|December 12th, 2016|
Who is the best is always a difficult question to answer, especially when it comes to your business. To crack this overwhelming task, the best way is to jolt down your business priorities. What you expect usually leads to what you get. For having the best recurring payment provider for your website you need to find out the answers to some basic questions from yourself and from the candidate. What is more feasible for you – setting up your own in-house payment mechanism or outsourcing it to the professional having hands on experience of handling recurring payments for other businesses too.
While doing it on your own provides you ample scope of controlling but as it costs your time and finance, you may like to go with a payment provider with an expertise on recurring payments. Look at the feasibility once you decide to use the services of the middle man, understand the requirements which will enable you to accept the scalable recurring payments.
Reaching to answers to below-mentioned questions will make your work easier:
1. Which type of payment will you require?
Considering your business nature, you should determine what kind of payments you will need. Will it be only recurring payments you accept or will you be open to accepting one-time transactions as well?
A payment gateway can handle both very well.
2. Which place are you in?
This will cut down on very limited options, hence making it a simpler choice for you. This is seen more often that providers are available only in a few countries. As the payment processing law is complicated and varies with the region, you would want to have the right blend of payment gateway and management to help you. Banking regulations are strict nevertheless you still can accept payments in multiple currencies. You are not constrained to sell in the limited area.
3. How long will it take in integration?
Goes without saying integrations hold a great importance. A business owner hires provider’s service to minimize the time taken. The integration process has to be fast and easy. You need to have a robust yet flexible mechanism. It should not cost you losing money.
4. How flexible your payment provider is with his services?
You should connect with the prospect provider on this important aspect. Being in business requires you to attract new customers and retain the existing clientele. Offering flexible billing cycles, multiple pricing levels, and hybrid plans can increase your turnover exponentially. Business owners should get expert services which are flexible in offering a variety of plans for the customers’ convenience and ease. For example, a limited number of payments in periodic times, unlimited payments with the possibility of canceling your subscription at any time, can switch from limited to unlimited payment options.
5. Is it in compliance with PCI?
It is a must to be PCI compliant to accept, store and transmit credit cards. It is recommended to choose payment provider, which is PCI complaint about the one in which you will become PCI compliant. It will save your dollars.
6. How secure the payments are?
This is very important to win your customer’s trust and build a confident professional relationship. Credit card details need to be treated with the utmost of confidentiality and safety. It should be your top most priority to choose the solution with data encryption and store credit card information secure.
7. How much of transparency has been placed in the pricing model?
Observe the various fee structures a provider is offering to you. Mostly, payment providers do not charge extra for recurring payment feature. While you come in sync with the provider to get charged per transaction, look out if you are not being charged for any additional costs.
8. Will you get free trial support?
You should not lose out the customers who are initially willing to try your products or services. There are many who get into subscription only once they are comfortable after undertaking the trial for one month or couple of months. This will result in having long and trusted professional relationships with your customers.
9. How mobile friendly the service is?
To maximize your sales you need to make it very convenient for mobile users. The increasing number of mobile users asks you to make recurring billing well optimized with mobiles too.
10. How friendly and proficient tech support is?
A responsive, helpful, and knowledgeable tech support gives you a business edge. You surely do not want your customers and yourself in trouble struggling to find out the way to come out.
The essence of the payment scenario management is to provide a flexible and customer friendly mechanism to your customers for recurrent billing. Selection of right payment gateway will take you to places in the corporate world. When you put in the customer’s shoes, you get to know what exactly is desired by him.