18. How to select payment aggregator?
There are multiple aggregators (11+) and there is not much differentiation when it comes to payment methods supported by them. The only differentiating aspects are success rate and operations support. You can assess both these aspects only when you use that aggregator.
Remember, success rate given by aggregator at another merchant won’t guarantee same success rate to you as success rate is combination of processor arrangement and demography. Similarly, you will get to see the operations support only when you use that aggregator.
So commercials play a major role or entry point for aggregators. Although I don’t agree with measuring anything purely on commercials but sadly that is how things are working these days.
But if you are keen on evaluating aggregators beyond commercials then here is the list of questions that you can ask your aggregators. (Still WIP and will keep updating)
How do you prioritise these features:
During MBA, I read about Kano’s model. I think it might come handy in classifying payment aggregator’s features into performance, excitement, threshold and indifferent attributes. And then prioritising them as per your business need.
Example: If you are Term Insurance company then card vault doesn’t have any value but EMI on cards are important. If you are a high-end fashion apparel merchant then unavailability of a cooperative bank doesn’t impact as much as lack of support for Amex cards.
Summary: All said and done, commercials will play major role in decision making but that should not be the only criteria.
