Every website, web portal, and app needs a payment getaway to accept money from customers or clients. There are a lot of options in the market and finding the right one can be a major headache. You also hear a lot of horror stories – some providers include "surprise" charges that can eat up a large amount of a business's profit. So how do you choose the right payment getaway? Here are some considerations to make before picking one: Fees Providers often charge a flat monthly fee and also a per-transaction fee (2-3%). Don’t always go for the cheapest option. Instead, take a look at all the features, read the fine print carefully and get quotes from multiple sources. Preferably choose one that does what you need it to at minimum cost. Integration Some payment portals can be integrated directly into your website, while others will divert your customers away to an independent page operated by the provider for the duration of the transaction. It’s better to use a service that doesn’t interrupt the payment process (direct integration). Trustworthiness It’s always better to go with a provider that has a good reputation - this is both for your sake as well as your customers’ sake. For example, everybody knows PayPal, but not many have heard of Pay U money. Conducting transactions online is an exercise in trust for most customers, and they will be more likely to buy from you if you have teamed up with a provider that they know. Security How secure will transactions on your website be? The payment portal must be as secure as possible. Credit card and data theft are very common. Losing your customer’s payment information can be a very costly mistake, as it could destroy your business’ reputation. Speed Every provider will have their unique turnaround times. They have to accept payment from the customer and then credit it to your account. Do some research and try to find one that has fast turnaround times. Custom development Most companies choose third-party providers, but some decide to create their own custom portal. There are high up-front development costs involved and creating a personalized portal can be tricky business, but for some business types, it can pay off in the long run. Do you need help in choosing the perfect getaway? Openwave’s experienced developers can help you pick the right one!
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AuthorAm a Senior Business Analyst @ OpenWave Computing (M) Sdn Bhd in Malaysia. Archives
September 2019
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