The payment options available through your eCommerce website are an integral part of your business. The provider that you choose impacts both your processes in terms of processing your cash-flow and the number of orders you have coming in. Fortunately for you, there are plenty of affordable options on the market, whether you're expanding to add a new payment option or you want to change from your current provider.
While the amount of choice open to SMEs in this aspect is great, it can make it difficult to choose the right eCommerce payment provider for you. We've got five key areas that you need to consider when you're looking for a new partnership.
Your payment system should seamlessly integrate with your website, providing a smooth process for every customer that places an order. As a result, how compatible the provider is should be at the top of your priority list. Choosing a payment provider that already has plugins available for your eCommerce platform can save time and effort.
Do not underestimate the importance of security when choosing a payment provider. Firstly, it gives you guarantees that your sales are safe. Secondly, internet security remains a concern for online shoppers and choosing a provider that's trusted has a big impact on the decision to go through with an order. Choosing eCommerce payment providers that are well known, such as PayPal, Stripe or Worldpay, can make a difference.
Payment fees matter too. Choosing a provider that offers you a competitive rate means that you'll be able to grow you margins and price your items at a cost that's attractive to potential customers. Of course, you need to weigh up the cost with the service delivered to ensure you balance both sides.
Level of service
Do you want an eCommerce payment provider that acts as a simple payment gateway, such as SagePay, or one one that acts as a complete payment solution with a merchant account? Which is best for you will depend on the resources you have available in-house and the level of support you want. Typically smaller businesses benefit from having a complete payment solution in a single place, whole businesses with a high turnover can benefit from having a separate service.
Authorization and capture
If you're a business that has a delayed fulfillment process, it could be worth your while to investigate eCommerce payment providers that offer authorization and capture. It allows you to authorize funds to be available but delay the capture until a later time. It gives you more freedom and improved access to cash-flow.