9 Key Aspects to Consider for the Best Payment Processing Solution

Florence Carpenter

With 83% of Americans (30-49 age range) owning credit cards, your business has a considerable customer segment with significant spending power. Here is where integration with modern payment processing solutions can aid your business. So how do you ensure you get the very best payment processing solution?

We talked to the business and financial experts to learn which features are most crucial when considering a payment processing solution. This article covers the top 9 vital aspects to focus on for getting the best payment processing solution. 

1. Global Availability

When choosing a payment processing solution, the most important thing is global availability. A good payment processor will have global coverage with exceptional security and ease of use. Also, it should have a good reputation for customer service. 

Abby Hao, Co-founder, and CMO of Cloom

2. Software Integration

One thing you should definitely keep in mind when deciding on a payment processing solution is if the platform integrates with the software easily. You want to make sure that your payment solution easily integrates with eCommerce platforms like Shopify. You should find some detailed instructions on how to do this because it isn’t always an easy process. 

Your ideal solution shouldn’t slow down your website’s user experience with a slow process. You want to find a payment gateway that is easy for your customers to make payments wherever and whenever they can.

Charlie Wright, Director of Operations at Epos Now

3. Cost and Fees

Cost and fees are one of the things to consider when choosing the best payment processing solution. Processors charge different rates, so it's best to check with each provider before you avail of the service because some charge flat-rate monthly fees while some have incidental fees. Another thing to consider is the contract of payment processors. Get to know the terms of the contract before making a decision.

Lauri Kinkar, CEO at Messente

4. Security

Security was the most important of our considerations when we were shopping for a payment services provider. The rising number of fintech hacking and the fact that hackers routinely target payment service providers because there's some real money in their systems was a real concern for us.

As a business, you need a payment service provider that not only offers the best services in terms of up times, speed, and customer service but also in terms of ensuring that your customers’ data is secure and private.

Alina Clark, Co-Founder & Marketing Director CocoDoc

5. Global Network-based Fraud Protection System

Global e-commerce is intrinsically riskier than domestic e-commerce. When selling across borders, there are a lot of unknowns: fraud threats, consumer buying trends, and so on. Without these data points, worldwide firms will have a harder time preventing fraud and chargebacks. You need to ensure that global network-based fraud protection is embedded into the global payment processor. You need to be able to trust that the transactions going through aren't fraudulent.

Cindy Corpis, CEO of SearchPeopleFree.net

6. Market Specialization

Market specialization is an important factor when choosing a payment services provider. For instance, our search process has revolved around asking the payment service providers about the market that they are specialized in. As a business, you don’t really want to be stuck with a jack-of-all-trades type of payment solution because it’s the cheapest, or the most hyped for that matter.

Payment providers who’ve worked with your market can provide better insights into what your customers need, the prospective payment metrics, and the issues that you’re likely to face while setting up payment systems. This is especially important if you have no past history with payment solutions.

Sally Stevens, Co-founder FastPeopleSearch.io

7. Average Transaction Amounts And Frequency

Several payment companies provide tiered pricing based on the quantity and frequency of transactions. As a result, it's critical to select a package that meets your present requirements. Why? Because if you go over or under these transaction limitations, you'll be charged extra. As a result, you'll need to choose a payment provider that can adapt to your changing demands as your company grows. 

Neil Shaw, Founder & CEO Lottery Sambad

8. User Interaction

The thing to consider in payment processing solutions is user interaction. The most common reason for shopping cart abandonment is that customers find the payment processing process too tricky; they begin traversing the barriers to complete the transaction and then abandon it. You need a convenient and frictionless buying experience to convert customers into purchasers and keep them coming back. 

So what you need to look for in a payment gateway is the user experience it provides on both online and mobile applications. Is the payment processor able to process payments on-site? Keeping payment processing on-site is critical for client retention.

David Fernandez, CEO & Founder Capital Solutions

9. Mobile Payment Support

Looking for mobile payment support is the main thing to consider because, with the gradual evolution of various business models and the requirement for moving cashless for seamless business management, mobile payments are the most prominent features in the payments market. It works amazingly with a combined payment platform, provides a formidable payment system.

Stephen Curry, Chief Executive Officer of CocoSign 

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