You’ve built an amazing website with all the right metrics, you’ve used the perfect themes, and you’ve created amazing offers. Now, you have to choose a payment gateway to finish the setup process and get your product or service available for sale to the world.

There are a lot of options to choose from when it comes to payment gateways, and it’s important to understand the pros and cons of each one so you can make the right decision for your business.

Looking For A Legally Accepted Payment Gateway?

You’ll want to work with a payment gateway that offers secure payment processing, is trusted by banks and other financial institutions, and is supported by trusted payment processing networks like Stripe or PayPal. If your product or service is B2C oriented (consumer to consumer) and generates most of its profits from non-delivery based services like SEO or PPC, then using an all-in-one payment gateway service like Stripe is probably the best option for your business.

On the other hand, if most of your revenues come from one-time delivery based services like web design, development, or marketing then you might want to consider a pure play B2B solution like PayPal or Stripe. They are both fine options and you should have no problems using either one.

What About Performance?

There are a lot of options when it comes to credit cards, and they all offer fairly high performance for online shopping. However, if you’re running a business selling digital goods and products through your website then watch out for those with annual fees.

You’ll also want to focus on card schemes like Visa or MasterCard because it is widely accepted that these are the most reliable and safest when it comes to digital transactions.

Additionally, look for a gateway offering support for new or enhanced security measures like Chip and PIN verification or tokenization. Tokenization is a method of storing credit card information without exposing the data to the public. It is frequently used in conjunction with the Verified by Visa and MasterCard SecureCode platforms. These are all ways of making online shopping a little bit safer for your customers.

Customer Service Is Key!

Speaking of customers, you’ll want to choose a payment gateway that is known for its amazing customer service. It might seem like a no-brainer, but a lot of SME’s (small to medium sized businesses) that use online payment gateways fail to offer the level of customer service that they should. This inevitably leads to them losing customers and, eventually, their business.

If your business is experiencing lots of issues or hassles with its existing payment gateway, then it’s time for a change. In these situations, you’ll want to consider going with a gateway offering 24/7/365 customer support via phone or chat. It would be best if they were able to walk you through any issues that you’re having so there are no unpleasant surprises once the system is live.

Where Do I Start?

Once you’ve determined that you want to go with a payment gateway, the next step is to move onto the next phase of the process. That is, choosing a merchant account provider that is willing to offer you a suitable solution. In most cases, getting a merchant account is pretty easy – just prove that you’re a legitimate business and that you’re offering a paid service. It really is that simple!

However, it’s important to remember that getting a merchant account is just the beginning. Once you have that, you then have to decide on which payment gateway to go with. There are a lot of options to choose from when it comes to online payment gateways, and the above should help you narrow down the choices to make it easier to find the one that is best suited your needs.