How to Choose a Payment Gateway

The main reason why people get their businesses online is to make money. And to make money, they need to get paid through one of the many payment gateways there are.

Choosing a payment gateway is not an irrelevant decision. Since you plan to receive all your payments through it, it’s reliability and cost is important.

Here are a few tips to help you select one that will meet your needs:

Compatibility: The payment gateway should be compatible with the rest of the applications on your website. Especially with your shopping cart or any third party applications that are involved in the payment.

Price: Don’t pay attention to the lowest price. Instead, consider all the hidden costs that are involved, such as cost per transaction, total monthly cost, etc., which takes us to the next point.

Payment Analysis: Analyze your needs and have a clear idea of how many payments you will receive, the average quantity of these payments, highest and lowest amounts, and total transaction volume per month. Ideally, you should also have some future projections. Even if it’s difficult to get these numbers exactly, thinking about them will allow you to calculate the cost per transaction and total cost you’ll incur in.

Technical Support: Read some unbiased reviews on the payment gateways you’re considering. Good customer service is very important, since it can mean keeping or losing a client for you.

Consider PCI-Compliant Payment Gateways Only. This little certification will offer you the best security available for your customers.