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3 Tips for Choosing the Best Online Payment Gateway for Your Brand.

By Stacy Ketiku Stacy Ketiku

As the world keeps evolving, it is expected that your business should also move at the same speed. Think about how it feels when you are accustomed to browsing with a super-fast internet network then you find yourself in an area with a poor network reception; during that period all you think about is how to escape from such location and get back to what brings comfort to you. That is exactly how a prospect feels when their interaction with your business isn’t giving them the kind of experience they require- they immediately switch to your competitor’s brand.

Accepting online payment from your website or landing page is a decision that will be beneficial to both your business and prospects. However, you need to understand the concept of payment gateway integration and be able to pick the right one for your business. First, an online payment gateway is the checkout portal used to enter credit card information or credentials right from a user’s device rather than making use of their credit/debit cards directly. Here are 3 tips to guide you when choosing the most preferred online payment gateway for your brand.

Geographical Reach

Your choice on what payment gateway service is best for your business is highly dependent on your business’ coverage. If your product is only available in a certain region you should use a service that covers those areas where your prospects reside. Some payment gateway services available to businesses include but are not limited to Paystack, PayPal, Flutterwave, Stripe, PayU, and Remita. Be sure to confirm their geographical location before making a decision.

Service Charge

The size of your business can sometimes help you decide which service to make use of. As a small or medium business owner, you shouldn’t choose a payment gateway with hidden charges or additional costs as it could severely hurt your business or eat into your profit. It is also advisable to use those that charge per transaction rather than those that accept a monthly fee.

Security

It is essential for your website to be secure before anyone will be confident to input their financial details into your site. Before deciding to integrate any payment gateway service into your website, you need to find out if they have point-to-point encryption, data breach insurance, and fraud detection. Furthermore, in most cases, customers are taken from your website to a third-party page and their transaction will be verified by their financial institution before the transaction can be confirmed as successful. All these measures are put in place to prevent any form of fraudulent activity while shopping or paying for a service on your site.

Among the various advantages of ensuring your brand receives online payment through a payment gateway, convenience and accountability cannot be neglected. We trust you do not want to put your customers through pain while getting them to patronise you. Interestingly, all transactions made to your account is recorded on your dashboard; this means that you can easily track and access your financial records on all payment you have received online regardless of what method (mobile transfer, USSD code, or bank card) such payment was made.

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