Choose The Best Payment Gateway For International Business With These Five Secrets
International businesses must be cautious about their commercial activities’ nooks and crannies. The payment gateway is one of the essential elements for a globally run business. After all, a commercial entity needs money to operate by selling products to the customers. A payment gateway is a powerful platform to receive money in exchange for the value it offers to the users in the form of a product or a service. It means it is essential for an international business to choose only the best payment gateway.
However, besides the general points to consider while doing so, there are some hidden facts that merchants usually overlook due to ignorance. If you are a merchant, this blog aims to bring you unrevealed ways to choose the best payment gateway for international business.
Study For Mobile Payment Apps. As a Popular Way To Pay
Mobile payments are more friendly for customers nowadays. They can buy anything in this world while traveling, gymming, gossiping, etc. Today the mobile payment industry has changed a lot due to the presence of brand-based mobile payment apps. For example – Starbucks mobile payment app has above 23 million plus users. It is more than the many popular mobile payment apps. This number is more than the users of popular gateways Google Pay, Apple Pay, and Samsung Pay.
In this case, if you are also a coffeehouse brand, choosing the most vigorous counterpart for your business is crucial. You need an international payment gateway that is popular, established, and expanding in the market. Maybe in the future, you will launch your payment gateway by that time, and an international payment gateway should get you paid through a wider reach. Mobile payments are handier and thus convenient; it is better if you search for a payment gateway enhancing its system every year in this area.
Does Payment Gateway Integration Suit Your Existing Technology?
Your payment strategy may fail if you do not pay attention to this aspect. Merchants should always know how to search for a payment gateway with an API system suitable to their existing technology. The API integration is successful only when the payment gateway can successfully communicate with the merchant’s website or mobile app. technology.
The question is, how does a payment gateway API integration happen with technology? The answer is that an application transfers a message to the API during a transaction. That message gets forwarded to the payment processing network. A response is then sent to the API through the network. Finally, the response is relayed to the application. Now you can understand how important it is to choose a payment gateway for international businesses with similar technology. Take the advice of an expert because making a wrong selection can complicate the payment experience for your customers. When customers are not happy, nothing can grow commercially in your business.
Confirm If the Payment Gateway Serves the PCI-DSS Level Your Business Has
As you know, the PCI-DSS is an integrated standard for safer credit card processing, but it has four different levels according to annual transaction value. Every payment gateway today is PCI-DSS compliant. But that is not sufficient because you also need to know whether it provides service to the PCI level certificate given to your business. For example – Businesses with PCI-DSS level 4 are those commercial entities with 6 million or above transactions annually. The rules and regulations for such businesses are pretty stringent. Thus, the payment gateway you choose should have experience serving businesses with similar PCI-level certificates.
You can understand now that no factor is small when you look for an international online payment gateway. The slightest mistake can make you regret it because once you enter into a contract with a payment solution provider, it can push you into a fix. No matter how small the agreement is, even if it is as long as only one month, your customers will not wait. They may switch to another merchant for the same product after a bad payment experience with your company.
Compare Fee Structure
Of course, money is the real player in the world of commerce. Before you choose an international payment gateway, do not forget to compare the fee structure. High-risk businesses have higher fees than low- or medium-risk companies. Try to get a deal with the most nominal fees. It may sound like a big task, but it is not because you know better about your business. Explain all the points that justify why your business should get the payment gateway service at a lower price.
Usually, the businesses that can manage their chargebacks efficiently need to pay lower charges. The payment gateway that manages high-risk transactions has to make fewer efforts to prevent such issues. Also, it is essential to have a good and stable financial situation with an impressive bank statement and a brighter future. However, some payment gateways serve bad credit businesses without discrimination. For example – the Eskaypay payment gateway for international business is known for providing its troubleshooting payment solutions. It not only processes payments safely but also suggests ways to reduce chargebacks. Its chargeback management and fraud detection strategy are irreplaceable in efficiency.
Conclusion
Finding the right payment gateway for your international business is neither a child’s play nor rocket science. It is a matter of careful selection that comes with experience and expertise in your business and related industry. If you pay attention to some essential but important factors mentioned above, you can find many payment gateways that can effectively process your customer’s payments. Essential is to do proper research, even if it takes time because the hard work has long-term worth. Especially for high-risk businesses, it is even more crucial to look for the most suitable option. However, today, it is not a difficult task because the payment industry is full of promising possibilities. Try to find them with an experience in the relatable industry. If you are a Forex trading business owner, look for a payment gateway with existing clients in the same sector.
