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Choose The Right Payment Gateway For Your Business

We’ve tried to collate as much information in one chart as possible. Obviously there are all sorts of other factors to consider but we thought we’d just help you out with the topline stuff. Feel free to copy and share around on your social channels too! The Selection Factors When choosing a payment gateway, there […]

We’ve tried to collate as much information in one chart as possible. Obviously there are all sorts of other factors to consider but we thought we’d just help you out with the topline stuff. Feel free to copy and share around on your social channels too!

The Selection Factors

When choosing a payment gateway, there are four major factors you need to consider. These factors will vary by processor, so make sure you choose one that meets your needs and budget.

1. TRANSACTION FEES

When you process a payment, some gateways will keep a small part of the charge for letting you use their app. You will either pay a flat fee per each transaction, an established percentage from each purchase or a combination of both charges.

2. CARD TYPES

It’s important to know what types of credit or debit cards are accepted by your chosen payment gateway. Additionally, some processors require users to link their bank accounts rather than entering a card.

3. ON-FORM PAYMENTS

If you use a pre-built form integrated with a payment gateway to collect your funds, pay attention to this factor. Some gateways will collect the payment right on the form, while others will direct users to another page to complete the purchase.

4. RECURRING BILLING

Recurring billing gives you the ability to set up a payment that reoccurs over a set period of time. If you need to bill your customers on a monthly basis without having to worry about performing this action manually, then you need a payment gateway that supports recurring billing. Examples of companies that might need this feature include subscription-based companies or nonprofits who have repeat donors.

Original content from FormStack

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