You need to process payments for your online business. How do you choose the right tools?

Start by reviewing your existing customer data. Research or you will come last! 1.Analyze purchase history, demographics, and any previous feedback or surveys. This foundational information provides insights into their buying patterns and characteristics. 2.Create surveys or questionnaires to collect specific information directly from your customers. Ask about their preferences, satisfaction levels, and areas where improvements are needed. Use a mix of closed-ended and open-ended questions to gather quantitative and qualitative data.

You should make payment easy for your targeted audience. This means opening options for credit and debit cards and account transfers. Having said that, be very aware of fees coming from these options, including the impact of conversion rates. It happened to me that I lost up to 10% of my expected income due to the impact of those effects. Easy for the consumer, but at a reasonable cost for your P&L.

In my experience, payment methods are mostly dependent on geographical location, nature of goods or services being sold and the overall business structure. For example, if it’s a marketplace then you may need to integrate a payment gateway which accepts payments from customers, should have refund capability and may also have an option to payout for sellers. If you have a b2b or b2c website then you may be looking for a payment processor which is most trustworthy in your country, easy to integrate and have proper payment options depending on your business needs. I think the crucial thing when selecting a payment processor that we should research is the security of customers data, types of payment methods available and easiness to use.

Add the most used methods first- this will differ by country/ region. It is amazing to be able to have all options available but it adds complexity in terms of communication, ease of check-out and servicing. When you find you have abandoned baskets, speak to customers to understand why. Generally though, if you offer a great product, efficient delivery and attentive service, customers will use one of your available methods even if it is not their first choice.

Research is the key. See what resonates with you and your target audience. At the end of the day, your prospective client has to be comfortable in making the payment. Dive deep into preferences, behaviours, and regional trends. And most important is seamlessnes and security.

While selecting the payment method you need to identify certain things like Requirements, payment data security,and integration on your portal, convenience fee taken by gateways, support regarding payment settlements & Refund processing, and scalability so that it is easy to use it by the End customer.

When selecting payment processing tools for your online business, prioritize security, ease of integration, and a seamless user experience. Opt for platforms that support a variety of payment methods, catering to diverse customer preferences. Consider transaction fees and pricing structures to align with your budget and sales volume. Look for tools with robust fraud detection measures to ensure secure transactions. integration with your e-commerce platform is crucial for a smooth checkout process. customer reviews and testimonials to gauge reliability and customer satisfaction. Popular payment processors like Stripe, PayPal, and Square are reputable choices, known for their reliability, security, and adaptability to various business models.

The holy grail for payments is the Single View of Payments where you know your customer spending habits across all channels, at all times. By now, everybody is familiar with SVoC in the e-commerce and digital spaces, and payments feed into this model. Offering standard Visa, BNPL, AliPay, WePay, etc. are table stakes, as is all-channel integration with POS systems and online. For example, you have merchant payment platforms like Adyen that can do unified commerce with all of the above, as well as offer BI dashboards which give you information about your customer, that can be fed into your eCRM, Live Chat, and other tech. Merchant payments have become a lot more interesting over the past decade.

in a nutshell - Anything related to the customer experience such as refund, easy to know why the payment was failed! and of course how their middle servers takes the load. - Fees and commissions - Enabled payment methods - Settlements frequency - Available integration APIs

You can never overperform on payment, can you? So perfection is your baseline! As a digital merchant you want to cover as broad a range of payment methods and tools as possible and at the same time be 100% credible and secure. Losing a sale is just too costly. Unless of course you have a really exclusive offering that nobody competes with and where you can be selective about who you want as a client. To figure out what payment methods correspond to your business then becomes a question of how much cost you can absorb to pay for perfection.

Reliability is the #1 question here, as any downtime or partial service disruption can be disastrous for your business. Hence, always have a backup gateway that is set up and ready to be plugged in should the main one experience any problems. From those that are reliable, select your main provider based on available methods and features, integrations, and commission. Once you have transaction volumes worth mentioning, then play them up against each other to keep pushing their commission downwards. It's not rocket science.

When it comes to selecting a payment gateway three things are very important, 1. Gateways: It should be well known so that customers will put their payment details with confidence. 2. Convenience fee : charges should be less as well as ethical to the customers. 3. Payment options: There should be multiple options to make the payment as Credit card, debit card, UPI, wallets, and Paylater.

Plugins and extensions transform your e-commerce platform's payment process. The right choice should align with your platform and be user-friendly. For example, WooCommerce for WordPress simplifies transactions and supports multiple payment methods, enhancing customer experience.

Platforms like Wix allow marketers and ecommerce business owners to set up various payment gateways for their customers. There are many options to choose from like Apple Pay, Google Pay, Paypal, Alipay, Afterpay, and credit and debit cards. Good businesses offer a variety of options to their customers in addition to a great product and service. Put the customer first in everything you do.

Die Integration eines Zahlungsgateways ist entscheidend für die Verbindung Ihres Online-Shops mit Zahlungsnetzwerken. Wählen Sie ein Gateway, das Ihre Zahlungsmethoden unterstützt und sich nahtlos in Ihre Plattform integriert. Achten Sie auf Funktionen zur Sicherheit und Betrugsprävention. Die Gebührenstruktur sollte angemessen sein. Ein effektives Gateway verbessert die Zahlungsabwicklung, stärkt das Vertrauen der Kunden und unterstützt Ihren Geschäftserfolg.

A payment gateway must be a reliable one, backed by security and easiness to process the payment. Customer support is very crucial because you need a contact whenever there is an issue with a transaction. The payment gateway should also support payment methods as needed for your business. Next thing is platform fees. There are so many payment gateways, but you should always choose the one which is available from a long time or is very popular in your customers location.

- easy to implement/integration - built in API for my eCommerce engine/framework - handling all key forms of payment (including deferred payments) - support for the subscription business model - fair and fixed transaction fee

The tool should comply with all necessary security standards to protect your customers’ data. Consider the transaction fees and any other costs associated with each service. Some services may offer lower fees for higher volumes of transactions.

El tema de las pasarelas de pago es muy importante analizarlas en función a cada país, y sobre todo si operamos en LATAM y/o Argentina. Existen pasarelas que por cuestiones regulatorias no operan en algunos paises latinos, o las comisiones son en usd. Tener en cuenta si las pasarelas abarcan nuestras zonas de influencia y si triangulan con los bancos tradicionales locales, ya que sino podremos tener un potencial problema en puerta

Opting for a payment service provider (PSP) over a traditional payment gateway proved to be a game-changer for any merchant. The comprehensive solution offered by a PSP, handling everything from compliance to customer support, eliminated the need for a merchant account and a separate payment gateway. Choosing a PSP is a strategic and efficient choice for streamlining payment workflows. But also involves any decision beyond payment. PSPs like Stripe offer tax, fraud and security solutions and are a proof that those companies are there for more than only providing payments.

Good customer service is crucial. You want a service that offers prompt and helpful support when issues arise. If you’re selling internationally, you’ll need a service that can handle multiple currencies and local payment methods.

Payment service Provider (PSP) will be a good selection because of their offerings .i.e all in one.because of their offerings as per your business requirements, adeptiblity and in terms of reputation & their service costing.They may assist you in compliance, customer support, Tax invoicing and much more.

Payment service providers can seem more expensive at first, so it’s important to consider a more comprehensive TCO when making your decision. Your math should be inclusive of the capex/opex to build and maintain your own integrations, especially in a world where digital payments is evolving rapidly. PSPs offload material development and integrations costs, and the features they bring often have a significant benefit for revenue and consumer satisfaction.

Selecting a Payment Service Provider (PSP) for a marketplace can streamline operations by offering a consolidated solution for payment processing. This ensures seamless transactions, improved compliance, and reduced complexity, allowing the marketplace to focus on core functionalities. A reliable PSP facilitates diverse payment methods, enhancing user experience, and its comprehensive services simplify reporting, invoicing, and customer support. Moreover, a well-chosen PSP with competitive pricing and a solid reputation can contribute significantly to the marketplace's growth and customer satisfaction. Use case : @fenuamarket.pf - the strongest market place of Tahitian products backed to the PSP OSB.

Opting for a payment service provider can simplify payment processing, and in my opinion, it's a strategic choice. A PSP offers an all-in-one solution, eliminating the need for a separate merchant account or payment gateway. They handle compliance, reporting, invoicing, and customer support, streamlining operations. When selecting a PSP, it's vital to align their offerings with your business needs, ensuring competitive pricing and a solid reputation with excellent customer service. This approach not only simplifies payment processes but also enhances efficiency, allowing you to focus more on growing your business.

Es existieren eine Vielzahl an Variablen, die beachtet werden müssen, um den richtigen PSP auszuwählen. Meiner Erfahrung nach sollte man zum Beispiel auch die internationale Ausrichtung des eigenen Unternehmens berücksichtigen. Einige PSPs unterstützen vielleicht nicht die beliebtesten Zahlarten für ein bestimmtes Land, oder die technische Lösung ist nicht optimal umgesetzt.

Die Nutzung eines Zahlungsdienstleisters (PSP) anstelle eines separaten Zahlungsgateways vereinfacht Ihre Zahlungsabwicklung. PSPs bieten eine All-in-One-Lösung für Online-Zahlungen, ohne dass ein Händlerkonto oder Gateway erforderlich ist. Sie kümmern sich um Compliance, Berichterstattung, Rechnungsstellung und Kundensupport. Wählen Sie einen PSP, der zu Ihren Geschäftsanforderungen passt, wettbewerbsfähige Preise und exzellenten Kundenservice bietet. Ein passender PSP kann Effizienz steigern und operative Belastungen reduzieren.

Smooth transactions and a positive customer experience fully depend on a reliable PSP. To select a PSP consider first of all reliability; based on that you can evaluate moblie first approach, the offered Payment Methods, fees and costs, global coverage, security and compliance, ease or native integrations with your ecomm platform, 24/7 customer support, overall downtimes and SLA`s, analytics and reporting.

When selecting a Payment Service Provider (PSP), we should ensure PCI DSS compliance and robust fraud prevention, evaluate transaction and monthly fees, including any hidden costs. Also look for support for multiple payment methods and currencies, especially for international customers and check compatibility with your eCommerce platform and ease of integration. Something that ensures a simple, efficient checkout process and assess the quality and availability of customer service. The PSP can accommodate your business growth, that’s why it’s important to research the PSP’s market reputation and reliability. It is also important to understand fund transfer timelines for cash flow management.

Rigorous testing of your payment system is crucial. Tools like PayPal's Sandbox ensure your setup is reliable and secure. Regular testing and updates are necessary to keep up with new payment methods and security standards.

Integrating payment plugins and extensions into your E-commerce platform is a key strategy for optimizing your payment processing. Today, you may find it easy to select a PSP that provides an extension that is compatible with your E-commerce platform. My advice is: Keep an eye on ratings in the download stores of the e-commerce platforms and ask merchants about their experience with specific gateways you are willing to integrate.

On open source platforms such as Magento and Woocommerce you have native platform options for connecting payments and then you have first-party and third-party plugins/extensions to benefit from. The most important factors to consider when choosing a 3rd party plugin are: Compatibility with your theme & checkout, the level of support provided by the creator, and most importantly how reputable they are. Lastly seeing how often they update their module and respond to bug fixes can give you comfort when choosing a vendor. By working with these outside integrations you can expand your offerings and cater to the payment tastes of your shoppers!

Select a Payment Service Provider that aligns with your business needs, providing essential payment methods, seamless e-commerce integration, and top-notch customer support. Emphasize competitive pricing and a solid reputation to ensure a smooth, cost-effective payment experience.

In my experience as Magento developer you can get most of the payment extension that works seamlessly with Magento. All you need to do is just choose the payment gateway and ask them to share the Magento extension.

Zur Optimierung Ihrer Zahlungsabwicklung können Sie Zahlungs-Plugins und -Erweiterungen nutzen, die sich in Ihre E-Commerce-Plattform integrieren lassen. Diese Softwaremodule fügen Ihrem Online-Shop Funktionen wie Checkout-Formulare und Zahlungsschaltflächen hinzu. Wählen Sie Plugins, die mit Ihrer Plattform kompatibel, einfach zu installieren und zu konfigurieren sind. Achten Sie auch darauf, dass diese regelmäßig aktualisiert und gewartet werden. Solche Tools verbessern das Kundenerlebnis und steigern die Effizienz Ihrer Zahlungsprozesse.

Choose a PSP that fits your business, offering necessary payment methods, e-commerce integration, and excellent customer support. Prioritize competitive pricing and a strong reputation for a seamless, cost-effective payment experience. A right PSP simplifies transactions and boosts customer satisfaction. 🛍️💳🚀

In general, if you are using an eCommerce platform like Shopify, NopCommerce, WooCommerce, Magento, BigCommerce etc and you know which payment processor you want to use then these platforms have a list of available integrations developed by these platforms or their vendors on their marketplace. You just need to choose the right extension from right vendor and that can be done after testing available integrations properly within a staging environment. If an integration isn’t available for your payment processor then you have to hire a developer and get it done from the development agency.

En mi opinión, los plugins suelen ser la mejor alternativa para ahorrarnos tiempo de desarrollo y una gran inversión. Los plugins suelen estar pensados para casos específicos de un ecommerce.

Evaluate the availability and compatibility of plugins and extensions for your e-commerce platform. Choose tools that offer reliable plugins/extensions for seamless integration with your website. Prioritize tools that provide testing environments or sandbox modes. This allows you to simulate transactions and ensure that the payment process functions correctly before going live.

Nowadays if you are an eCommerce platform API is your Basic requirement. You can opt for an API who is Easy to integrate as well as a customer friendly interface, having their developer support and well versed with legal documentation.

One API for all. There shouldn't be more in this day and age. Also, make sure that your provider offers proper documentation and a sandbox

So, mostly all online payments are handled by the respective APIs from various payment processor’s. No payment integration can be developed without using an API in some form. A form of API can be webhooks which redirects your customer to the payment processor website for making secure transactions and the another for is an API which interacts with the payment processor very securely from your own web interface.

Die Verwendung von Zahlungs-APIs bietet nicht nur Kontrolle und Flexibilität, sondern eröffnet auch neue Möglichkeiten zur Datennutzung und Kundenbindung. Durch die Integration von APIs können Sie wertvolle Daten über Zahlungsmuster und Kundenverhalten erfassen. Diese Daten können genutzt werden, um personalisierte Angebote und Rabatte zu erstellen, das Kundenerlebnis zu verbessern und letztendlich die Kundenbindung zu stärken. Darüber hinaus ermöglichen APIs innovative Zahlungsmodelle wie dynamische Preisgestaltung oder integrierte Treueprogramme, die direkt in den Zahlungsprozess eingebettet sind. Dies führt zu einer differenzierteren Marktstrategie und kann einen Wettbewerbsvorteil darstellen.

Las interfaces de programación de aplicaciones de pago (APIs) son herramientas de magia financiera. Son como hechizos codificados que nos permiten personalizar y automatizar nuestros flujos de trabajo, desde crear solicitudes de pago hasta verificar el estado del pago o emitir reembolsos. El truco está en elegir APIs bien documentadas, confiables , seguras y que se adapten a nuestras habilidades y recursos técnicos.

You need to consider how far you go, for most organisations you should partner with a leading payment gateway provider that enables you to easily satisfy PCI requirements. But you should also make sure you are PCI compliant and invest in this process and ongoing audits.

Selling on a Marketplace like Amazon makes this easy. You can find multiple PSPs to bind your multicurrency account to your store making it easier to scale across border down the track. Most payment processors will already have this product capability available for you off the shelf for your own e-commerce site, make sure your technical team is familiar with this type of code though.

Payment APIs enables you accept the payment at your e-commerce website. APIs are game change for e commerce word. They automate the business operation and connect systems that are otherwise incompatible. Stripe’s Payment Methods API is an example of payment API. Customers will be able to pay for an online order with a variety of methods, including credit cards, ACH debit transfers, Google Pay and many others, once the API is activated.

It you are new to it, use a gateway that’s most popular/big even if you lose a small percentage. It will help you see and learn quickly, and one can always switch later. If you’re well versed, pick the one that’s new and upcoming, as they will love to have your business and give you better terms, and you will have access to cutting edge tech.

Create a UAT checklist for your team for consistency in testing and ensure various scenarios are tested. Remember to test different browsers and operating systems. After your payment processing is operational, conduct external User Testing with select customers. Or set up behaviour analytics software such as Full Story, Hotjar etc, to monitor behaviour. For larger organisations, I recommend User Journey Optimisation Workshops and User Journey Mapping. These help to improve the entire buyers journey, not just what happens online eg, payment confirmation email timing, wording and design. Or how are returns and refunds handled by customer service etc. CRO testing experiments are also worthwhile post launch to help grow conversions.

Selbst wenn alles im Sandbox-Modus einwandfrei läuft, sollten Sie den kompletten Kaufprozess manuell bis zum Ende durchspielen. In Shopware können Sie beispielsweise Testkäufe durchführen und sie dann im Backend stornieren, um das Geld an sich selbst zurückzuüberweisen und nur minimale Transaktionsgebühren zu zahlen. Bei teuren Produkten kann es sich lohnen, ein günstiges Testprodukt anzulegen um Kosten zu spaaren. Um sicherzustellen, dass vom Warenkorb über den Checkout bis hin zum E-Mail-Versand alles funktioniert, sollten Sie selbst eine Testbestellung durchführen.

Before flipping the "live" switch, be sure to thoroughly test all payment scenarios through your processor's testing environment if available. Most major processors have a sandbox mode to simulate purchases. Also do real purchases with refunds to ensure the returns process works as expected. Testing catches bugs before real customers encounter them and ensures everything flows smoothly at launch.

Testing your payment system is super important, like making sure your car's brakes work before hitting the road. You want to check that everything in your payment process is running smoothly and follows the rules. Think of payment testing tools as your personal test drivers. They let you try out different payment situations, keep an eye on how your system's doing, and spot any glitches to fix them up. Some handy tools out there are Stripe’s testing environment, PayPal Sandbox, and Square’s API sandbox. They're like your business's safety nets, making sure you catch any issues before your customers do. With the right tools, you'll be all set to handle payments like a pro!

est high-volume peak seasons for travel agencies or stress-test subscription renewals for SaaS platforms. Industry-specific testing ensures a robust checkout that withstands the demands of your niche.

Mon expérience m'a prouvé que plusieurs tests sont nécessaire avant de passer en production l'interface de paiement. Lors de mon dernier setup, les centimes ne remontait pas comme payés dans nos outils. Résultats, de nombreuses facture en impayés pour quelques centimes et de potentiels clients insatisfaits.

Coincido. Es vital probar el proceso de pago en un negocio online. Siempre hay que facilitarle al cliente esta acción ya que es una de las claves para la conversión.

This goes for testing any tool but especially when it comes to money. Especially when doing cross border and have to account for exchange rates or logistic cost

Testing your method for payments is critical before reaching a production environment. Probably less spoken, is how to handle errors. Errors should be informative enough to provide context to the end user while also not being overly explicit or verbose in the reasoning. From a security perspective, ask yourself the question “what can I do with this?”. Don’t be the company that allows nefarious users to enumerate card holder data on your payment methods. Proper error handling can assist in maintain trust between your customers and your company in the long run.

The biggest mistake people make is rushing into working with a provider in this space. There is no end of choice for a business and just looking at a rate card is a false start for anyone. You should really consider charge back rates, kyc and monitoring tools, response time for customer support and if you have a manager you can contact asap in critical situations. Its not always obvious and changing providers can be tough. Let them compete for your business where possible and see what other value sets they can provide for your business where possible with free data, analytics and tools for employee management or perhaps inventory if its relevant to you. Also, if you accept Card Present Transactions, ensure you get a single dashboard review!

Be very careful when choosing the right payment partners if you operate globally or plan to expand internationally. The right payment methods should be available for each of your focus countries in order to avoid abandoned purchases. And at best, a single PSP should be able to provide this, otherwise you as a merchant may be forced to add additional providers, which creates complexity.

Como dije anteriormente, debemos tener en cuenta un analisis país por país, y sobre todo si operamos en LATAM, ya que cada país tiene regulaciones distintas, y si no lo analizamos a detalle, puede pasar que tengamos rentabilidad baja (o hasta en algunos casos perder dinero)

Ask your current/future customers “how do you want to pay?”. If they want cash-on-delivery - give it to them. If they tend to use local provider (e.g., STC pay in Saudi), add it. May be 80% of your possible customers will be happy to pay in BTC, so focus on this. And then think about implementation, security, KYC, processing optimization, etc.

Don't overcomplicate your life, especially if you're a small business. Too much research can lead to analysis paralysis or negligible upside. Research, but be realistic. The best kind of system setup is one that you don't have to think about on a daily basis. When evaluating options, don't just focus on fees but on ease of use and how it all gels together for you.

The importance of price conditions in selecting payment tools lies in ensuring cost-effectiveness and alignment with the transaction's financial scope. It's crucial to balance the tool's features with its cost to optimize the transaction's overall value and efficiency. Bottom line this is transaction in a transaction

Al seleccionar herramientas para procesar pagos en comercio online, es crucial priorizar la seguridad, asegurándose de que la plataforma cumpla con los estándares de seguridad de datos vigentes. También es esencial considerar la variedad de métodos de pago admitidos, tarifas y costos, así como la facilidad de integración con la plataforma de e-commerce utilizada. La experiencia del usuario, la capacidad de manejar pagos internacionales (múltiples monedas), la reputación del proveedor, la escalabilidad y el cumplimiento normativo son factores adicionales a tener en cuenta para garantizar transacciones seguras y eficientes, así como una gestión efectiva de pedidos.

Look for tools that provide detailed reports and analytics to help you understand your sales trends. The best payment processing tool will depend on your specific needs and circumstances. It’s a good idea to take advantage of any free trials or demos offered by these platforms to ensure they’re a good fit for your business. Also, consider reading reviews and ratings from other users to learn about their experiences.

In my experience, some things to consider when choosing a Payment Gateway include: Integration: Process flow, good API? Tokenisation for recalling customer card details? Fees: Fixed fee per transaction, plus card fees and interchange fees. Don’t forget refund fees, and fraud profiling and protection fees. Payment types: The best gateways aggregate 100+ payment options under a single integrated solution. Currencies: Do they support transactions in all currencies you need. Are you in control of draw down and conversion or will you suffer their rates? Security: PCI DSS compliance Rules Configuration: Can you specify which payment options you present to which Countries, and set rules independently? Fraud screening: What tools built in, cost?

The futuristic approach is a key, a method, which may not be available in the current market today, but may have stated gaining popularity in other similar markets. Knowing about it & having a support solution which has capabilities to enhance their offerings to add new solutions at no or minimal cost to business.