Online Payment Solution: 4 Vital Factors To Consider When Choosing One

If you are running a business online and have your website set up, don’t get too excited yet! To sell online and earn money, you need more than just a website. One important aspect is that you must be able to receive payments, which is logical, right? There’s no such thing as a magic formula for it! The only way for you to sell online and accept payment is by having an online payment solution. Just like in a physical store, you need a payment processing system to accept payments. There’s no exception for online shopping.

We suspect that you knew a small amount about online payment solutions before embarking on your online adventure, but you probably don’t have enough information yet. Yes, an online payment solution may appear to be a simple process, and it is indeed the case. However, before choosing an online payment solution, there are many things that you need to take into account if you don’t want to end up in a loophole. Don’t expect that you’ll wake up tomorrow with the right payment solution in place, and bam. Things do not happen overnight! In this blog, We will explain how to choose the right payment solution for your business, what consequences you can face if you make the wrong decision, and how at Appletree we can ease that process for you. Keep reading!

 

What Is An Online Payment Solution?

A payment solution is a technology that allows you to collect payments online. But let’s get a little deeper into that. Payment solutions handle credit and debit card transactions online. They act as a bridge between the merchant’s and customer’s accounts to authorize payments. This integration facilitates online purchases that are made on the website through the owner’s local bank. Before choosing a payment solution, there are certain things that you need to take into account.

  • Total Cost Of Payment Solution

It is undeniable that a payment solution does not cost 2 cents. While it can be an investment, it is also one of the most crucial factors to take into consideration while opting for a payment solution. Imagine spending a lot of money on a solution only to have it fail. Not value for money, right? Keep in mind that when deciding on an online payment solution, you need to consider the entire cost that will be incurred. Yes, the total amount includes the different fees that may arise. A payment solution can include many different costs. Let’s have a look at them:

 

  • Setup Fee: This is the very basic and first fee of an online payment solution. The setup fee is a one-time fee (amount is dependent on the required development) that businesses may pay to begin using the payment solution;
  • Commission Fee: This is an amount that is deducted from each transaction that customers perform on your website. Take it as a percentage that the supplier takes from each customer’s payment;
  • Maintenance Fee: Last but not least. Maintenance fees are the costs that you must pay to your payment provider for the maintenance of your payment solution. 

 

When choosing a payment solution, be sure to inquire about the overall cost involved. You don’t want to end up paying hidden fees that you weren’t aware of at the time. Communicate with your provider so that you can evaluate the overall cost of your business. Not to scare you, but this is a serious matter. As of now, keep in mind that pricing is a critical factor to consider when selecting a payment option for your online business.

 

  1. Security Compliance

We will never say it enough: security online is critical, essential, vital—in other words, a must. Because managing sensitive data such as credit card details is no laughing matter, you should make it a top priority to preserve and protect your customers’ data online. Keep in mind that failing to do so is unlawful. Who will be tempted to make a purchase from your website if you cannot ensure a secure checkout? When choosing an online payment solution, you need to ensure that it is level-1 PCI DSS compliant. The Payment Card Industry Data Security Standard (PCI DSS) is a security compliance measure created by the major card brands that aim to protect credit and debit card transactions against data theft and fraud. PCI Compliance Level 1 is one of four PCI merchant compliance levels and is the highest level of security. It’s so important to remember that when choosing a payment solution, ensure that it is PCI DSS compliant.

 

  1. Customers’ Satisfaction & Preference 

Customer satisfaction is critical. We’re sure this isn’t something new for you! When it comes to customer satisfaction, it is important everywhere, whether it is when purchasing a product, providing customer service, or checking out online. With the fact that most businesses are now online and there’s competition, one thing that you should always consider is satisfying your customers when checking out on that payment page. What do we mean here? Let us put it this way: it isn’t surprising that customers prefer a website that’s smooth, quick, user-friendly, neat, offering a simple variety of payment options. Taking all of these factors into account makes your customers happy; it also makes you happy as you are making more sales on your website. It’s a win-win situation here!

So when choosing an online payment solution, you should make sure that the payment or checkout process is easy to use, not complicated, fast, and, most importantly, secure. We can guarantee you that all of the payment solutions that we offer at Appletree, namely: payment gateway for websites, email payment, and WhatsApp payment, have these features. You can test it yourself by requesting a demo. Moreover, you can give your customers options! It is important to understand which payment method best suits not only your business but also your customers.

 

  1. 24/7 Customer Support

You might be wondering why you need 24/7 support when everything is automated and secure online. Yes, we know that most payment providers offer online live technical support, but did you know that they are not always available 24 hours a day, seven days a week? Just think of it like this: you are an online business selling clothes. Imagine this: You and your staff are all at home and sleeping at night, and sales are being done on the website. Sounds great? You suddenly get a call from a client saying they are not able to checkout and there seems to be a bug with the checkout system. You call your payment provider at 11.00 PM and there is no response since it is not their office hours. What will you do now? Now how many sales like this you might have lost just because of a technical issue that occurred with your payment page at night. Scary right? In short, it is important to know the availability of your payment provider. At Appletree here, we make sure to be available 24/7 for our clients. We are not implying that our payment process has issues, but we want you to know that at the end of the day, you’ll get a provider that’s reachable 24/7 in case something important comes up. We are sure you prefer talking to a person live through a phone rather than chatting with an automated robot system, right?

Does it really matter to follow all these steps when opting for a payment solution? Well, choosing the wrong payment solution can have a significant impact on your business. Online shopping is all about customers trusting you, so if you fail to earn their trust, you will fail to successfully sell online. This is a common misunderstanding.

 

Appletree As An Online Payment Provider, How Can We Help You?

Yes, beginning the process of obtaining a payment solution takes time and can be frustrating at some moments. This is something we can help you with. At Appletree, we assist business owners that require advice in selecting the best payment solution and we help with paperwork. Not only that, but we also go the extra mile and bring our support to online business owners on different elements such as website set up, PCI Compliance, plugins, API integrations, and much more. Our support unit is open 7 days a week and is available for free consultations.

You can contact us here and follow us on Facebook here for more updates related to online payment solutions.

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