4 Insider Secrets About Payment Gateways

4 Insider Secrets About Payment Gateways

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An eCommerce payment system is your window to a wider client base, as it allows you to accept digital payments across a variety of payment methods. 

Without a payment gateway, you will lose out on a lot of potential business. Remember, customers today prefer shopping online more than visiting a store in-person due to lack of time. Online shopping it’s convenient and a more cost-effective way of shopping for goods and services online.

So, if you are thinking of integrating an eCommerce payment system on your online store/app, then there are 4 secrets that we think you must know. So, what are those? Let’s reveal it to you!

Recurring Payment isn’t Available Across All Payment Gateways

As some people may have us believe; the truth is that not all payment gateway service providers offer recurring billing via their platforms. 

That’s because this works best with subscription-based business models, which is not something most businesses follow. 

Therefore, it is only now that payment gateway providers are enabling that option, and certain service providers don’t have it at all. 

As the business model becomes more popular, you can expect more service providers to enable that option. 

So, if you are into a subscription-based business, choose a service provider that offers this option, or else you will have to face missed payments and lower retention rates.

There is Nothing Called a Perfect Payment Gateway System

A system that works perfectly for someone you know, might not be the best option for you. Since not all payment gateways are designed the same way, their feature sets vary. 

So, while some may offer the option to accept international payments, others may only be region-specific. Moreover, not all payment gateway service providers offer the option of accepting all payment options under the sun. 

If you are looking forwards to accepting more modern options such as WhatsApp, Facebook, and Instagram payments, then you would need to hunt for a service provider accordingly.

You Can Optimize Your Gateway Routing

Utilizing a multi-gateway strategy is one of the best ways to gain access to an abundance of options. For example, there are many businesses that use different payment gateways to process a certain kind of transaction. 

So, while they may decide to route B2B transactions via a certain payment gateway, they might be using a completely different service provider to process B2C payments. 

Having multi-gateway routing can help you optimize your business leading to higher savings, as you can choose which ones to deploy for a specific type of client/payment.

Conduct A Thorough Research Before Signing Documents

This goes without saying, you must always do your research before settling for a service provider. 

Read the fine lines to be sure that you are not getting into something that you don’t want, or that can hinder your business opportunities. 

Here are a few things you need to look out for:

  • Ensure that the contract isn’t exclusive that prevents you from partnering with additional service providers
  • Avoid long-term contracts to avoid paying a bomb on transactions. As the sales volume and the number of transactions increase, so will the fees and charges. So, keep your options open
  • Ensure that your service provider offers data portability, so should you decide to shift to a new one, you can seamlessly port all of your existing data to the new service provider

Choosing a payment provider shouldn’t be difficult if you have done your research and know what to look for in a service provider to avoid committing to anything that you didn’t want to sign up for. 

Service providers like Pinelabs Plural Console offers new-age benefits such as the option to accept digital payments across a number of payment options at competitive rates that result in huge savings for your business.

So, if you are looking for a service provider that can keep pace with your business needs, make sure that you choose one that truly delivers what it promises!