February 13, 2017
The numbers of new and emerging small businesses in India is increasing and this is largely thanks to the boom of e-commerce, allowing for sales and trade within India and internationally. But one problem that new entrepreneurs may find themselves facing is online currency transfers. Transferring money between foreign bank accounts or with foreign currency is especially tricky and can take some time, which is detrimental to businesses which have expenses to pay. Finding the right payment gateway for website currency transfers such as Pay U Money is the best way around this problem. Follow these tips to find the right one for your e-commerce site.
1. Transaction Fees
Most Payment Gateway providers will charge some sort of fee for each transaction, and some will even charge a setup fee. Finances such as these are a key consideration for new businesses in a down economy, according to Forbes magazine, so it is essential to find one which charges a reasonable fee. It is also best to look for a service which doesn’t charge for setup, have a monthly subscription, or charge any other unnecessary fees.
2. Available Countries
Some services are available only in India or a few other countries while others can be used in virtually all countries. If you only want to trade within India then the former is fine for you. But if you want to sell internationally or expand your business further, a secure payment gateway that can be used in multiple countries will be better for your purposes.
3. Easy and Secure Platform
A quick way to turn customers away from your site is to use a payment system that is overly complex or frequently fails. If they become too frustrated trying to make a payment, they will refuse to buy from you again or might even cancel the payment and go and buy from someone else. E-commerce-platforms says that the most convenient payment method is one that allows customers to enter their payment details into a simple form, but it isn’t always the safest method. Finding a compromise between convenience and security isn’t always easy, but it is possible.
4. Mobile Optimization
A lot of modern internet usage and online transactions are made using mobile devices, so it is just as essential for an e-commerce site to be optimized for mobile payments too. BlueSnap warns that any online businesses that fail to take this step will soon find themselves left behind and going out of business. Be sure to choose a payment gateway that can also be utilized for mobile payments, preferably with one touch payment.
5. Supported Cards
Some payment gateways will only accept a few major credit and debit cards while others are much more flexible in their options. Obviously, you will want to go with the latter as much as possible in order to increase your sales chances, even if the fees might be a little higher.
Using these tips as a yardstick for choosing an online payment gateway will ensure you choose the best one for your website which will help your business to grow and keep money coming into your bank account.
Stories by Akash Sharma