Features to look for while selecting the best payment solution for your business.
Every online business is only as good as its underlying payment processing solution. Customers will gather to your website if they like the products, but a painful online payment process can leave you with a low conversion rate. So, if you are ready to rake in sales, then begin by implementing the most suitable payment solution.
Key Features of an Ideal Payment Processing Solution
Popular payment processing solutions come with several capabilities. In this article, we listed the features that you should seek while selecting the best payment solution for your business.
Every online retail business works on an interdependent platform that must talk to different software and applications to perform a seamless transaction. Internally speaking, the selected payment processing software must be compatible with your existing operational setup.
From an external compatibility point of view, the payment solution should have enough plugins to ensure seamless integration. In other words, look for a solution with a robust API for unifying data across different payment methods.
2. Global Network
An ideal payment processing solution must be capable of transcending international borders to cater to customers worldwide. While you may not have a global presence at present, selecting software that is only domestically available can hamper your future growth and scalability plans. Ensure that your business is prepared to accept cross-border eCommerce transactions by establishing a solution that offers a global payment network.
3. Compliance and Fraud Protection
Fraud and data breaches are an unfortunate reality of our times. However, proven payment processing solutions can help you protect your customers from falling prey to such events. Therefore, look for a payment processor who has invested enough in providing protection and information security. Most reputed payment solutions come with automated tools to ensure fraud protection. Individual high-tech solutions can even identify and prevent suspicious transactions.
4. Multiple Payment Methods
Customers expect the merchants to provide a local payment method that they are comfortable using. Currently, top payment methods include credit cards, eWallets, bank transfers, and coupons for cash.
All of these payment methods are affected by local government regulations. Therefore, they require transactions to be completed locally. Otherwise, they can attract additional fees. These fees are either passed on to the customer or can add up over time and affect your bottom line.
For instance, when it comes to payment via credit cards, your payment processing software should be capable of processing a ‘domestic use only’ credit card using a local organization. This can help you expand in many countries. However, not every customer will possess a credit card, hence the need for alternative payment methods. So, your payment processing system must offer different options to convert more visitors into customers.
5. Multiple Currencies
Most global payment processing software products can settle in multiple currencies. However, it is crucial to know whether the one you select can offer settling in your currency.
As your business expands into new territories outside the national borders, the transactions can become more complex. You will have to accept payments in various currencies while customers will expect you to settle their transactions in the local currency. In other words, you will require software that can help you overcome the issues of handling foreign exchange. It should be adept at minimizing currency realization and conversion costs.
XanPay is an all-in one payment solution that caters to your business needs, global expansion, and facilitates the best services to your customers.
Beware of the following
Now that you know the key points to look for before deciding on a suitable payment processing solution for your business, here is a list of things to avoid under all circumstances.
1. Hidden costs
While low costs may seem like an attractive feature, it is vital to conduct a thorough check to identify hidden fees. This is because payment processors can charge you different amounts depending on the customer’s payment method. It is always better to have clarity on costs that you may incur in the future before selecting the perfect solution.
2. System’s capability
Implementing a payment processing solution is not an easy task. Therefore, you should avoid doing it more than once. In order to ensure this, find out whether the selected payment processing software is capable of expanding and scaling up as per your business goals.
Most solutions can get you started as an eCommerce vendor, but very few can last long enough to adhere to your growing demands. Therefore, buffer for future requirements when you are analyzing payment processing software. This way, you will not have to upgrade your entire system if you plan to undertake business expansion projects.
3. Lack of security and fraud protection
A payment processing system should come with appropriate security features to ensure that you do not have to spend additionally to protect your transactions. Security compliance can also be different for different countries and regions. Hence, the system must comply with all the areas where you are conduction transactions. The system must offer encryption and inbuilt fraud prevention features to ensure this.
4. Poor reviews and support
Even the best payment processing solutions can fail. You can ensure minimum downtime by opting for software supported by a robust back-end team. The setup process, as well as post-handover support, must be simple and available at all times. You can find this out by reading online reviews and taking the opinion of domain experts.
5. Limited payment options
Customers like variety, and each one can have a different comfort level when it comes to payment options. If your software can offer only one type of payment processing option, you are in for a rude shock. Remember, there are still some consumers who do not trust online platforms with their credit card information. Therefore, it is advisable to select a payment solution that is versatile and stable.
Different payment processing solutions come with additional capabilities making it very confusing to select between them. However, your final choice must include the ‘must-haves’ listed here. And avoid compromising on any of these points. A comprehensive and appropriate payment processing solution is the last peg in increasing your sales revenues from your eCommerce business.