What are the Best Payment Gateways
Choosing the Right Payment Gateway for Your Business
Are you on the hunt for the ideal payment gateway for your business but not quite sure where to begin? At Merchant Advice Service, we’re here to simplify the process and guide you towards the best online payment gateway that suits your needs. Our user-friendly guide breaks down the essential factors to consider when making this critical decision.
What to Look for When Finding the Best Payment Gateway
Payment gateway comparisons need not be daunting. Here, we outline the key elements to evaluate when selecting a provider:
PCI Compliance
Payment Card Industry Data Security Standard (PCI DSS) compliance is crucial for safeguarding your customers’ data. Choosing a payment gateway provider with a high level of PCI compliance ensures top-notch security for your customers.
Integrations
Your payment gateway system should seamlessly integrate with your website. Whether you’re using platforms like WordPress, WooCommerce, Wix, or others, compatibility with your chosen software is essential.
Reliability
Online shopping is a 24/7 endeavour, so it’s imperative to choose a payment gateway with a reliable “uptime guarantee.” Smooth operation is vital to process orders without interruptions.
Fraud Detection
Balancing fraud prevention and customer satisfaction can be challenging. The best e-commerce payment gateway providers work with merchants to strike the right balance, ensuring genuine customers aren’t turned away while keeping fraud at bay.
Payment Options
Beyond debit and credit cards, advanced gateways offer diverse payment methods, including vouchers, PayPal, Apple Pay, and more. Providing multiple payment options makes transactions accessible to a broader range of customers.
Currency
Consider your business’s international reach. Even if you’re based in the UK, you may need to accept various currencies. Be sure to choose a gateway provider that supports your currency requirements.
Payment Gateway Costs
While evaluating these factors is essential, it’s equally important to consider the cost of your chosen payment gateway:
Set-up Fees: Some providers offer free setup, while others may charge a fee, typically ranging from £0-£200.
Monthly Fee: These fees are usually in the range of £10-£50 per month, though not all providers charge this fee.
Transaction Fee: Transaction fees should typically be below 20p per transaction. Your choice should align with your business’s payment processing strategy.