Building a successful online store takes hard work, you need to keep your business components always running smoothly with no hiccups and ensure that they are of the best quality for your customers, to ensure they have the best experience shopping with your company. Your business components will consist of things such as marketing, advertising, product development, logistics administration etc. but one of the main components is how the customers can pay for the goods or services. Each customer is different, and their preferred payment will be different to each other. Choosing the right payment system for your business depends on several different factors. The most obvious one is the cost and ease of implementation for your business.
Choosing the right vendor for your business
You want to choose a provider that is known to people and a trustworthy vendor because when customers are purchasing from your store, especially for the first time, they’re probably having fears if your store is legit, so if you’re using a payment system that they’re already familiar with it will probably give them peace of mind, also nowadays they’re so many people that are more apprehensive giving out personal details online especially banking information but if they know the vendor they won’t have as much of a hesitation.
Another thing to consider when choosing a vendor is how efficient it’s going to be for your business but also your customers, will they be taken to a separate page when paying or will they stay on the business webpage( a study was carried out in 2019 that states 32% of people are more likely to not purchase from a website if they’re taken to a different checkout page because it confuses who they’re paying).
Make sure any vendor you’re considering has a fraud prevention policy, scam artists target e-commerce sites, but a well-respected and genuine vendor will have a payment service that will include automated security protocols as a component in their service. Such methods can identify fraudulent transactions and prevent security breaches.
Another thing to consider when choosing your vendor is the geographical coverage and currency on which the vendor offers. If your vendor offers more currency, chances are customers are more likely to check out as opposed to abandoning checkout carts.
When choosing your vendor, you should check what fees you will occur when choosing the vendor. Each Payment processors charge different fees to cover their services, they are Flat rate pricing: This is a fixed per cent on all your transaction volume. It does not matter the cost of your product. Interchange plus pricing: This is also a fixed rate on the interchange.
Tiered pricing: This comprises three different pricing i.e., qualified, mid-qualified and non-qualified. The number of fees you pay on transactions here can be very expensive and it also varies, so it defiantly is worth checking what the vendors you’re choosing offer for their fees.
At exactly they offer an all-in-one payment system that delivers personalization to each business and gives businesses the option to expand their payment system as their business grows. They accept most major card types; have extensive data and analytics you can see by checking your dashboard giving you information about your customer’s journey and generating customisable reports giving your business new opportunities for growth and improvements. They also offer security features that have 3D secure 2 embedded across the system enabling easier authentication for visitors to your store.
