September 26, 2013
Whether your business transactions occur exclusively online or you’re just taking the steps to allow customers to place online orders, you’ll need a way to securely accept customer payments. The majority of businesses on the web are using a third-party provider for payment gateways. These payment gateways offer a variety of options, allowing your business to make the most of their services and use what works for your business.
Our good friends at Formstack created this helpful infographic that breaks down the process of choosing a payment, including fees and features that will help you make the right choice.
The bottom line? Here’s what you’ll want to keep in mind:
Keeping the cost low
The first thing you are likely to look at is the fee breakdown for the gateway. Many charge some mix of a flat or monthly fee, plus a fee per transaction that would either be a flat fee or a percentage fee. If you don’t have an online transaction history, it’s hard to know how many transactions you’ll have and which work best in relation to cost. It’s important to choose a gateway that will allow you to switch to a higher or lower fee, depending on the volume of sales.
To card or not to card?
You’ll need to know what types of credit or debit cards are accepted by your payment gateway. Some gateways even allow non card payments into their system, allowing you to report transactions without any hassle. It also allows your customers to choose how they’ll pay instead of having you choose for them. It’s worth looking into, with so many options available.
Some gateways will collect payment on-form, which will allow customer to pay without going to another page. Others will re-direct customers to their server for payment. Because of this, you’ll need to integrate payment processing with your website. Keep in mind you’ll also need to make sure that any gateway you are considering can integrate with your website’s software, since your customers will be sent to the gateway’s payment page to complete their transaction.