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Mistakes to Avoid When Choosing a Payment Processing Gateway
A thriving journalist and content writer as well, Bhavna has been closely associated with Tritan Solutions. She has completed her graduation in Electronics from prestigious Delhi University. She is currently heading the Marketing and Communication niche of Tritan. She is a cosmopolitan reader and believes in exploring the profusion of seamless opportunities that lie in exploring oneself . "Always be the HEROINE of your life, Not the victim"
Choosing the wrong payment gateway can be a painfully expensive mistake. Here are the questions to ask.
How to select a payment gateway? Today, every business has to discover a solution to this question because in the contemporary digital world it is completely absurd to authorize payments from customers wholly in cash.
Many different questions instantly arise from this one. Should I select a hosted or non-hosted payment gateway? Which payment gateway should I select? And so on. To select the favorable terms and absolute aptitudes, many businesses commence to make terrible decisions and make a massive volume of mistakes. Still, you realize what the terrible part is? That many are not even conscious of these mistakes. So we have made the work easier for you, in this blog we have jotted down the most prominent 10 mistakes dealers make while selecting the payment processing gateway.
Mistake 1. Low bid ensures maximum savings
On the website of one of the payment systems, you glimpsed a very desirable rate for processing credit cards. It’s certainly noted with an asterisk next to it. Nonetheless, you have already made sure that this business will deliver you with greatly acceptable conditions and allow you to save your money. And in vain, because if you read the text in small print, you will see that on some transactions you will have to spend a massive fee, and therefore the all-around profitability is lower.
You believe as you are saving money, but, you are more concerned about overpaying.
Why does this happen? It’s very reasonable. Any payment system charges transaction fees relying on a considerable number of factors. In specific, depending on the procedure of payment, what category of the card is utilized for payment, and so on. Be sure to contemplate all of these aspects, or you will have to spend a higher fee than what the business states in its promotional materials.
How to insure yourself from this error? Initially, pay scrutiny to all the nuances, what commission for what payment will be charged. Second, you can select a business that charges its shoppers a fixed commission.
Mistake 2. Not understanding when you will have access to your funds
When you approve an agreement with a payment gateway, later on, the corporation doesn’t comprehend why it will forfeit access to its capital for a few days. The entire aspect is that some businesses have an agreement whereby the capital from the transaction is not instantly credited to the seller’s account, but several days later. Unluckily, many businesses are not delighted with this, they require to repay invoices as well as different expenditures. To avoid this error, you can discover a payment system that enables immediate access to money and does not collect debts.
Mistake 3. Restricting shoppers in tricky payment procedures
The business should adhere to its principle of not restricting their clients in anything, and when it comes to payment procedures, you operate the threat of losing your clients.
However, of which manner your clients pay most frequently, it is better to provide them the absolute choice of various payment procedures. After all, you never know how your clients choose to pay for your brand items. Yes, credit cards are a preference for many, but it’s promising if you deliver numerous other prominent payment procedures in addition to them. This will extensively improve your online sales.
Mistake 4. Choosing a business that has completely no concern for customer security
Is there even anything to explain here? The volume of reported cases of identity and payment data-stealing from buyers is only boosting every day. Of course, you cannot safeguard your shoppers from all the threats, but you can considerably decrease them if you select a payment gateway that utilizes the extensively modern anti-fraud networks in its functions.
Mistake 5. Not discovering all the nuances regarding technical support and system configuration
Before you eventually make your selection in favor of a business, discover who will configure the payment processing strategy. If this task will fall over on your shoulders, you should understand that without some technical proficiency you will completely lose your time and accordingly your customers. To avoid this error, opt for a payment system that delivers modest solutions that you can completely get up and operating without any conflict.
How crucial is 24/7 technical assistance? Very crucial. You never realize when difficulties will arise, and it would be fine if you could have the alternative to contact the business’s technicians, both day and night.
Mistake 6. Redirecting Your Digital Shoppers
All that because you’ve agreed to redirect them to an outward payment website with an entirely varied layout, logo, and URL. How do you understand they feel in this circumstance? How are they presumed to understand they are paying you?
Redirection is a usability infringement and can steer your conceivable customers to your competitors. Keeping shoppers on your website conveys your control over the whole purchasing procedure and enables you to develop a devoted customer base.
An easy checkout procedure is what online consumers require and like the most. Assuming this in mind, deliver a solution that will facilitate the shopper’s way. The extra steps shoppers have to go through, the greater likelihood to miss them before paying.
Mistake 7. Urging People to Establish an Account
Compelling your customers to make an account, particularly when a user wishes to purchase just one item rapidly, is the way to miss a conceivable customer. The exact with first-time customers, compelling them to enroll won’t make them excited to purchase from you again.
Note that when you inquire people to create an account, you also require to add extra fields to fill out. It extends the whole buying procedure and may lead to customer frustration. Usually, when users are inquired to develop an account, they then require to check their email to finalize the procedure, and you maybe won’t recognize them again.
Tritan Solutions surveys exhibit that each person is urged to create an account and thus felt frustrated, and 30% of them halted the transaction before purchasing anything.
Your conceivable shoppers probably have plenty of online accounts, so they don’t require another one. If reasonable, provide them the choice to purchase as a guest. You can, of course, motivate them to create an account by delivering member-only specials or discounts for those who leave their email address. You can furthermore implore shoppers to establish an account after payment. But don’t be intrusive; deliver it as a choice only. Shoppers like to have an option.
Mistake 8. Pleading For Too Much Customer Information
No one likes intrusive and nosey people, and the exact goes for a long payment form on your website, particularly when a consumer needs to do some smart shopping. Concentrate on imploring just the requisites. Every excess field makes the whole process lengthy and improves the likelihood to make some errors while completing the form, which may lead to frustration and end with online products buying cart desertion.
Did you know that just 3 fields are sufficient? These are a card number, expiration date, and CVV/CVC. Your shoppers should complete only as many fields in the form as required and nothing more. Don’t ask them for data that doesn’t make any sense or is meaningless for the whole payment procedure.
Asking for only necessary information is a conversion-friendly means of peddling your brand products or services. Note that the user experience is crucial at each step of the shopper’s journey on your website. Keeping this in sense, utilize auto-fill wherever feasible to conserve customers’ time.
When you have a multi-step checkout on your website, deliver shoppers with a summary of all the phases. You could, for example, show a progress indicator on the website.
Mistake 9. Not Ensuring Customers That Their Data is Secure
Clients need to be comforted that their susceptible and private data is safe during checkout. They need to understand you’re taking all the safety steps which are crucial to safeguard their purchases and data. It’s about your shoppers’ money; they share susceptible data and card data, so you require to do your best to keep their data safe and protected. To make consumers believe you, keep the layout of the payment form constant across your whole website and exhibit security symbols. This technique will furthermore increase brand awareness.
Remember to have an SSL certificate on your website to encrypt payment data. What’s extra, you require to be PCI compliant or discover a payment solution with PCI compliance Level 1, which is significant when you are concerned about the security of online transactions on your website.
Mistake 10. Shortage of Customer Support
Put yourself in your buyer’s shoes and imagine it this manner: Your shopper attempts to pay on your website, but there is difficulty finalizing the payment. He or she then strives to contact you, but his messages are bouncing back, you’re delivering an ineffective reply, or you’re saying a customer to wait (too long) and never come back with the answer.
You suppose that online payment processing is a 24/7 experience, right? Your buyers should get a sharp answer with the issue solved. If you let them wait for ages, you can be certain that you’ll sacrifice your shoppers for good.
Always deliver valuable solutions when it comes to payment gateway solutions. It’s good for you to select a payment gateway provider with very responsive support so you are safe your customers’ wealth is in promising hands. In this blog, we have highlighted various mistakes that a dealer often makes while purchasing a payment gateway. Hence it is crucial to keep these mistakes in mind before customizing your payment gateway in 2021