How to choose the best gateway payment according to your business needs
With too many merchant online payment solutions it is difficult to choose the right one for your business
One of the most important factors of any e-commerce site is the payment gateway. This is the channel that allows your business to accept credit card payments securely via your website. Choosing the right payment gateway for your virtual store is essential since it involves installation as well as transaction fees.
Since not all the gateway payments work or function equally, it’s very important to choose the right type according to your business’ needs. Please note that your cost of the gateway payment would depend on the type of goods or services that your business is selling online. Pay attention to the terms and conditions that these companies offer, since some only allow physical items for sell online.
For small e-commerce business we recommend Square and PayPal. They both accept all forms of credit, keyed transaction support, apply discounts, receipt printing or via email, issue refunds, invoicing, manage inventory, you can swipe card, key entry, scan barcodes, no cancellation fees, etc. Square Point-of-sale has more capabilities with inventory management and offline mode. If you are looking for a small restaurant or retail business gateway payment, Square is our choice.
Although, PayPal dominates the online transactions since it is the most widely accepted form of payment accepted online. So, if your selling goals are primarily online you should go with PayPal payment gateway. PayPal payment platform is very easy to install and manage. It is also very customer friendly to use.
For larger business there are several options like Secure Pay, 2checkout, First Data, Blue Pay Processing, Pay Simple, Fast Charge, Pay Nova, etc. Some of them have setup fees / monthly fees besides the required fee per each transaction. Not all of them accept all forms of credit. Pay attention to the cancellation fees since some are quite high. In the same manner, read their terms and conditions of their services before you choose the one that will take care of your e-store’s payments.