You did it. You launched a new company, which is no easy achievement. It’s time to move further. The next big step to take is to let your customers make payments. Choose the right payment solution to ensure a seamless and secure transaction process. It enhances the overall customer experience and ultimately drives the financial success of your business. Let us help you a bit and share the key criteria that should always stay on your radar when you select the payment solution.

Where to Begin: Choosing the Right Payment Provider

When looking at payment providers, there are limitless options that seem to be the same. In fact, it is not so. Instead of looking for flashy discounts and grandiose promises, prioritize more important things when you decide on a Revolut alternative solution. 

Company Reputation

You want to deal with an honest and reliable payment provider that has a solid track record of customer satisfaction. Look beyond short-term sign-up deals and give preference to companies with a good reputation and at least 5 years of successful experience.

Fees

Have a thorough grasp of how a payment provider generates money. Most companies charge a set fee per transaction plus a percentage of the payment’s value. This may range from 0.5% to 3%, depending on the payment method, partner, and volume. Fees for Bitcoin payments are typically about 1%. Payment providers often apply a markup to the exchange rate when converting between currencies. This is typically a hidden expense that is borne by the client at the time of the transaction.

Process and Settlement Timings

Understand the service level agreements (SLAs) that a payment solution provides in terms of processing and settlement timelines. Along with fees, this may have a significant influence on both customer experience and cash flow. 

• Processing time determines the time for a transaction to be processed. When it comes to a card payment, the bank approves the transaction once it confirms that the cardholder has funds or credit. In the context of Bitcoin payments processing time refers to the duration needed for a payment to be shared across the blockchain network included in a block and verified by a number of nodes.
• Settlement times are generally longer. Credit and debit cards, for example, often promise quick authorization, but monies are really settled several days later. Direct bank payments in countries with speedier payment procedures may be settled very instantaneously, but currency conversion payments will most likely take longer (2-5 days), depending on the currencies involved.

Coverage

You’ll want to make sure you have the correct local and worldwide payment options to reach your prospective clients wherever they are and maximize your earnings. In addition to permitting various payment methods, a payment provider may advise you on the best payment methods for each of your markets and design segmented checkout experiences based on these findings. In other circumstances, you may wish to work with specialized suppliers, such as those who provide Bitcoin payments.

Security 

Ensuring the security of your customers’ information, from activities is vital for maintaining their trust and loyalty. Opt for a trusted payment service provider that puts an emphasis on security measures and complies with recognized industry protocols, like PCI DSS.

Transparent Pricing

Before you sign on the line with a payment provider, ensure that you understand the whole cost, not just the initial setup costs. Take into consideration transaction fees, monthly charges, setup expenses, and any other fees. Request a detailed list of all possible costs upfront.

Scalability

Do you want a service that can expand your business? Choose one that can manage large transaction volumes, additional locations, and changing company demands, without having to revamp the whole system.

Integration

Do you use any other business tools or technology? Make sure the vendor you chose has solutions that work smoothly with your accounting software, inventory management systems, e-commerce platforms, and other systems.

Let’s Wrap up

Selecting the correct payment solution may have a tremendous effect on the company’s success. A payment solution has the potential to improve customer solutions while also acting as a growth engine. In contrast, making the wrong choice may cause problems across the payer experience, irritate consumers, increase unneeded operational expenses, and eventually divert money and resources away from other corporate operations.