What’s the best online payment solution for my business?
Choosing the right payment solution for your business is challenging. There are many payment providers who appear to offer the same service at a lower price.
However, like most things, there are other service aspects that can sway you from simply choosing the cheapest. Our website can help you compare the costs of various payment options and connect you to them easily, but cost alone should not make your decision.
Sometimes knowing what questions to ask can save you money or stress in the long run, one of the main purposes of this website is to equip you with a base level of knowledge – after all, you are a specialist in your own industry not the payment industry.
To point you in the general direction, consider these scenarios:
- Your business already accepts debit and credit card payments for face-to-face transactions
- You expect a fairly high number of online transactions, most of which will be simple and low risk
- You need the greatest amount of flexibility in operating your business and cash flow is very important
Consider applying directly for an internet merchant account (IMA) and discuss your payment gateway requirements with an acquiring bank.
- Your business won’t have huge numbers of online transactions and you do not currently accept debit or credit card transactions
- You’ve been trading less than a year and don’t have a documented operations history
- Your business will need some flexibility in the way in which it designs and operates its website
Consider the advantages that an all-in-one payment bureau offers, with the possibility of moving to a less costly option later.
Points to remember
Remember that choosing a payment provider is an important decision as it affects your revenue and profit margin. The handy checklist below will help you ask the right questions and allow you to make informed decisions.
- What is the contract term?
- What is the cancellation notice period?
- Which credit cards will I be able to accept (Visa, MasterCard etc) and do any require separate applications?
- Will my customer see my company name on their credit card statement?
- Will I be required to provide financial statements or business plans?
- What is the settlement timeframe? (when funds get deposited into your bank account)
- Are deposits made at the same time regardless of which credit card customers used?
- Do you retain any of the funds for a period of time?
- Do you provide any additional added value services like a MOTO account?
- What security features are included/available?
- Who is responsible for protection of the credit card data, my company or yours?
- Do you assist in identifying potentially high-risk transactions, defending charge-backs, and provide valuable information about protecting my business?
- Are all of these security features included or available and is there an additional fee?
- Will your service be available at all times?
- Are there any additional services I need or fees to pay to third-party providers (ie acquiring banks, security certificate issuers, payment processors?)
- What level of reporting detail is provided?
- What level of service is provided (eg telephone or email only support) and during what hours?