Selecting a payment provider

Door Diego Nijboer gepost op December 6, 2020

There are more payment provider options today than ever before and many of them are designed for very specific niches. This is a good thing, given the sheer diversity of payment preferences – especially across age groups, business types and technologies. But with so many options, finding the right payment processing solution for your own business can be a challenge. Keep reading to learn what to look for when finding the best remote payment solution for your business.

Payment Security

It is very important that you choose a payment provider that offers secure data processing. Accepting credit and debit cards means that you need to choose a provider that is PCI compliant. You should choose a processor that can secure your customers' payments with the latest data security. This means you can take advantage of technologies such as tokenization, point-to-point encryption, and other fraud management tools.

Average transaction frequency

Many payment providers offer different prices based on transaction frequencies and amounts. You should choose a package that fits your current needs in the here and now. After all, if you miss or exceed these transaction limits, you will be paying more than necessary.
Ultimately, you want a payment provider that can quickly adapt to your needs as your business continues to grow. Ideally, you should be able to review your pricing with a dedicated account manager on a quarterly basis to determine any cost-effective changes. This will help you choose the best payment processor company.

Easy setup and maintenance

Getting started with your payment provider should be as simple as possible. This includes enrollment applications, hardware and software upgrades, and training. These steps - if they are difficult - become 'hidden' costs that should play a role in your decision-making. The same goes for maintenance. If you constantly have to solve problems with your payment environment, it is better to choose another provider. Every second you spend on a buggy interface takes time away from your core business.

Integrations

Integrations ensure that payments can be made from various functionalities or applications. For example, if you want your customer to be able to pay after filling out a form, it is good to check in advance whether the payment provider already has an integration with the form plugin you use. LightSpeed-IT can provide you with further information if you have any questions.

Payment processing fees

Of course you want to keep all processing costs as low as possible. The more money you have to pay, the lower your profit will be. Therefore, it pays to look around for providers that offer the most attractive rates, but be careful. Processing fees aren't the only way payment providers make money.
There are also hidden costs that can affect your bottom line. The most important thing is to be aware of this before committing to any provider. However, keep in mind that it sometimes makes sense to pay a little more if the processor can guarantee certain benefits, such as data security and fraud protection.

the takeaway

While there may be many smaller factors that are equally important, these key factors will help you differentiate and choose the best payment processing company. Taking all these factors into account, Stripe offers the best payment solution in my opinion, they offer a lot of options for integrations and have the most important features that are beneficial for your business.

Artikel geschreven door Diego Nijboer
Tijdens mijn studententijd heb ik mijzelf geprobeerd zoveel mogelijk te ontwikkelen, niet alleen door te studeren, maar ook door veel nevenactiviteiten, cursussen en ervaring op te doen. Naast mijn studie heb ik aan veel verschillende projecten gewerkt, ik heb veel werkervaring opgedaan bij verschillende bedrijven waar ik enorm ben gegroeid, en vervolgens ben ik vanuit passie met dit bedrijf begonnen.

Diego Nijboer

Oprichter & Developer bij LightSpeed-IT
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