The secure payment gateway has become the need of the hour for businesses as because if your payment is not secured your business is not secured as well. The fundamentals of being ahead of your competitors and competitions make it quite necessary to provide your customers with a payment gateway which are secured.
While choosing the best payment gateway or a full-service payment provider for your business could be difficult but it is the one thing which you cannot skip for your business. But first, let us review with few questions which would help you in choosing the best online payment gateway for your business.
How Much Time do you need before accepting payments?
Usually, the time taken for setting up a merchant account and payment gateway account will take up to 3-4 weeks. However, there are few payment gateway providers like Jenga payment gateway which gets this done rather quickly and fast.
Most of the payment methods providers also provide help in setting up a merchant account and obtaining one payment gateway for your business could be a long and complex process. This could be difficult in particular when you are a new or a small business which is going through the process for the first time.
How Much You and Your Business Could Afford Spending on a Payment Gateway?
After seeing the condition of payment gateway being secure the second most important concern for any business is to check how much cost the payment gateway adds for the business. Before deciding to add any payment gateway provider you should be aware of their fee structure. You should check them fully loaded costs which include setup costs, transaction costs and admin costs.
The typical costs of payment gateway which also includes a merchant account will go up to 600-900 for setting up costs, 15 per cent – 17 per cent per transaction and also a monthly payment of 50-100 dollars. There are also payment gateways which would usually charge you extra fees for any chargeback.
If your business only gets the low volume of online payments then it’s better that you avoid monthly fees and high setup cost. You may want to look at full payment methods provider like Jenga API which is free to set up and fast in providing the setup. You could also think of having a direct debit method which is cheaper than the card payments.
What is the minimum time duration to receive funds from your sales?
While the transactions made at your business will be notified instantly but it will take up to a few days for the payment to be settled in your account. From different payment gateways and providers, the timings of the payment significantly vary.
Some secure payment gateways can quickly settle your funds to your accounts while others hold onto your fund or a certain amount of your funds for as many as 30 days. There are some payment methods which also pay out the fund on some given set days. Based on your business you should choose the best online payment gateways which ideally settle the funds on every day to day basis.
Whether the Payment Gateway offers International Payments?
If your business needs to take international payments or you are planning to get it in the future, you should also see to it that the payment gateway which you are offering is accepting international and multi-currency payments or at least an interface which supports multiple languages.
You should also check whether the payment gateway which you are using come along with any additional fees for accepting multi-currency payments or payments from foreign countries. One question which you should also ask your payment gateway provider is whether you will need to have a merchant account for any specific country.
Having the Most Secure Payment Gateway
Security is obviously the major concern for any company or business when taking payments. Even the best payment gateways without the security are a failure. You should make sure that you are using the level 1 compliant payment gateways according to the payment card industry data security standard for your business. You should also make it clear that your payment gateway is having built-in security functionality such as tokenization.
The other thing which you should consider is the tools such as fraud protection and screening are offered by your payment gateway. There are various payment gateways which offer a number of tools for helping you with your business and guard you against fraud. These tools are very important when you are going to accept payments from people with whom you don’t have an existing relationship with.
Finding the best online payment gateway won’t help until you have found a secure payment gateway for your business. And seeing the need of secure payment gateway, Finserve Africa has brought the best payment gateway as Jenga payment Gateway for you and your business to grow.