Essential Questions to Ask While Selecting A Payment Gateway

In 2021 there are several businesses large and small that are rapidly moving to a subscription-based model. From airlines, IT, Hospitality, E-commerce,  and law firms business models like Over the Top (OTT) and the Internet of Things (IoT) are all adopting Subscription-based models, the subscription business enterprise is decidedly flourishing like never before. In extension to a subscription billing and management platform, subscription businesses also require a payment gateway to process their recurring payments—that crucial line in the chain that provides income to the company.

Comprehending the aspects that are greatly significant to your company and learning how a payment gateway can satisfy those requirements will enable you to select well and set you up for success, both in the present and as your subscription business thrives and evolves rapidly in 2021.

Depending on your company, you may profit now or in the prospect from utilizing multiple gateways. Having an additional gateway can be utilized as a failover gateway if your central gateway encounters an outage. An additional gateway may moreover deliver other advantages such as reduced rates for processing specific kinds of transactions.

Here are some of the major 15  questions that businesses need to evaluate when selecting a payment gateway in 2021-

1. Does the payment gateway support the different countries and the currencies where you execute business?

Some payment gateways only consent to transactions in specific countries or transactions in specific currencies, restricting e-commerce chances. Be sure to select a payment gateway that benefits the countries and currencies where you anticipate doing business.

Transnational businesses, in specific, may want to contemplate utilizing multiple gateways which them to route transactions based on their geo-location. Having a second payment gateway moreover allows you to conduct A/B split tests to infer which has increased acceptance rates based on fundamental standards relevant to your company.

2. What can the company expectations regarding the customer onboarding experience?

Not all gateways are established equally. Some of the aspects you should examine when contemplating a payment gateway are:

• How rapidly are they prepared to onboard fresh customers? Ask them how many days on normal it takes to go live and what’s implicated in arranging a fresh merchant account.

• What type of self-serve tools do they deliver, and what capacities do those tools have? Tremendous customer assistance is a must-have, but the proficiency to self-serve can be a massive plus point. Discover what self-serve choices they deliver to respond to simple problems or get essential information.

• Do they have connections with reasonable banks? Most companies have an existing connection with a bank and choose to strengthen this connection. If at some level you need to switch gateways or broaden your company to different countries, you should speculate whether the payment gateway supports your current banking alliance.

3. How reliable is the payment gateway provider and how credible is their assistance? What type of SLAs do they deliver?

If your payment gateway has an outage, it can’t process transactions and you may forfeit your customers. You should have an obvious insight into the gateway’s system trustworthiness, SLAs, and how generously they’re prepared and capable to address payment service interruptions so that they can continue processing payments as rapidly as feasible.

4. What are the gateway service expenditures? What extra fees do they require? What are their terms of service and other contractual regulations?

Price is a reflection in any business alliance, stabilized by the quality of assistance. Fees are another crucial reflection in selecting a good payment gateway. Various gateways will have numerous fee structures which can contain monthly fees, fixed fees per transaction, variable fees based on the transaction number, and additional expenses for things like chargebacks, multinational payments, and currency conversions.

Whether you’re supposing for operating with one or multiple gateways, you should get a custom quote from various gateways to specify estimated costs based on the gateway’s expenses comparative to your company.

5. Will you be able to transfer payment Gateway providers smoothly?

In the event of a modification in payment requirements, how manageable is it to shift to a numerous payment gateway? Company requirements, gateway agreements, the payment processing ecosystem, and even your customers’ priorities are all liable to shift. In the event your gateway can’t bear up with your business requirements, are you able to transfer payment gateway providers without influencing your proficiency to bill and compile earnings?

6. What are the integration alternatives available in the payment gateway?

Any payment gateway that a subscription company selects will need to be incorporated with their checkout pages and billing system. There is a variation of several technologies that promote this integration. You should make certain that the integration technology you choose is one that the payment gateway you’re contemplating can assist.

7. How does a Tritan Solutions payment gateway function?

• There are 3 prominent choices that Tritan Payment gateway delivers :

1)  customers can host their payment form, with payment data sent to their servers. The payment data is then sent to the Tritan payment gateway via our API. This is the simplest choice in terms of compiling payment data, but the toughest in terms of meeting PCI-compliance provisions. Unless you’re organized to expend the time and aids to meet those very stringent criteria for PCI compliance, this choice is not a promising one.

2)  Payment form redirect. This alternative lets you take payment data by redirecting your customers to a payment page hosted by Tritan. This is a far more safe alternative, although the page or form may not be completely customizable.

3) Payment form on your site that delivers payment data immediately to a safe payment gateway. With this choice, your servers aren’t collecting any susceptible financial data as it’s being adapted quickly to the payment gateway. Not only are PCI compliance regulations reduced, but you’re moreover apt to monitor the customer checkout experience.

8. Does the payment gateway support different payment techniques?

The domain of payments is fast-moving, especially in 2021, with new payment procedures repeatedly coming to the lead. When choosing a payment gateway, you should contemplate if the gateway supports all the payment methods you desire. 

9. How granular is their error fidelity?

Error fidelity cites how comprehensive and how detailed transaction decline messages are. There are over 100 various and very particular explanations why a transaction might be refused. But some payment gateways don’t deliver this level of detail and rather only define a dozen or so error types.

Granular error fidelity is crucial for a subscription-based company because the likelihood of successful payment collection can be drastically improved by customizing the assortment endeavors based on the reasonable decline reason. So, the extra detailed a payment gateway is in terms of determining why a transaction was refused, the extra benefits a billing system can be in terms of how best to address the payment decline and rectify it.

10. How nice is their customer support?

When dealing with credit cards and other kinds of payments, problems will consistently arise, both on the business on the gateway’s side. Major problems that deter payments from going through can halt a company dead in its tracks and necessitate the abrupt involvement of the gateway to delivering an immediate remedy so that payments can be received likewise.

Other types of problems can cause considerable disruption such as rarely high transaction decline rates, difficulties with granting refunds, duplicate transactions being generated, etc. These problems can have a crucial and pessimistic influence, compelling customer support and operations teams to scramble. Most greatly, gateway and payment crises involve customers who may be unsatisfied and frustrated. 

When dealing with payment issues, a gateway’s customer support team usually plays an important function in specifying and settling problems. It’s crucial to comprehend how the team will operate with you to understand problems, how available and responsive they are, and what strategies they have in place. When deeming a payment gateway, some things to specify are:

What types of support does the gateway deliver? For instance, do they give phone support or at least a chat function? Or are they only reached via email? Being able to reach a gateway’s support team rapidly and effortlessly has an immediate impact on how rapidly problems can be settled.

11. How well can they support your business growth?

In addition to how a payment gateway acknowledges certain issues, it’s useful to understand what different types of guidance they may deliver in regards to things like broadening into new countries, approving new categories of payment methods, and additional payment issues or changes of significance. These ventures can be crucial for a subscription business’ development, and a gateway that can deliver expertise and experience in these areas can be valuable.

12. What is their mastery in fraud management?

Fraudsters are fierce and highly-motivated, ransacking from companies at every alternative and ever-evolving in their procedures of attack. Combatting fraud is a constant challenge and needs an elegant, multi-pronged strategy. A gateway can and should be your supporter. Some issues to inquire about the gateway are as follows : 

• What tools are delivered to specify and deter fraud? These may be third-party or in-house tools.

Does the gateway provide benchmarks for the industry, company size, company type, etc.? This data lets you gauge your incidence of extortion against similar businesses to know if your fraud levels should be of question.

How approximately will they function with you to execute the best strategies for preventing fraud? Again, fraud is such a crucial question in CNP transactions, the extra assistance and expertise a gateway can deliver, the extra valuable their service will be to you.

13. How progressive is their reporting & reconciliation?

Subscription-based companies rely upon data from considerable sources including external parties like payment gateways, banks, and credit card companies for revenue recognition and other economic reporting objectives. Understanding how this data is delivered is significant. Some companies will rely on reports from payment gateways, while others rely upon technical internal staff who assemble reports utilizing raw data from the gateway.

14. What do they deliver in terms of credit card portability?

Periodically, a company may need or require to switch to several payment gateways. In this case, a gateway’s credit card data portability procedures and policies will become incredibly significant.   Find out what tools or support they provide to import and export client and credit card data. You should moreover specify if there are expenses involved in this procedure and how long the procedure will take.

Whenever a company determines to change payment gateways, they’ll require to export their credit card data from their old gateway. Because this data is so susceptible, payment gateways can be reluctant to shipping the data. Even when this procedure is approved, it can take months to organize and cost hefty dollars inexperienced assistance fees. As well, the company will forfeit access to their legacy data and all their subscriber data will require to be reconfigured.

15. Can the gateway help with tax compliance?

Tax compliance is another broad area of compliance. As we all understand, federal and state tax rules and restrictions can be very entangled and can fluctuate by jurisdiction. Multinational sales and utilize taxes along with VAT and GST taxes may furthermore correlate with. Be sure to select a payment gateway that’s common with the tax codes in all the areas in which you schedule to do business. 

Conclusion -

Selecting a payment gateway is almost one of the several crucial business judgments a subscription business must make. Understanding the factors that are extensively significant for your company and understanding how a gateway can satisfy those requirements will enable you to select well and accomplish business achievements.

What payment gateway provider to select, how to incorporate it, which features to glance for – there are several issues. And they are all crucial since payment gateway is a great deal in terms of user experience on your website. Make usage of the robust market environment to determine the payment gateway with prosperous characteristics and defensible security. We hope that our blog helped you make a conscious payment gateway decision.

With extensive understanding in payment processing, Tritan Solutions will be delighted to establish the excellent business scenario for you. Whether you require to cultivate or incorporate a desired payment gateway solution, we are here to facilitate your business .