Payments occupy an integral part of the entire e-commerce experience. For a success of an e-commerce business, it is very important to provide a good shopping experience to the user. Lack of commonly used payment options, lengthy and hectic payment processes, poor design, are some of the factors that can make bad impression on the customers and can drift away from the business.
Understanding the needs of the merchant, charging low fees and scale with the growth of the business are some of the requirements of the merchant to be fulfilled by a provider. So before choosing a merchant service provider it is important that you know about their payment method in detail.
How much experience do you have in this field?
Before selecting a payment service provider firm, it is important to learn how much working experience do they have? New provider can try to catch your attention by charging low fees. It is important not to fall into such temptation. It is important to go for only those providers who have atleast two and more years of experience.
Does the service provider work with any other e-commerce infrastructure?
You will find a few payment facility providers in the market that provider plugins for different e-commerce platforms. It is very essential to ensure that payment systems work with the shopping cart of the retailer. It won’t need any expensive, and customized integration.
Does your provider provide guarantee for performance and availability?
A slow payment process can help in enhancing the abandonment rate of the cart. You need to ensure that the payment platform is PCI compliant and highly secure. Without high level of security retailer as well as customers loses money.
An effective payment service platform offers support security features such as authorization, authentication, and SSL. The provider should also be meet the standards laid down by other industry standards like HIPAA for health care.
Does the service provider offer fraud management?
A payment facility provider must provide efficient fraud and phishing detection mechanism. This ensures the security of the financial transactions made by customers on a merchant website.
Is the facility to report for analyzing customer activity offered?
Basic activity reports should be included in the basic functionality of the payment platform. A payment service platform should analyze frequently brought products and provides report to the merchant. This helps in reducing the creation of customized ones.
Does the payment service provider offer international level services?
If the retailer has worldwide customers or operations, then it is necessary for a payment provider to process debit and credit cards transactions internationally too.
Does the provider offer 24/7 support?
To resolve any payment glitches quickly, payment facility providers offer several tiers of support that includes 24/7 support.
Conclusion
To accept credit card payments is crucial for any e-commerce merchants. Though the requirements appear very straightforward, it is still difficult to select the right service provider from hundreds of options available. These are some of the very important questions that would definitely assist a merchant in making the right selection of a payment provider.