5 Factors to Consider When Choosing a Payment Gateway
Things to be kept in mind while Choosing a Payment GatewayVeronika Tandon
Cash flow is the blood to your business !
Picking up the right payment gateway is the supplement any business requires to boost its blood flow (cash flow). But, the entire process of finding one can be confusing. You will never find two invoice payment tools to be same. Each invoice payment tool is unique based on their fees, features, and the industry niche they aim to cater.
Overwhelmed? It is completely understandable for you to desire to give the best technology to your business. Especially when you have the option of market flooded with potential online invoice payment software.
Here we have worked on the top 5 aspects you should keep in mind while opting for the online payment software that will suit the best with an online invoice software.
One of the fundamental factors you will come across while choosing the online invoice payment gateway is the fees that you will have to pay. While scrolling through different payment gateways you will find three different types of fees: monthly fees, transactional fees, and set up fees. Some of it will charge you membership fees, whereas others will bill you monthly on the basis of your usage.
It is of utmost importance for you to plan your budget in advance depending upon your company’s vision and its area of business. As both, overestimating and underestimating will lead to hampering your activities and growth.
If your primary base of business is US, then currency and its exchange would be less of a concern. But, in the other parts of the world the currency exchange & its fluctuations will impact your business big time. Therefore, if you’re a business with clients across the globe, you need to look for one solution that handles your core
3. Recurring Billing & Integration.
When an online payment gateway gets integrated to your online invoice software, it is the best of two worlds coming together to serve your business. Once integrated an online invoice payment software, to one of the leading online invoice software such as Invoicera can together work hand in hand to boost your cash flow. It makes sure you business across the world without facing much hurdles.
An integrated online invoice software with invoice payment gateway allows you to automatically receive payments for your recurring bills. It fits the best for businesses billing clients on subscription basis.
4. Extended Mobile App.
According to an article on Localytics, more than 60% of consumers believe that in coming days mobile transaction will over power credit and debit card purchases of the world. An invoice payment software should support extended mobile app to allow consumers to transfer money using mobile device, making the process super fast.
5. On-Site Payment.
Getting redirected to another page when you’re about to make payment is tedious and irritating at times. Off-site payment is often a component of “lower” plans within payment gateways, meaning you can upgrade to include on-site payment.
While selecting the invoice payment tool, consider the user experience when purchasing a product for your site. This feature will help you increase brand retention amongst client by keeping the entire purchase process on your site.
So, weigh your options wisely!