Choose an Appropriate Payment Flow
As your business grows, your gateway should also be stretch along the way. Hence you need to select the most appropriate gateway flow for your business.
Singapore Payment Solutions for merchants:-
Integrated Form :- With Integrated forms in place the payment details are sent through it. The form contains all the required information and passes all the information to the gateway provider. This may require additional costs for programming and integration.
Payment Redirection : The customer is redirected to a secure hosted payment page or they are required to enter the information in an embedded iFrame on the website.
Consider the customer's safety and security
Big companies have completely changed the way how customers look at shopping websites. By providing high-quality standards and technological features the big companies have raised the expectation of the customer for e-commerce business. Even if you are running a small business, your customer tends to look for high-quality websites and the most secured payment options.
Though, if you are a small business owner and you have managed to customize the whole payment experience to reflect your own brand's typeface, logo, and brand. Some customers dont even realize that they are being redirected to a third-party website to process their transactions securely.
Fees and Service Agreements
As far as pricing is concerned, the pricing structure is completely based on the type of transaction the business is carrying, frequency of transactions, and even business sales. It is crucial to consider the appropriate fee structure that fits your business model.
Efficient transaction process
It is found in a survey that more than 25% of the customers got frustrated when they are compelled to register for an account to complete the transaction and end up abandoning the transaction. Ensure that your checkout process involves an additional factor that allows a “guest” checkout.
Recurring billing allows you to automate the payment cycle for a certain period of time. It helps businesses such as Netflix to make subscription-based payments from the subscribers.
Multiple supportable features
Merchant account service providers offer various features depending on the need of the business. For ex. If your requirement is to take your product or services to global customers then you need to seek global services from your service providers.
Payment gateways also impact the overall business efficiency. You need to ensure that your gateway supports electronic invoicing, payment types, chargeback management tools, etc.
Easy integrations can enrich the customer's experience while making payments on your website. Select a gateway that makes it completely easy for the customers to carry out the transactions.
A merchant account is used to temporarily hold the money before it gets approved by the customer’s processing bank. After getting the approval the money is transferred to your bank account.
When an online payment is made through the payment gateway the money is first kept in the retailer merchant account. It is different from your actual bank account. The merchant account provides an extra layer of security to both the seller and the buyer. There are some payment gateways that don’t require any merchant account they directly transfer the money to seller’s accounts.
Mobile payments will be the new mode of payment replacing credit card payments. Payment gateway providers with the help of mobile payment enable buyers to transfer money using their mobile phones.
24*7 Customer Support
Here are some important questions that you can ask your service provider getting services:-
What will be the transaction fee structure?
What are the features that you will get with a payment gateway such as fraud prevention, chargeback mitigation?
Will you get the merchant account along with the chosen gateway?
Is there any electronic invoice system available with the gateway?
Don't hesitate to tell all your business requirements to your service provider.
Some service providers restrict themselves to provide support to tickets or emails. In this situation users needs to go through manual instruction to resolve the issue. If you feel more comfortable talking to a person check whether the provider offers live technical support so that you can quickly resolve the issue.
Choosing the right payment gateway service provider is not tough if you understand your business well. Get along with the right service provider and realize the immediate and positive impact on your customer’s brand experience and profitability. You need to just consider the above-discussed factors before choosing the right service provider.
Get in touch with the most efficient payment gateway service provider in Singapore such as PayCly. Get in touch with us to know more about our services.
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