Why Getting Cheapest Payment Gateway Is Not Good For Business?

Cheapest Payment Gateway – Today there are so many options available to choose for payments; bank transactions, credit/debit card payments for your business. It can become very difficult to choose from the options available. However, the truth is not all payment gateways are reliable for your business. If you are a merchant who is setting up a new business and will be dealing with daily transactions then it is very important for you to have full knowledge of the suitable payment gateway for your business. There are a lot of points to consider while choosing the right payment gateway.

You might find a “cheaper” payment services provider, but there could be hidden charges too. You might choose a cheaper payment gateway, but choosing the cheapest one is not always the best option.

Why The Cheapest Payment Gateway Is Not The Best One For Your Business?

Cheapest payment gateway do not always delivers as they promise. They use different tactics to entice merchants. These could be very problematic for the health and reputation of your company.

1. Cheap Payment Gateway usually puts attractive advertisements with lowest pricing rates and other services to attract potential clients, but there come hidden fees with it.
2. If you want to expand your business and sell your products and services globally, some payment gateways will charge higher fees when you sell in other currencies.
3. Cheapest payment service providers may give you a headache due to lack of proper secure payment service. However, with the best payment gateways you will not have to worry about PCI compliance, anti-fraud tools, and security issues.
4. The cheapest payment gateway cannot be an outstanding service provider. If some fraudulent transaction or something unexpected happens, they will fail to resolve your problem quickly or they may charge a very high fee for the assistance with it.
5. Most payment service providers hold your credit card data hostage. For example, you have several thousands of credit card details of customers that you may not be able to transfer. Now, in case you want to switch to other payment providers, you might not have the option of retrieving this data and take with you. In that case, you will have to ask all these customers to fill their information again and could cost you a lot of money in attrition and in the process you might loose the trust of your customers.
6. Cheapest payment gateway offers only one or two payment services, requiring you to hire your own vendors, maintain multiple relationships with other online security providers.

Hence, for the security and growth of your business, choose the “right” payment gateway instead of “cheapest” payment gateway.

How To Choose The Right Payment Gateway For Your Business?

When you are looking for different options and want to choose a payment service provider for your business, look for the following conditions:

1. Find the one whose services fits your needs. Spend some time to find the right provider instead of making rash decisions based on their discounts or advertised fees.
2. When you own a company, in addition to a merchant account and payment gateway, you will also have to make recurring billing, remote credit card storage, PCI compliance. You will also need to have anti-fraud tools, firewall security etc. Many providers provide some or all of these services .
3. From a list of prospective vendors, talk straight about the fees and services. Ask them about the rates for rewards, business, and international cards, minimum maintenance fees, chargebacks, PCI compliance, API, and its technical specification and securities etc.
4. You should choose a payment service provider that has a better user experience.
5. Choose a vendor who is easy to contact through email, phone number or any other methods, and provides substantial support to help you through all the complexities of the business and finance.
6. The right payment service provider will give you options to exit anytime and they won’t charge you for that. On the contrary, you might have to pay for exiting in case of the cheapest payment gateway.
7. Read contracts; the terms and conditions, and policies carefully. Some “cheapest” payment service providers ask for bond or agreement for 2-4 years and charge hundreds of dollars for a cancellation fee. This is just too much to accept.

Final Words – Merchant Stronghold

Finally, I would suggest that you invest some time in deciding to choose the right payment gateway, which will be suitable for your company and have better services. They might be little costly for you but they provide long-term safety to you. Choose value over the price for better user experience and long-term benefits.

We hope you choose the right payment gateway over the cheapest payment gateway for your business. Merchant Stronghold also provide online payment gateway, you just need to visit our website and fill the application form. In case you want to know more, you can always get in touch with Merchant Stronghold. You can contact us through email or phone number +1 (727) 330 – 3944and talk to our experts at anytime of the day.