For people who run a business having an online payment system is very important. A payment gateway is a merchant service which is provided by an e-commerce application service provider. (Click to read more about what a payment gateway is) The role of a payment gateway is be a g-between for your website and all banking systems. Using a payment system the vendor can be informed whether the credit card is available. Gateways can also have proactive features such as fraud detection. In this article we will review all the features that a system should have to be considered as the best online payment system.
Features of the best online payment system
Researches show that there are three million e-commerce businesses of all sizes globally. The most wonderful thing about e-commerce market is that you don’t need to be a tech giant to be able to create your own store. Nowadays it much easier to selling items online since people have found out that online shopping is a great way of purchasing what they need.
However, know that you need more than just an easy-to-use website where people can purchase items effortlessly. You also need to care about safety and ensure that you have a safe and reliable payment gateway.
Keep in mind that you should not just go with the first payment system you come across. You need to study the available systems to find out which one is the best option for your business. Below are the factors which can make it the best online payment system for you. Read them carefully, decide and look for your priorities in the type of gateway you are going to chose.
Is this system modern or classic?
A classic gateway will require you to apply for a direct merchant account While a modern one won’t. A modern account is easier to set up but has higher fees. Payment services such as PayPax and PayPal offer modern systems.
How much do you know about its encryption standard?
Be careful that there shouldn’t be even a small breach. The best online payment gateway removes the important card data entirely and immediately. The lower the risks the better it is. We could count Paypax, Skrill and Perfectmoney as the most secure online payment gateways available.
How compatible is it?
Is it easy to integrate? Based on what your business requires you might need to link your gateway to your invoicing software or another financial data management platform. PayPax, Skrill and PayPal are among the most compatible service providers.
Is it quick enough?
How quickly the payment providers can secure the money matters. A payment system has to work as quickly as possible. Transactions usually take 2-3 days to fully complete so even a day earlier can be of importance. PayPax, Skrill and PayPal are at the forefront of the fast systems
What is its reporting feature format?
You might need to get detailed analysis of any fees you have payed or reviews your commissions. The best online payment system for you needs to have thorough reporting features depending on your business. Different systems have different types and formats of giving reports.
Does it consist of security features like fraud detection?
Detecting suspicious activity and letting you know about it is a great feature for an online payment system. If you are trying to choose among different gateways don’t forget to consider this factor as a very important one. Companies such as PayPax and Skrill offer this feature.
costs and fees matter!
The last but not the least! Be careful about the fees associated with each payment gateway. Better features normally cost more but there are payment services that offer the same features and are not as costly. PayPax is a good example of such services. The prices of this service are not as high as other great services such as PayPal but it still has all the factors a payment gateway needs to have to be considered as the best online payment service. Moreover, making an account on PayPax is completely free.
Choosing the best online payment system and the best company offering services really depends on your needs and business. However there are some factors- the one we mentioned above, which you should consider inevitably. Make sure you know them and let them guide you to have a safer and more convenient experience with your online payments.