What are the Best Payment Gateways

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

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.



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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.


FAQs

Commonly Asked Questions
What is PCI compliance, and why is it important?
PCI compliance ensures the security of customer data during transactions. It’s crucial for protecting your business and your customers.
How do I know if a payment gateway integrates with my website platform?
You should check the gateway provider’s website or contact their support team to confirm compatibility with your platform.
What is an “uptime guarantee,” and why is it important for my business?
An uptime guarantee ensures that your payment gateway is operational 24/7, allowing you to process orders at any time.
How can I balance fraud detection with a smooth customer experience?
Working closely with your payment gateway provider can help strike the right balance and minimise the risk of fraudulent transactions.
What are the advantages of offering multiple payment options to customers?
Providing diverse payment methods makes it easier for a broader range of customers to complete transactions, potentially boosting sales.
Can my business accept payments in different currencies with the same payment gateway?
Yes, many payment gateway providers offer multi-currency support. Ensure your chosen provider meets your currency requirements.
How can I save on payment gateway fees for my business?
By comparing providers and understanding their fee structures, you can find a cost-effective solution that fits your needs.
What should I consider when looking for an international payment gateway provider?
When expanding internationally, ensure you have the necessary licensing and a merchant account in place, and choose a payment gateway that supports your global aspirations.

How MAS Can Help

At Merchant Advice Service, we collaborate with industry experts to streamline the process of selecting the right payment gateway for your business. Whether you’re seeking a gateway for your small business, international transactions, UK transactions, or integration with specific web software, we’ve got you covered. Our experts can guide you through the entire process, free of charge.

 

If you’re ready to find the perfect payment gateway, reach out to us today.



Conclusion

Selecting the right payment gateway for your online business is a crucial step towards success. It’s more than just a payments system. It’s about ensuring your card details and information secure, while offering your customers a smooth and versatile payment solution. The versatility and security of your chosen gateway can significantly impact your business. Whether it’s credit and debit cards, mobile payments, or custom payment options, 

 

Protecting cardholder data isn’t just a good practice. It’s essential in preventing data breaches. With Merchant Advice Service, you’ll find the guidance you need to navigate through the complexities of global payment systems. We’ll help you find a solution that aligns with your business’s needs and values. We ensure every aspect is tailored to your requirements.

 

As you embark on this journey, consider the broader implications of your choice. It’s not just about processing transactions, but also about building trust and a seamless experience for your customers. Reach out to us, and let’s secure your business’s future in the digital payment landscape.



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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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