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How to Pick a Payment Gateway Provider

Find the right online payment gateway for your business. Steer clear of traps and pitfalls when you check out payment processing firms. Put these tips to good use.

Look beyond the cost

Price is a major factor when you select your online payment gateway provider. But it should not be the sole basis of your hiring decision. Look for value instead of cost. First, find a firm that can provide you with the options your clients need. Then, ask yourself which firm will work the hardest for you at a cost you can afford? Go with that one.

Be wary of fees

Some companies often charge more than the monthly fee. But they are not upfront about it. Be on the lookout for these charges by reading through the firm’s policies and contract, the Small Business Trends says. These should help you determine how much the service will really cost you.

Consider access to funds

It may surprise you to know that some processors can hold on to your money for several weeks. That certainly isn’t ideal. While these days, processors need a very good reason to freeze your money, it does pay to avoid putting yourself in that situation in the first place. That is easy enough to do when you pick the right payment processor. Ask around. Do your homework. And find out if the firm can offer easy, fast and hassle-free access to your funds. If that isn’t the case, look elsewhere.

Ask about data security

A responsible payment provider will ensure a secure and safe payment experience. If the firm doesn’t employ any fraud-protection services, that is a red flag. The needs of your clients and business will be better served by hiring a different payment solutions provider, one that invests in the latest data security technology and tools.