In today’s global economy, being able to receive payments from customers around the world is a must. Selecting an international payment gateway provider is crucial for your business’ ability to obtain the best payment gateway for international transactions. Read further for more details.
Selecting the best online payment gateway:
Primary factors you should think about when selecting a payment gateway to process credit cards:
Banking Network – Which banks does the online payment gateway collaborate with? A good online payment gateway should have solid relationships within a well developed banking network. These relationships will assist merchants in opening merchant accounts directly with payment institutions and top acquiring banks through its worldwide network, so that the merchant is able to receive a full suite of solutions that enables the acceptance of online payments from all over the world.
Accepting Alternative Payment Methods & E-wallets – In order to meet the needs of an international pool of clients and at the same time increase your business’ market reach, it is vital for merchants to be able to offer localized payment solutions. Depending on a merchant’s business requirements and target markets, an international payment gateway processing solution should offer a variety of Alternative Payment Methods (APMs).
E-wallets are essentially online “wallets” or online accounts in which a person can safely store funds and send or receive payments. Some examples of e-wallets are Paypal and netteller. In order to provide merchants with additional payment methods so they can grow their business, many of the best online payment gateways are fully integrated with top e-Wallet companies.
Competitive Pricing – Make sure you find an online payment gateway that offers competitive rates and pricing so you can operate your business more successfully. Costs and fees vary from one processor to the next. Some may charge a higher transaction fee, but a lower recurring billing fee or vice versa,in order to mitigate this issue, choose the processor that best meets your needs. Some of the main types of fees you should look out for are transaction fees, recurring billing, on-form payments and card types.