7 things to consider when choosing your card payments provider
With so many different card payment solutions available out there, it can get pretty overwhelming trying to pick one that fits for your business best. Here are 7 things to consider when you shop for a card payment provider:
1. Know exactly what you need
The type of card payments solution you need will largely depend on the demographic of your customers. What kind of cards would they use? Do they primarily shop on their mobile? Determine the card payment options that your target audience needs and speak to various card processors to compare what they can offer to match. If you already have an internet merchant account, chances are you can benefit from using a payment gateway that is easy to integrate into your existing model and has fast processing speed. If you are just starting out with a mobile responsive website or mobile app, then choose a payment processor who can offer an end-to-end payment solutions to ease the pain of setting up.
2. Understand & compare pricing
While choosing a card processor, the lowest fee should not be the main factor for your decision. Be aware of extra costs that might occur after you have integrated the solution. You’d want to find out if the processor offer a flat rate fee system, or would they charge you a setup fee, monthly fee, chargeback fee, transaction fee, etc. If you are already processing a high volume of payments each month, then ask the processor about custom pricing options. Weigh the pros and cons while you seek out the best possible deal with the least hidden costs.
3. Work with a processor that protects your business
Make sure that your processor is PCI Data Security Standard (DSS) compliant. It is the most stringent level of security that a processor can be certified of. You can find out more about it here. It would also be a good idea to ask the processor about the level of PCI compliance you require as a merchant. If you select a processor that is PCI-DSS Level 1 complaint and not handling card data yourself, your scope of compliance would be much smaller hence taking a smaller risk. Moreover, choosing a card payment processor that offers fraud protection will ensure that your hard-earned profit is safely guarded from fraudsters. But not all fraud protection is created equal. Fraud protection for mobile transactions is different from the standard solution. If your business is involved in mobile commerce then you should consider using a provider that is capable of, if not specialised in, mobile-specific fraud protection.
4. Aim for an easy to use user interface/experience
Make it as easy as possible for your customers to pay you. You might already have a mobile optimised site, or even a native mobile app. You might have designed your site/app’s interface to deliver a smooth and painless shopping experience for your customers. But the user experience doesn’t stop at “pay now”. Your payment solution should match the quality of experience you aim to provide for your customers. A good payment interface should have the least field possible, real-time card entry error detection, and provides the right keyboard at the right time. Furthermore, if you have a mobile app and wish to deliver a seamless payment experience, choose a payment solution that can integrate directly into your app. Customers should be able to pay quickly within your app without being redirected to a third party site to complete their payments. If you have a mobile optimised website, then choose a provider that offer a payment page that loads within seconds, if not instantly, to prevent payment abandonment.
5. Pick a partner that you can count on 24/7
Is the processor based within the country you’re trading in? Do they provide local customer support during your business hours? What currencies can they process? It is also crucial for your processor to have constant up-time to avoid any disruption in your business. Ideally the processor would provide integration support as well, and the integration process should be as painless as possible for you to get started straight away.
6. Look at the credentials of the provider
Most processors have testimonials or customer case studies on their websites, it is a good idea to go through those to verify the processor’s credentials. You should also do a Google search for information and news on your chosen processor before you commit.
7. Find out about withdrawal options
Surely you’d want to know how long it takes to have your earnings go from the payment system into your bank. Find out what the options are for you to access your money collected by the payment provider. Besides painless access to your money, your processor should also be able to provide you with a way to easily issue refund to your customers, in order to avoid chargebacks. For more information on chargeback, you can watch our video here.
About Judopay · Judopay simplifies in-app payments, enable frictionless checkouts and intelligently prevents fraud for leading companies globally. Our payments and mobile experts help guide businesses and their development partners to create best in class apps to make paying faster, easier and more secure. Founded by serial financial technology entrepreneurs in 2012, Judopay is backed by leading venture investors and supported by banking and card scheme partners to offer in-app payments that are simple, frictionless and protected.