4 Things To Consider When Choosing A Payment Platform

Accepting payments from customers is a key aspect of doing business, and most businesses want to accommodate as many customers as possible. When choosing a method of accepting non-cash payments, there are several things to consider.

Customers’ Needs

First of all, a business should take stock of their customer base and what their payment preferences are. Do most customers use one of the major credit cards? Do they prefer PayPal? What about digital currencies like Bitcoin? Do customers need to pay with foreign currencies? A business should also consider customers who are not being served because they don’t have access to a convenient payment method. How can the business reach out to these customers and provide the convenience they need? Offering as many options as possible will make it easy to attract and keep customers.

Fee Structures

Different payment platforms have different fee structures and charges, so it’s worth researching the details before choosing a method. Things to consider are fees per transaction, interchange fees charged by banks, annual or monthly fees, charge-back fees, and penalty fees. Some vendors find it simpler to choose an all-in-one payment platform like BlueSnap in order to avoid keeping up with different fee structures for different payment gateways.

Checkout Experience

Another thing to consider is the checkout experience for the customer. A large number of sales are canceled during the checkout process, and in the majority of those cases, it happens because the checkout forms are too complicated and customers don’t want to type in a lot of information. Consequently, choosing a payment platform that offers one-click checkout can help get a lot more customers to complete a purchase.

Data Security

Protecting customers’ data is a big responsibility, and companies that are not careful with data will lose customers’ trust and business. When choosing a payment platform, it’s important to look for one that is Payment Card Industry (PCI) compliant for the number of customers the business serves. In addition, a business should find out how customers’ data is stored and encrypted. By letting customers know exactly how their payment information is protected, a business can give customers a greater sense of security in using an online payment system.

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