Common Mistakes To Avoid When Choosing A Payment Gateway

December 20, 2018

In business, anyone can run into the same problem. While some problems aren’t cheap, you have to make decision wisely, especially with the system that handles your payment.

Before you choose a payment gateway, make sure to choose the one that can perform effectively with the amount you pay.

Payment gateway is not a ready-to-use product or service, so everything that involves in the process matters more than you imagine.

Hence, to help you select the suitable payment gateway, we outlined these critical mistakes that you should never do to your business.

Don’t follow these mistakes

1. Go for everything low-cost

Low pricing can really catch your eyes at the first sight. If the plan is priced very low, give a closer look on the benefits that come together with the price. Will it be adequate to improve your productivity? Or, will it take you into an exhaustive process?

Other than that, always be careful of the hidden cost or other features that need you to pay additional costs. In cases like this, do not rush taking out your money. Do a thorough calculation rather than having to put up with some arguments later on.

2. Have less payment options

Lack of payment options can put you at a serious disadvantage. If you are targeting the local market, make sure that you have the coverage of majority local banks for online banking and also other vital options such as credit and debit card.

However, some customers have several restrictions like age and locations. These kind of restrictions will cause them to have specific preference on the payment method, such as cash, which failure to offer may close your opportunity to sell.

3. Have too much security concerns

It’s good to have security concerns. But, as long as you choose a payment gateway that has been approved by the central bank or any regulated party, you are in a good hand and all your worries should be dispelled.

It is undeniable that this concern always lingers around the businesses that are time-sensitive or data-sensitive. Make sure the payment gateway is complied to the security standard such as PCI-DSS to protect your customer’s information.

4. Pick an unsuitable plan

When you choose a plan, take your volume and potential volume into account. Don’t select a small plan when you have a big volume. If you wrongly choose the plan, a lot of payments will fail to be captured. Customers will then blame you and lose the trust.

5. Set up everything by yourself

If you love your work to be easy, make sure to pay attention to what processes involved in the setup, integration and etc. and what processes need you to be involved. Get the payment gateway team to work on specific process that needs their expertise.

If you get yourself involved too much, it is actually a sign that you are not getting the support that you deserve. Plus, you will have to check a lot of things afterwards when you manualized everything from the beginning.

6. Not thinking of other options

Don’t commit too quickly for the sake of having it. Try to look around for other options that might work better with your business needs. Take your time to ask around and make a comparison, so that you won’t have anything to regret afterwards.

7. Overlook the competitor’s choice

In the cut-throat competition, you should never turn a blind eye to what’s happening in your competitor’s business. If they are good, in what aspects are they good at and try to explore how their payment process is different from yours.

In case you have done any of these, don’t hesitate to take another turn and evaluate the things that you and your customers really need. That is how your business can bounce back with the right payment gateway of your choice.

Wonder how Razer Merchant Services can make a difference to your business? Let us know if you have any questions about our payment gateway. Contact us.

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