What are the Best Payment Gateways

11 September 2017

Written by Libby James

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

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Choosing the Right Payment Gateway for Your Business

Are you on the hunt for the ideal payment gateway for your business but not quite sure where to begin? At Merchant Advice Service, we’re here to simplify the process and guide you towards the best online payment gateway that suits your needs. Our user-friendly guide breaks down the essential factors to consider when making this critical decision.

What to Look for When Finding the Best Payment Gateway

Payment gateway comparisons need not be daunting. Here, we outline the key elements to evaluate when selecting a provider:

PCI Compliance

Payment Card Industry Data Security Standard (PCI DSS) compliance is crucial for safeguarding your customers’ data. Choosing a payment gateway provider with a high level of PCI compliance ensures top-notch security for your customers.

Integrations

Your payment gateway system should seamlessly integrate with your website. Whether you’re using platforms like WordPress, WooCommerce, Wix, or others, compatibility with your chosen software is essential.

Reliability

Online shopping is a 24/7 endeavour, so it’s imperative to choose a payment gateway with a reliable “uptime guarantee.” Smooth operation is vital to process orders without interruptions.

Fraud Detection

Balancing fraud prevention and customer satisfaction can be challenging. The best e-commerce payment gateway providers work with merchants to strike the right balance, ensuring genuine customers aren’t turned away while keeping fraud at bay.

Payment Options

Beyond debit and credit cards, advanced gateways offer diverse payment methods, including vouchers, PayPal, Apple Pay, and more. Providing multiple payment options makes transactions accessible to a broader range of customers.

Currency

Consider your business’s international reach. Even if you’re based in the UK, you may need to accept various currencies. Be sure to choose a gateway provider that supports your currency requirements.

Payment Gateway Costs

While evaluating these factors is essential, it’s equally important to consider the cost of your chosen payment gateway:

Set-up Fees: Some providers offer free setup, while others may charge a fee, typically ranging from £0-£200.

Monthly Fee: These fees are usually in the range of £10-£50 per month, though not all providers charge this fee.

Transaction Fee: Transaction fees should typically be below 20p per transaction. Your choice should align with your business’s payment processing strategy.

FAQs

What is PCI compliance, and why is it important?

PCI compliance ensures the security of customer data during transactions. It’s crucial for protecting your business and your customers.

What is an “uptime guarantee,” and why is it important for my business?

An uptime guarantee ensures that your payment gateway is operational 24/7, allowing you to process orders at any time.

What are the advantages of offering multiple payment options to customers?

Providing diverse payment methods makes it easier for a broader range of customers to complete transactions, potentially boosting sales.

How can I save on payment gateway fees for my business?

By comparing providers and understanding their fee structures, you can find a cost-effective solution that fits your needs.

How do I know if a payment gateway integrates with my website platform?

You should check the gateway provider’s website or contact their support team to confirm compatibility with your platform.

How can I balance fraud detection with a smooth customer experience?

Working closely with your payment gateway provider can help strike the right balance and minimise the risk of fraudulent transactions.

Can my business accept payments in different currencies with the same payment gateway?

Yes, many payment gateway providers offer multi-currency support. Ensure your chosen provider meets your currency requirements.

What should I consider when looking for an international payment gateway provider?

When expanding internationally, ensure you have the necessary licensing and a merchant account in place, and choose a payment gateway that supports your global aspirations.