes known as- PCI Level 1).
Ask if they are well equipped with both technology and people to face any risks regarding the payments processing and are capable of acting fast so as to prevent any misconduct from occurring.
- How Is Your Customer Support?
As the saying goes… because everybody needs an ‘angel protector’.
Ask if they have a reliable 24/7 customer care support system. A good payment gateway provider will assign you a personal account manager, who will be there to assist you during both sunny and rainy days!
The answers given by the payments provider must satisfy you, else there are a lot of fishes in the sea!