Your Online Payment Provider is the most important part of your business, and that’s the payment solution. Being one of our areas of expertise, there are many things to consider when choosing your payment provider, and of course, we recommend using our solution because it provides you with the major currencies and payment methods, and it is customized for each merchant. This can make the difference in your online sales.
Today’s PSP should be chosen on behalf of several distinguishing factors. The first is reliability. Let’s face it – profits are the main concern of all merchants, and he who handles those profits should have extensive experience, as well as a reputable history of financial expertise and punctual payments.
Along with the solutions needed to start an online business, more work is needed to keep the online store open. There are financial concerns, merchandise, staffing and of course all the paperwork and the reporting that is left to do.
Some of the services that you should look for:
- Superior Security practices – You’ll want to make sure that the payment provider is PCI certified and practices all available security methods.
- Chargeback guarantee – You should have a guarantee against fraudulent chargebacks.
- Merchant account required or Vendor account – Depending on your business you should know if you need to have a merchant account or if the provider will take care of this and give you a vendor account.
- Multiple payment options – The more payment options that the provider offers, give you a wider and sounder customer base.
- Rapid account processing – This shows you that the provider is serious and has the resources to get your payment processing up and running.
- Superior Risk Management – These practices protect you against fraud and reduce the time you spend worrying about your business.
- Multiple Partnership packages – This is a good practice to look for because of increased traffic and increased sales possibilities. A company with these types of solutions is more likely to take an invested interest on how your business is doing.
- Rebilling Options – The opportunity to perform automatic rebilling for recurring payments.
Most of the stand alone payment providers will not or do not provide platforms with all these features so you have to either find the right provider or continue your multi-vendor usage.