The rise of online commerce has led to a whole new method of making and receiving payments; the Payment Gateway. Entirely cashless, they come in many forms and use credit or debit card payments only. With many to choose from it may be a difficult choice for you if you need to begin using one for your online business, so we took a look at some of the more popular options, and at the factors you need to take into account when deciding upon which one to use.
Cost of Use
Naturally, among the most important criteria to consider is that of cost; payment gateway providers operate in a number of ways when it comes to fees. Some will charge you a set up fee for your account while with others it will be free. With most options there is a fee per transaction, while others may offer a monthly plan with a set fee payable on a given date. The fee will be determined as a percentage, and possibly relate to the number of transactions processed in a set period, so check out these factors before choosing.
The Popular Choices
Perhaps the most well-known of the many payment gateway options is Paypal; easy to use and with flexible payment options, it has many millions of users and promises secure transactions. However, take care to check out its available functions; in particular, note that it does not offer a shopping cart facility as some others do.
Chase Paymentech is rapidly becoming one of the more favoured choices, thanks to its flexibility and wide variety of functions. Users report satisfaction with sensible fees and a choice of payment plans, while customer service also scores highly in reviews. Recommended for small businesses, it is customizable to an extent.
Amazon Flexible Payments is attractive to users thanks to it being part of the colossal Amazon group; however, it is a limited package although it does offer some benefits, and is perhaps not as flexible as some of the more rounded payment packages.
Whatever you need in a payment gateway there is something out there that will fit your requirements, but make sure you check out all the above – and others – before committing to one package.