Finding strategic partners for streamlining business processes is always an overwhelming and tedious task. Any business has to strike multiple partnerships to aid their processes like Marketing, Logistics, and Accounting etc.
A business that is customer facing and thrives on the amount of products sold to the end user has to have a robust and user-friendly payment system integrated with its websites, mobile apps or any other selling channels.
The payments landscape has changed over time, your customers are exposed to newer, more seamless payment modes now more than ever. Businesses have to keep at par with this ever-changing industry and offer their customers a Fast, Secure, Convenient and Successful payment experience.
Finding a Payment Partner is easier in the competitive payments industry but deciding upon one that fits your requirements and your payment use-cases is the difficult part.
We have curated a set of factors that any business should consider while selecting a payment partner, these talks about all the requirements that must be met while hunting for Payment Partner –
1. How secure is the payment gateway?
Payment Fraud is the biggest fear among merchants and customers when it comes to doing business online. It is imperative for any payment solution to be completely secure and offer fraud protection, Data encryption while processing online transactions. PCI-DSS is the highest level that any payments enabler should comply with and hence, should be a priority while taking a decision for any merchant.
2. Success Rates and Fund Management
Business hate user-drops and failed transactions, seamless processing and success of transactions are things every Payment Gateway should ensure. A Payment Gateway should also ease the management aspect of payments, which includes Disbursements, Payouts and Refunds. Be sure to have these on your list while looking out for one!
3. Pricing Structure
Businesses have to pay a commission fee for every payment they accept through a payment gateway. While selecting a payment model, businesses should establish benchmarks for their size of business, line of business, volume, frequency of transactions, so that they don’t end up spending more or additional charges. There are certain additional charges for the infrastructure, exceeding or receding the monthly quotas, which have to be frozen before you commit to a provider. Here are plans that Paytm offers to their partner merchants.
4. Business Model Compatibility
Every business has a unique business model and industry. Many businesses sell to the customer directly, whereas some have 3rd parties involved, even in the payment distribution. A Payment Gateway should be able to adapt and embed seamlessly into any business model.
5. On-boarding process: How soon can you get started?
This is a very important aspect of choosing a payment gateway, how quickly can they get you started. Basis the array of plans they offer for the scale of business, it’s always a good decision to know how soon you can start accepting payments. A convoluted sign-up process is a sign that everything else might be complicated as well. Does it involve a lot of paperwork or offline visits, or is it a simple 2-minute process online and helps you get started instantly. Make your choice wisely.
6. Analytics and Merchant Dashboard
What is the use of something that you can’t assess or track so as to optimize? A Payment Gateway should offer merchants a deep dive into how customers are buying from them, this in-turn helps the business to identify any improvements and take informed marketing, sales decisions. The idea is not only to provide merchants with a summary but insights into the RFM analysis of customers, across various pay-modes, platforms and geographies.
7. Integrations and Support
Businesses have a number of selling channels like websites, mobile apps, offline stores etc. A payment gateway should be able to integrate deep into every system and offer a similar and seamless checkout experience on each of the platforms/channels. A timely turn-around on any issues that require support from the Payment Gateway’s end is imperative, as your business takes a hit every time there’s an issue. Offering Ecommerce plugins, API and SDK based integrations for various platforms which can be tested on a robust testing environment ensures that there are no loose ends once the system goes live.
8. Payment Methods
A payment gateway should provide all possible pay modes, new and old. Most commonly accepted pay modes are Net-Banking, Credit and Debit Cards, UPI and other Digital Wallets. It ensures that the preferred pay-mode for all your customers are present. This simply gets more of your transactions processed and increases success rates.
9. Checkout Experience
Most payment gateways offer both, a Hosted or Integrated Checkout experience.
Let’s take you through each type and the corresponding pros and cons –
- Hosted Checkout
Hosted gateways take the user off from your website. Once the user clicks “Pay Now”, the user is redirected to a payment service providers page to enter details and complete the purchase.
Secure – Since all sensitive customer data is hosted on the PSPs page, the merchant does not have to worry about the data being secure
A simple solution that lets the merchant focus on the business and not on payments
The merchant has no control over the experience, it solely depends on the PSPs page.
- Self hosted/Integrated Gateways
Such gateways get integrated with the merchant’s website, the entered details are then passed onto the Payment Gateway in a secure manner.
The merchant has full control over the checkout experience
Since the checkout is hosted on the merchant website, it gives the user a sense of security
The merchants has to follow the best security practices because all customer credentials are hosted on the merchant website
10. Supports multiple Use-cases
You might be selling to overseas customers, you might offer subscription/recurring payment plans to your customers, you might want to offer a pay-later mode to them. A payment partner should be able to offer all such facilities or develop custom solutions while acting as a strategic partner to every penny that you accept.
Coming back to the essence of the question, your payment gateway requirement is governed by a lot of factors like your business model, pay-modes you want to accept, the markets you sell to and the pricing that fits comfortably in your margins.
With Paytm Payment Gateway:
We on-board merchants in the quickest possible time with a robust background check in place, and:
- Let merchants accept every payment like Debit Cards, Credit Cards, Net-Banking, UPI, Paytm Postpaid and Paytm Wallet and from every channel
- Merchants can choose from Custom Pricing models basis the volume of transactions
- Our Powerful APIs and Mobile SDKs help developers and ensure a speedy integration
- Offer Custom Checkout experiences based on merchant’s tech bandwidth
- Merchants can deep dive into their payments data for insights on how do customers buy from them with our Analytics Dashboard
- Get a variety of Products to fit in every possible use-case
A good payment partner should be a custom fit to all these needs, not only relying on them on your sunny days but also when there’s rain.
Happy Payments to you!