Questions To Consider When Selecting An Online Payment Service Provider
It is not a secret that the majority of merchants run their businesses online today while a great amount of customers prefer to purchase online and to pay for some services as well. In order to get the opportunity to accept payments on your website you need to integrate with a payment service provider, a company that helps merchants with payment processing and underwriting. In order to select a payment service provider that will offer you the best deal you need to answer the following questions.
1. How easy can the offered software be integrated with your website? (It should not be complicated or require a lot of time).
2. What locations and currencies are supported by a PSP? (A lot of PSPs support only the US dollar and prefer to work with merchants who are located in the USA and Canada).
3. What is the pricing model and what fees are involved? (There are different types of fees involved that’s why it is extremely important to select a flexible pricing model).
4. What is your current and expected processing volume? (Businesses with high processing volumes can expect their processing costs to be reduced).
5. Will payments be accepted on your website or on the website of your PSP? (When your customers are redirected to the website of your PSP you will not have to undergo a complicated PCI audit on your own while you do not have access to credit card information of your clients).
6. What payment types can are supported within the system? (Modern payment processing software should be able to accept different card payments (credit, debit, gift cards, etc.) and ACH payments).
7. Will you be able to process recurring payments? (Not all PSPs offer this functionality so it is better to check it beforehand).
8. What payment type is a PSP focused on? (For example, some PSP are targeted at small businesses and others — at midsize ones, etc.).
9. Are there are any advanced features available? (The best option is to work with a PSP that can adjust to the specific needs of your business).
Additional tips on how to select an online payment service provider are available in the new article at PayVisors blog.