There are many avenues of payment on the market today that allow your clients to make payment for the products and services they order from your company. Basic payment types like wire transfers (Electronic Funds Transfers), cash, direct bank deposit and cheques are accepted by most businesses and offer your customers a good couple of general payment methods. But it is always a good thing to give your clients choice.
Your customers can pay for their online orders via many payment gateways. Traditionally most businesses offer wire transfer, cheque, cash and direct bank deposit, but there are a host of other payment methods out there that can assist you to get paid. Let's take a peak at the criteria you should use when choosing a payment gateway for your company.
Global versus local customers
Ask yourself if most of your clients are based in your own country or do the majority of your sales come from clients that are outside of your country. Whether you use a geographically general or specific payment gateway is up to where the most of your customers resides. If most of your clients are from your country you can use a local payment gateway. If most of your business is done with international customers you need to get a gateway that supports this.
What currency will your clients be paying you in? This will help you decide on a payment gateway that's right for you. Most payment gateways only support billing and payments collection in certain currencies, make sure the gateway you choose supports the currencies your customers want to make payment with.
Payment scheduling type
Another important factor to establish is what types of payment you will be collecting and on what term. Will your customers be making once-off or recurring payments?
If your customers need to make once-off payments you can look at services that provide your clients with the ability to make instant, secure credit card payments. You can also look at a payment gateway like PayPal that provides instant secure payments between businesses who have an account with them.
If the majority of your customers will need to pay on a recurring basis for the products or services you offer you will need to look at a payment gateway that facilitates the submission of recurring direct debits to credit cards and bank accounts e.g. a monthly payment for rental of self storage units. Remember to make sure you use a recurring payment collection service that allows collection in the currency your clients use.
General service and fees
After you have narrowed down what type of payments you require to debit and in which currency you can use the following criteria to determine which of the payment gateways that remain will best for your company:
- Transaction fees: Investigate the fees every gateway charges and compare them. Some gateways also have security deposits that need to be paid and strict withdrawal policies, so make sure before committing.
- Reconciliation of your payments is vital so find out what kind of reporting services your gateway offers. Ensure they supply accurate results of transactions in a timely manner.
- Some payment gateways provide you with an integrated merchant account while others require you to have one with a financial institution. Find out what the requirements are and if you qualify for an account before signing up.
- Do they comply with local and international regulations governing payment gateways? Check with your local governing organization to make sure the payment gateway you wish to use complies.
Your customers can pay for their online orders via many payment gateways. Traditionally most businesses offer wire transfer, cheque, cash and direct bank deposit, but there are a host of other payment methods out there that can assist you to get paid. Let's take a peak at the criteria you should use when choosing a payment gateway for your company.
Global versus local customers
Ask yourself if most of your clients are based in your own country or do the majority of your sales come from clients that are outside of your country. Whether you use a geographically general or specific payment gateway is up to where the most of your customers resides. If most of your clients are from your country you can use a local payment gateway. If most of your business is done with international customers you need to get a gateway that supports this.
What currency will your clients be paying you in? This will help you decide on a payment gateway that's right for you. Most payment gateways only support billing and payments collection in certain currencies, make sure the gateway you choose supports the currencies your customers want to make payment with.
Payment scheduling type
Another important factor to establish is what types of payment you will be collecting and on what term. Will your customers be making once-off or recurring payments?
If your customers need to make once-off payments you can look at services that provide your clients with the ability to make instant, secure credit card payments. You can also look at a payment gateway like PayPal that provides instant secure payments between businesses who have an account with them.
If the majority of your customers will need to pay on a recurring basis for the products or services you offer you will need to look at a payment gateway that facilitates the submission of recurring direct debits to credit cards and bank accounts e.g. a monthly payment for rental of self storage units. Remember to make sure you use a recurring payment collection service that allows collection in the currency your clients use.
General service and fees
After you have narrowed down what type of payments you require to debit and in which currency you can use the following criteria to determine which of the payment gateways that remain will best for your company:
- Transaction fees: Investigate the fees every gateway charges and compare them. Some gateways also have security deposits that need to be paid and strict withdrawal policies, so make sure before committing.
- Reconciliation of your payments is vital so find out what kind of reporting services your gateway offers. Ensure they supply accurate results of transactions in a timely manner.
- Some payment gateways provide you with an integrated merchant account while others require you to have one with a financial institution. Find out what the requirements are and if you qualify for an account before signing up.
- Do they comply with local and international regulations governing payment gateways? Check with your local governing organization to make sure the payment gateway you wish to use complies.
About the Author:
Bill Bapsnill has been in the online billing industry for many decades. He recommends that you do your recurring billing via an online billing system.
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