Payment Gateways and Your Business

Posted by in ECommerce, Payment Gateway 0 Comments

Which Payment Gateway is Right For You?

Once you have a shopping cart selected the next step in an Ecommerce solution is a payment gateway. The payment gateway is a means of accepting online payments. This usually entails obtaining a merchant account that will collect a fee to process the online payments. This is usually a set fee plus a percentage. For a new startup company this can be a large burden. You often have to pay some fees even with little or no sales. That is why you may see smaller site use simpler methods of accepting payments such as PayPal or Google checkout.

The options out there for payment gateways seems endless. There are some questions you need to ask yourself before making this decision.

  • Are you looking to collect fees via credit cards, bitcoin, e-Check, or other options?
  • Do you want to use one option for payment or offer a variety of payment options for your customers?
  • Does your solution need to include one-time payment functionality or have a recurring payment option?
  • How long until your payment gateway provider remits the funds to your account?
  • What is a reserve fund and how much should you have ready to get started?
  • Will the payment gateway support tangible goods and soft goods like software downloads?
  • What is “Callback Response” and why is it important for your decision?
  • How fast is the transaction time?
  • How important is Global Currency Support to your payment gateway decision?
  • What is AVS Protocol and why is it important?
  • What type of transaction reporting does the payment gateway software provider offer?
  • Downtime is money lost. What level of technical support is offered for your payment gateway?

Just these few questions should be enough to start you on your journey to make the right payment gateway decision for your business. If you’d like to speak one on one with someone regarding your options, give us a call at Ink-IT Digital. At Ink-IT Digital we have another option we offer our clients, one that does not charge a monthly fee, but does accept all major credit cards – so it is a nice alternative to PayPal. Give us a call if this option is of interest to you.