Online Payment Solution Provider: 5 Factors To Consider Before Choosing

Your e-commerce website is already live and sales are coming in, but are you satisfied with your payment technology provider, are they covering your requirements? Are you happy with your payment page? Or do you think it needs an overhaul and changes are needed? More and more people are now starting to do their shopping online. But why? What is driving the change? Well,  it is of no surprise that online shopping is so much more convenient, faster, simpler, and effortless. Online shopping is the type of shopping that allows you to shop from the comfort of your sofa without having to leave your house, which is fantastic, right?  However, as simple as this is for customers, it may not be so simple for the owner of an e-commerce store. Setting up and maintaining an online payment system can be challenging, it requires consistent monitoring and at times technical knowledge, for which you should be able to rely on your payment provider.

 

It is not easy to know how a payment provider works unless you take or buy their service. We mean, there are many elements that make up the payment process, including currencies, payment types, a user-friendly dashboard, and of course importantly security. What are the things you should know before investing in an online payment system? Do extensive research and have a list of questions, but where to start? To make it easier for you, we’ve compiled a list of 5 important factors that you should definitely consider. 

 

  • Online Payment Solution System Down – How Do They Handle?

As an online merchant, it is vital that you keep verifying payments made on your website in order to keep track of payment status, whether they were successful or they failed.  You may find that the payment system goes down and isn’t operational, this is serious and requires immediate attention as failing to do so will disturb payments with updates not being completed by the system. In other words, if your payment system goes down for a few days, there is a definite possibility that the payment status of your orders will not be updated and you won’t know if a customer has paid or not. A real hassle, right? These are situations that you may encounter as a merchant. There are various possible ways an online payment provider can tackle any system issues, important for you is to find out how responsive they are, do they respond immediately, do they work out of hours, etc? You should know that your payment provider is responsible for the payment transaction to ensure that you receive your money or recover a lost transaction. You need to explore the issues and solutions that come along before investing in any online payment solution technology.

 

  • Iframes And Customization – What Should You Know? 

We don’t intend to use technical terms here. But if you have a shopping website and have dealt with an online payment provider before, you must have come across the terms “iframe” and “customization.” Let’s make it simple for those who have not yet chosen an online payment solution. As part of your research to become an online merchant, you must have done a bit of online shopping so that you test the process and get ideas on the look and design of your online store. At checkout during the purchase process, some sites will redirect their customers to another page outside the website, which may result in the customer abandoning the sale and not completing the purchase. They are on another webpage that they do not recognize and do not feel secure entering their payment details, even though it may be a secure payment page. You would not want to lose sales just because of that, would you? 

 

The alternative to consider is an iframe for your payment page. How does it help? The important thing is that it looks like your website, you can customize and brand it giving your customer the impression that they are still on your website;  when that page is actually connecting to the bank using our secure payment technology. A branded payment page makes the customer feel more secure about entering their payment details. When investing in online payment technology, as a payment provider we recommend you consider going for a payment solution with iframes and customization features and enquire how your future payment provider will be implementing it on your website.

 

  • Hidden Costs & Commission Fees – How Much Should Be Charged?

There are a variety of costs associated with an online payment solution system. If you have not read our previous blog on Shopify, you can check it out here to learn more about the different costs that you need to take into account when opting for their payment gateway. Let’s get back to the third thing that you need to consider. Nothing comes for free! We all know that! As said there are various types of commission that are applied when you use an online payment system. PCI fees, statement fees, gateway fees, annual fees, and many others. It is important you understand the different kinds of fees that you’re paying for and if it’s worth it or not. You should know that each payment provider functions differently, and have their own policy, rules, and business model.  All we want to say here is that it is best to stay well informed and ask many questions you may have related to commission fees before investing in an online payment technology system. 

 

  • Technology And Expertise – How Much Should You know? 

Well to be honest with you here, if you are looking for an online payment solution provider, you most likely did your research on them. All the payment providers out there have different technologies they use and different expertise as per the solution or technology they offer. You should be aware of the system they use before investing. Enquire about the dashboard or software they use and what are the advantages they offer. Ask for guides and training if needed. Ask for a demo session, this way you will be able to know more about their skills and expertise. See where we are going here? Let us give you a case scenario here! Sometimes it occurs that a payment is declined and there are several reasons why this could have happened. Expired credit cards, credit cards that were stolen, or approval amount limits were exceeded. Like this, there are various reasons why a payment has been unsuccessful. As a business owner, you won’t always know the real and possible reason behind a failed transaction, thus, thanks to the technology that your payment provider uses, they will be able to help you find out the reasons why the payment failed. With the solution they provide, as a merchant you will be able to monitor failed and canceled payments, then you will be able to recover them and get your sales going!

 

  • Customer Service & Satisfaction – How Much To Expect?

We all are or have been a customer, and the one thing that we are scared of is not getting that inner satisfaction! Okay ask yourself this, you went to a shop, bought a mobile phone, the product is great but the customer service is not so good. Would you go back to that same shop to buy another product there? “Your customer does not care how much you know until they know how much you care”, – Damon Richards. Exactly our point here! How do you know about the service and customer satisfaction an online payment provider offers until you try their service? Most online business owners, particularly those who are new to the industry, have little knowledge of online payment solutions and the procedures required for maintenance, among other things. Talk to them and ask questions, see how they respond and in how many hours or days they get back to you. This way you’ll understand how much they care. What is customer satisfaction all about? We have an article covering what it means to us and how we work on it here if you want to have a look. Now getting back to how much should you expect? When it comes to buying a product or service each and every customer has their own set of expectations. Ask for testimonials! See what past and existing clients have to say about the payment provider. We believe that good communication, smooth assistance and attention to the client, availability, friendly staff, and getting the job done without delay (without any possible issue of course) all together contribute to providing good customer service and satisfaction. 

 

FYI, at Appletree, we have a 24/7 policy and strongly believe in customer satisfaction. We got you covered with everything we mentioned above. You can check out our page here to see our real client reviews, and for more updates, you can also follow us on Facebook here.

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