At one time or another, every business owner needs to choose a payment gateway for making their transaction process secure and convenient. In this digitized modern world, it is nearly impossible to accept payments from customers specifically in cash. A payment gateway not only makes it convenient to accept payments from anywhere in the world but also safeguard against security threats. For this reason, more and more businesses are incorporating a payment gateway into their business.
Having a secure payment gateway is crucial for every business.
Know that the payment gateway industry is really progressing and this reflects in the availability of hundreds of payment gateways. However, not all of them are designed equally. With a lack of experience and proper knowledge, you can easily end up signing up with a company that is not at all worth your hard-earned money. This is where this post comes in handy, here you’ll learn about the 5 common mistakes to avoid while selecting the right payment gateway in India. So, without wasting any more time, let’s dive in!
1. Falling For Cheap Prices
Perhaps the biggest and the most common mistake made by a majority of beginners is rooting for a payment gateway in India that charges the lowest transaction fee. One thing that everyone needs to understand is that cheaper cost translates to cheaper services most of the time. By choosing such a payment gateway, you might be able to save some of your money, but eventually, you will have to suffer due to low-quality services. However, this doesn’t mean you should go for the payment gateways charging over the top transaction fee.
Know that each payment gateway charges a fixed transaction amount on the basis of numerous factors such as the method of payment, type of card used, location and so on. It is very important to consider all these factors, otherwise you may end up paying a higher amount than what your payment gateway provider has displayed you in the promotional offers.
The best way to avoid this mistake is to pay keen attention to all these nuances, what factors will be taken into account, what commissions will be included, etc.
2. No Idea About When Will The Money Get Credited Into Your Account
Most people don’t pay attention to the contents while signing the contract with a payment gateway in India. This sometimes results in problems in having access to the accredited money. Some payment gateways take a lot of time to credit your money into your account. This means, no matter how fast your customers make their payments, you will not have the access to this money instantly. While a majority of payment gateway in India takes time in crediting the received amount into your account, if this time is too long, you might have to deal with cash flow mismanagement and its side effects.
To avoid this mistake, find a payment gateway in India that offers prompt access to the money you’ve earned without imposing unnecessary debts.
3. Compromising With Lack of Payment Methods
The main purpose of having a payment gateway is to provide your customers with ease of making payments by selecting their desired payment method. But if you select a payment gateway that offers limited payment options then it is as bad as not using a payment gateway at all. The biggest consequences of this mistake include customer drop-off, increased shopping cart abandonment rate, dropped sales and conversions, etc.
Therefore, always choose an online payment gateway in India that offers plenty of payment methods to your local as well as global customers.
4. Not Paying Attention to Security Features
Data security is the biggest concern of the customers while making online payments. Due to the increased cases of data theft, customers are always reluctant to make transactions on sites or platforms that don’t offer enough security features. So, if you don’t pay attention to the security features of your gateway service, you’ll never be able to make the sales you’re planning for.
Hence, make sure to select a payment gateway that offers tight security features and meets the cybersecurity standards nationally and internationally.
5. Ignoring Technical And Customer Support Service
At a glance, customer and technical support sounds of no value. That’s why a majority of beginners ignore these aspects while making their final decision, which is not the right thing.
Having expert technical assistance at your disposal is very crucial as you never know when you might end up facing issues in sending or receiving payments. In absence of the right technical support, you can lose your time, money and profits. Therefore, avoid this mistake by opting for a payment gateway in India that offers easy and quick assistance so that you can run your business smoothly.
So, these are some of the common errors you should avoid by selecting an online payment gateway. Keep these things in mind and select the best service that can ease out your transaction processing.