Payment providers are critical in assisting organizations to thrive as technology, new payment choices, and markets continue to evolve. Making your website capable of making online purchases, on the other hand, is more difficult than you might think. Connecting your website to a payment processor frequently necessitates significant technical knowledge. Fortunately, third-party payment service solutions provide this functionality without complication to process transactions and improve the shopping experience for your customers.
There are various types of payment service providers in the market. They differ in terms of features, capabilities, and pricing. How can you know which one is right for you?
How to select a payment provider for your retail business
Choosing a payment gateway for your retail business can be more difficult than you think. When assessing payment providers for your website, you can consider a point of sale software connected with secure payment terminals or look for the following crucial features:
Fees: Different pricing schemes might have varying effects on your business. You should be careful of providers that charge for set-up, monthly fees, and variable volume levels. Transaction Processing: You should keep track of how long it takes you to receive paid following the transaction.
Integration: Before choosing a provider, you may ensure that the payment solution interfaces with your website or any of your other applications.
Customers: You should take into account your consumer base’s preferences. Using a supplier that your customers already use for their payments can ensure a faster and less complicated checkout for the vast majority of your customers. Do you have a large number of eBay customers? They are probably familiar with PayPal, for example.
PCI Compliance: You should ensure that your provider adheres to PCI DSS requirements to ensure safe transactions for both your customers and yourself.
Let’s take a look at some of the best payment providers accessible for your retail business!
Paypal
PayPal is often considered the “godfather” of all payment gateways. It becomes a dominant presence in the industry with over 375 million active registered accounts in over 200 countries.
During the checkout process, PayPal Express Checkout asks customers to leave your site and log in with their PayPal account or establish a new one. Your website will have a PayPal button.
Customers leave your site to check out and connect to their PayPal account, or they pay by credit card without needing to sign up for an account when using PayPal standard. PayPal Pro enables you to host and modify the whole checkout process, without requiring the customer to leave your site. It also takes credit cards over the phone, fax, and mail.
Stripe
Stripe is one of the most well-known eCommerce payment gateway services. It was founded in 2010 and today controls between 10% and 20% of the market (second only to PayPal). Having trouble figuring out how to connect a payment gateway to Shopify for example? Not to worry! Stripe’s integration with Shopify is simple.
Furthermore, Stripe operates in over 40 countries and accepts over 135 currencies, allowing your consumers to pay in their currency while you get payments in yours. Stripe Checkout is ideal if you do not want to create payment forms from scratch. It is a payment form that can be embedded into a desktop, tablet, and mobile device. Customers do not leave your site to finish the transaction because they store their payment information with Stripe. Stripe is quickly becoming a household name in the business, and for good reason.
Square
One of Square’s biggest features is how simple it is to set up. Users can install the program for free on any iOS or Android device and accept payments using a free plugin mobile credit card reader provided by Square. Merchants may accept credit card payments with only a smartphone or tablet, making it ideal for food carts, farmer’s markets, craft stalls, and other mobile merchants.
Braintree
Braintree is a payment gateway that combines flexibility, security, and customization. It was purchased by PayPal in 2013 when the online payment giant realized the potential of its competitor. Braintree accepts international payments in over 130 currencies in over 45 countries and regions worldwide.
Wepay
WePay is a bit of an enigma in the digital payment provider market, but it is still beneficial for enough small eCommerce business owners that we placed it on this list. The uncertainty stems from WePay’s failure to make its pricing plan transparent. If you are interested, you must contact them directly for a quote.
Having said that, Wepay has a plethora of appealing features. There are no cancellation costs, for example. That’s correct. Unlike most other payment gateways, you will not be fined if you choose to stop using WePay’s services
Conclusion
Choosing a payment gateway provider will be one of the first milestones in your trip through the world of retail businesses. With this information cutting down the list of payment solution alternatives, you’ll be ready to conduct additional studies and choose the ideal solution for you.
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Richard has been an enthusiastic writer in the retail industry for more than 3 years. He mainly writes about how POS solutions help retailers improve their business efficiency and maximize profit. With long-year experience, Richard never stops updating his industry knowledge so that he can spread it to the world and help people realize the true potentials of having a digitalized POS system in this modern age.