If you are thinking of diving headfirst into starting an online business, one of the first things to consider is how your business will collect payments online. Choosing a payment solution is an important decision because not all payment platforms will suit your needs. One size does not fit all. You need to be extremely clear on what services and options your business needs before making the decision.
With a vast array of online payment solutions available, let’s help you make an informed decision by outlining seven things to consider when trying to choose the best online payment provider.
- Figure out where payments are to be collected from your customer base
Does your business own a website? Naturally, you would want to connect your payment solution to a page on your website where your products and service descriptions are available. An embedded button or link can be integrated, so that customers do not have to leave your site. You also have the options of creating an eye-catching pop up or using a landing page. Consider what is best for your marketing strategy.
Perhaps you don’t have a website but are based online in other ways, such as on a social media platform. You need the ability to reach your customer base where they are, and as such would need a tool that allows you to share a payment link via methods such as Facebook or Instagram Messenger, E-mail, Text Message, or even WhatsApp.
The choice is totally dependent upon your business needs. However, it is important to ensure that your customer’s check-out experience is smooth. A bad or overly complicated purchase flow could lead to abandoned carts and you losing sales.
- Is the online payment method compatible with your business infrastructure?
Your business may have already spent time and money creating the perfect website, but some of the online payment services available may not be compatible with its programming. What platform is your website or online store based on? The payment solution you are choosing should be able to integrate with your platform seamlessly and allow the customer a smooth purchasing experience.
- Choose a service that is the right price for your business
Every online payment provider utilises various pricing models or tiers. Some charge per transaction, on a monthly basis, or a mix of both. Some also have annual options that offer you savings when your company pays in advance. Consider what’s best for your company’s budget.
It’s very important that you also check the transaction fees your payment gateway is charging. It can be presented as either a percentage of the transaction, or as a flat fee. You wouldn’t want to lose a large piece of your profits to transaction fees. We suggest you choose a platform that offers you a flat price, without any hidden costs and charges.
- Look out for set-up and maintenance fees
Several online payment providers have different set-up fees. There may be a first-time charge for integrating their payment tools with your website. Some have annual maintenance charges, just like credit cards, for ensuring the continued updating of the payment tools so they remain compatible during software updates to web browsers.
Don’t forget to ask upfront if the payment platform charges you to set up your account. There are payment providers available that allow you to set up for free.
- Consider the account setup process with the online provider
When setting up with an online payment provider, especially a payment gateway, providers may require you to submit business documents, picture identification, and proof of address. This may lead to a lengthy process if they require physical copies sent to their offices for evaluation.
Good questions to ask in the initial stages are, “what is the paperwork that is needed to set up the account?” and “how long does the process take?”
- Find out when pay-outs are sent to your company account
An imperative deal breaker in making your choice is when and how your business will receive its payments. Be sure to get clarity before signing up on how regularly the payment platform will forward money to your company account. This is extremely important as cash flow is the life blood of a business. Any hindrances in this area can affect the viability of a business, especially if it’s new or strapped for capital.
- How secure is your online payment provider?
Your payment platform should comply with bank-grade security levels, like the Payment Card Industry Data Security Standard (PCI DSS), and provide a secure encrypted environment for payments. With recent data breaches in news, you must employ a trustworthy payment provider to power your business and payments. Their failure to keep customer data safe directly affects the trust your customers have in your business.
Where to go from here?
Now that you’ve evaluated your business needs, let us tell you how we can help you with our payment solutions offered under our Buzz Pay range of services.
Buzz Pay offers:
- A variety of payment tools that can be used by businesses with or without their own websites. These services can be shared to your customers via Facebook or Instagram Messenger, E-mail, Text Message, and WhatsApp. The Buzz Pay API can be embedded into website and fully integrated as well.
- Simple, fast integrations using plugins and clean APIs.
- Honest flat pricing per transaction – flat 4.5% plus $0.45USD
- No set-up fee or hidden charges.
- Easy online only set up. Simply upload a digital/scanned copy of your business documents, business registration, and proof of address. No physical paperwork is required.
- Keep track of your payments via the Buzz Pay Manager and email notifications, and get instant payouts.
- All payments are processed in a PCI DSS compliant environment with 128-bit SSL encryption. Our website is also Norton Secured.
Don’t wait any further! Set up your Buzz Pay account in under 2 minutes!