The payment options available through your eCommerce site are an integral part of your business. The provider you choose has an impact on both your cash flow management processes and the number of orders you receive. Fortunately for you, there are plenty of affordable options on the market, whether you are expanding to add a new payment option or you want to change from your current provider.
While the size of options open to SMEs in this aspect is large, it can make it difficult to choose the right eCommerce payment provider for you. We have five key areas to consider when looking for a new partnership.
Your payment system should seamlessly integrate with your website and provide a seamless process for any customer ordering. As a result, how compatible the provider is should be at the top of your priority list. Choosing a payment provider that already has plugins available for your eCommerce platform can save you time and effort.
Don’t underestimate the importance of security when choosing a payment provider. First, it gives you assurances that your sales are safe. Second, Internet security remains a concern for online shoppers, and choosing a trusted provider has a big impact on the decision to review with an order. Choosing well-known eCommerce payment providers, such as PayPal, Stripe or Worldpay, can make a difference.
Payment fees also matter. Choosing a provider that offers you a competitive rate means that you will be able to increase your margins and price your goods at a price that is attractive to potential customers. Of course, you need to weigh the cost with the service provided to make sure you are in balance between both sides.
Want an eCommerce payment provider that acts as a simple payment gateway, such as SagePay, or one that functions as a complete payment solution with a merchant account? Which is best for you depends on the resources you have available internally and the level of support you want. Typically, smaller companies benefit from having a complete payment solution in one place, entire companies with high revenue can benefit from having a separate service.
Authorization and Capture
If you are a company that has a delayed fulfillment process, it may be worth investigating eCommerce payment providers that offer authorization and capture. It allows you to authorize funds to be available, but delay recording until later. It gives you more freedom and improved access to cash flow.