Checklist to choose the right payment gateway for business

1. Checklist to choose the right payment gateway for business

2. TECHNOLOGY: FLEXIBILITY AND CUSTOMIZATION • All you need to find a reliable payment platform that will meet all your business needs. • Does the payment processor provide a versatile API? You need a solution that lets you make all the changes you need in the checkout and that gives you full control over the code. Also, ask for a testing sandbox. • Is the integration process fast? The simpler the integration, the better, especially when you can integrate payments based on your setup, programming language, and more. • Is the payment platform flexible? Look for a payment solution that makes it easy to combine various billing models and set payments correctly for your use cases. • Is adding new features as simple as copying and pasting a few lines of code? Will you need to spend weeks to implement minor changes? Connect with us - https://www.letzpay.com/

3. APPLICATION PROCESS • Get ready for due diligence run by risk management experts. They will decide whether your business qualifies for a merchant account. They will also check if your business is on the TMF (terminated merchant file) list. • How long does the compliance process take? It can take even several weeks, so ask your new gateway for the estimated time it will take to obtain your new merchant account and start processing transactions. • What documents do you need to provide? These documents could be incorporation certificates, copies of your local directors’ passports and utility bills, and the processing history for the last six months, to name a few. • Is your business model accepted? Reliable payment gateways keep a list of supported businesses on their websites. • Is your country supported? Not every payment gateway will provide their solution in your country. If it isn’t supported, it’s usually due to banking regulations. Connect with us - https://www.letzpay.com/

4. SECURITY • Fraudsters are getting more sophisticated with their attacks, so merchants must pay greater attention to fraud prevention tools. • Is the payment provider PCI Level 1 compliant? PCI Level 1 compliance confirms that not only is the technology of the platform secure, but the entire organization behind it is fully aware of the risks regarding payments processing and is ready to act fast due if anything happens. • Does the payment gateway provide a set of anti-fraud tools? You need a multilevel approach to stay a few steps ahead of fraudsters. • Does it use tokenization? Payments are well protected with tokenization that replaces sensitive data with a token (a string of random digits and letters). • Is 3D Secure authentication available? You need that for stronger authentication. • Does it come with built-in machine learning and/or AI solutions to quickly spot fraud? It’s good to have a solution based on a proper set of rules that can filter out fraudulent events meeting specific criteria. Such filters should adjust to specific business models and traffic, which is more accurate than static filters based on well-known patterns. • Is 24/7 real-time reporting available? Make sure you can react as soon as an incident happens, thanks to real-time dashboards and data streams that monitor every transaction, customer, chargeback, and fraudulent attempt. Connect with us - https://www.letzpay.com/

5. PRICING • Merchants want to know how much they will pay from the very beginning. That is why they look for solutions with transparent fee structures and no hidden or extra fees. • Is the pricing visible on the payment gateway’s website? Payment processors that have nothing to hide always place transparent pricing on their sites. • What does the fee structure look like? It has to be simple and clear. • Are there any hidden or extra fees? Usually, you are charged per transaction, but check closely to make sure there are no additional fees. • Are there setup or monthly fees? Maybe there are some other fees you need to pay as a merchant. • What is the chargeback fee? Chargeback fees may apply when a cardholder files for a chargeback and asks the bank to dispute the charge. This fee covers the administrative costs of processing the chargeback. • What is the pay-out schedule? Is it daily, weekly, or monthly? Ask for that information before you sign an agreement. • How big is the rolling reserve for high-risk merchants? A rolling reserve is an additional layer of protection. A certain portion of the credit card processing volume is secured (usually 5–10%), depending on the business model and processed volume. It’s kept on hold for a defined period, usually up to six months, and then the reserve is released. Connect with us - https://www.letzpay.com/

6. CONVERSION-FRIENDLY SOLUTIONS • Ask for conversion-friendly solutions that will help you grow and improve your business performance. • Are there extra features, such as cross-sales? They may help you grow your loyal customer base. • Is the checkout process designed with users’ needs in mind? • Is there an option to accept recurring payments? One of the biggest advantages of running a subscription-based business is the relative predictability, which means that you can estimate your revenue. Connect with us - https://www.letzpay.com/

7. USER EXPERIENCE • A smooth and uninterrupted user experience is a no-brainer when you want to run a successful business. • Is the payment process smooth and uninterrupted? There should be no distractions, such as unnecessary links or buttons. • Can a customer pay directly on your website? Make sure that the payment gateway doesn’t offer redirection to third-party websites to finalize the checkout process. • Are one-click payments or “Remember me” options available? It’s important to make it as simple for a user to pay as possible. Let frequent customers buy things with one click and without the need to re-enter their credit card number. Connect with us - https://www.letzpay.com/