Top 4 Mistakes to Avoid Before Choosing a Secure Payment Processor

Ready to start an online store and want to invest in a good secure payment processor? If yes, then first of all, best of luck to you as you take your first step towards an Internet-based shopping world.

One important thing you will need to look at is the ways through which you want your customers to pay money. In short, you need a payment gateway which can process all the payments and deliver money straight to your bank account.

Hence, choosing the right PayTabs payment gateway for your business must be your sole priority. Still, as humans, we tend to make mistakes and we will go through the top 4 mistakes you must avoid before choosing a secure payment processor.

1. Not looking at the Hidden Costs

 
Not every payment gateway provides transparency which is the thing you must look at whenever you find a payment processor which is giving massive discounts, you must research whether they are imposing hidden costs or not. Here, the lowest rate you will ever pay is the “qualified” rate which is applicable to some specific cards. The highest rate is termed as “non-qualified” and is applicable to online transactions. Also, many credit card processors apply special fees which they will not highlight in any case.

2. Not going for a processing having fast funds access

 
In today’s world, the payment gateway’s need some really valid reason to freeze off your money. Even in the case of a fraud, a series of investigation takes place before money is transferred back to the account. With an intention to avail faster money, you must look at the processor which has got the latest technologies. Having such things, fund transfer can be super fast and fraud case will be of a minimal extent.

3. Not availing Fraud Detection

 
Without any doubt, we live in a cybercrime world where millions of accounts are being hacked every single day. Whenever, a consumer visits site for buying a product, they can pay either from a hacked credit card account. However, most merchants refund back the stolen money and re-ship the money in the stipulated time frame. In this case, you must look for a payment processor which can reduce the burden of fraud activities and facilitate secure payment, every single time.

4. Not Delivering Different Payment Options

 
Still, in the present date, customers are afraid to use their credit cards for online payments. In another case, they can disappear even after purchasing the item because they didn’t get their wishful payment option. By giving multiple payment options, you can raise the sales of your sales and even attract a large base of customers. In addition, you can even offer an extended payment plan to your customers.

Conclusion

 
Summing up the article, every secure payment processor (link) has got different set of features. You will need to compare each payment option and see which one will suit your business. Avoid the above mistakes, research well and you will surely end up with the right one, over time being.