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How to Select the Right Payment Gateway & Payment Processor

If you want to process online transactions for your eCommerce store, you can’t do without a payment processor and a payment gateway. How can you choose the right payment gateway and processor for your company? Who can help you with a Square virtual terminal?

Payment Gateway & Processor for your eCommerce Business

To accept credit card payments from your customers, you should have a merchant account, a business bank account, and a payment processor. You’ll also need a proper payment gateway.

What’s the role of a payment gateway? It makes purchases easier when a credit card is not physically present. In addition, a payment gateway enables payments to instantly reflect on your end and improve cash flow. When it comes to a payment processor, it makes the transactions between individual accounts easier.

When choosing a payment gateway or processor for your eCommerce business, consider working with an expert in payments. Turn to a reputable payment gateway provider focused on multi-currency processing, online payments, and innovative solutions for eCommerce merchants.

Thanks to a payments expert, you can get easy access to all the necessary tools for effective operation within your industries. This refers to any merchant processing tool and service, including a Square virtual terminal.

Choosing the Right Payment Gateway & Payment Processor

Online sales reached $204.62 billion in Q3, which was a 6.8% rise from $191.57 billion for Q3 in 2020. With eCommerce growing rapidly, it’s more critical than ever to offer your products online. Let’s see what you should pay attention to when opting for the right payment processor and payment gateway.

  • Cost

The costs include setup fees, monthly fees, and transaction fees. You should shop around to find the most suitable option for you.

  • Cards Being Processed

Mostly, you’ll find the following cards: Visa, MasterCard, and Amex.

  • Convenience

Make sure you can operate your company conveniently and make things easier for your customers as well.

  • Security

Fraud prevention is a vitally important point. Make sure to get the latest fraud prevention and chargeback mitigation services. Look for automated security features.

  • Compliance

Since you’ll deal with customers’ credit card information, make sure the service offered is compliant with the regulations in the field.

  • Multiple Currency Support

To increase your sales, you need to accept multiple currencies, especially when running an international business. Choose a payment gateway that can handle payments in multiple currencies and from multiple countries.

  • Recurring Billing

Subscription-based businesses should go for a payment gateway that can help them with recurring billing.

Picking the Right Payment Processor & Payment Gateway

You should choose your payment gateway and payment process properly. With a wrong payment gateway, you may lose customers and revenue. So, make the right choice for your business model.

Author Bio:- Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.

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