In today’s growing e-commerce environment, most people value online payment gateway as the most essential part of an online business. Online business without payment gateway integration is often regarded as old school and outdated unlike in the old days where it turned off some of us who prefer cash.
Within a short period, every business is on the move to integrate or already integrated a payment gateway with them which offers multiple payment option. This may seem like a profitable situation for payment gateway companies but for online business, this may produce a backlash.
Rushing is never a good thing. True enough, having a payment gateway is a must but if you do not research thoroughly on how it will affect your online payment system, it will cost you a lot in the future.
The wrong payment gateway can destroy your business
It may sound harsh but that is the truth; integrating with the wrong payment gateway can ultimately destroy your business. A wrong payment gateway will not produce bad services but also affect your customer’s trust and sure enough will not earn you their loyalty.
- Costly payment system
When you sign up with a payment gateway company, the cost will be the first thing that hits you. Sure enough, the one you chose will be the ideal one with affordable cost.
However, in some cases, the cost you are told or agreed is not the exact total cost that the company is charging you. This is called hidden fees, the cancer of any payment processing.
Although not all company practices it, the few that does it would actually make you take a step back.
Hence, if you already integrated with a payment gateway provider, do a re-check on your agreement details, the terms and condition, your bills and your payments relating to your payment processor. It is somehow a practice of a company to often hide some fees or cover it under another fee.
Make sure that there are no hidden fees and if you find one, be sure to request their explanation. In case they are not willing to co-operate, you should find another payment gateway to cater your needs.
- Complicated integration
Payment gateway setups usually are easy to execute by technical person or developer. This however could come in another way. If the payment gateway is not up to the task, the integration could be a mess and end up failing.
This problem could rise from the simplest issue like flexibility to the biggest like code errors. The flexibility and clear APIs need to be at maximum efficiency in order to ease the integration. Any problem could have an effect to your payment system.
Another possibility is that you do not have any technical person or developer. This could come out as a disaster as well if the integration requires technical person and developer skilled individuals.
You are encouraged to spend some times trying to find an online payment system that is easy to integrate and provide reliable services. It is also encouraged that you pick a payment gateway that does not require additional software and that is manageable for an ordinary person.
- Customer support lacks quality
There is no such thing, called a perfect system especially in the payment world. Any online systems are bound to have problem from time to time. Even if it is small or insignificant, you can bet that it will affect your customers.
The problem may come in the form of bugs, glitches or even the unexpected errors, which come at a very critical times.
When these problems occurred, customer will contact your customers service center for solution and it is their duty to help them with any way they can. This is the basic of what they should be doing.
However, that is not always the case for some payment gateway companies. There are those who help customer with half of heart and are not serious at their job. This could mean bad things for your company.
Because of them, your company will receive the backlash. Instead of hating the payment gateway you used behind the wall, it is basic that your customers will resent you even though it is not wholly your fault. So, before you pick the perfect payment system, be sure that their customer support are up to the task.
- Limited payment method
Accepting card payment is a standard thing for a payment gateway to offer. However, if you truly care about your customer, it is advisable that you seek a payment gateway that offers diversified payment method.
Most of the time, customers love to be given options. Indirectly, it makes them feel like they matter to you and are well-taken care of.
In this fierce e-commerce scene, you cannot afford to have only several payment options. It must be multiple, if not, you are just wasting your time. However, depending on the stage that your business is currently at, having just a few payment option are encouraged when you want to avoid bearing a very high cost.
But still, keep in mind, a company with limited payment method will not only interrupt your relationship with the customers, but also interrupt your company’s growth. Conversion rate will also be affected and not to mention, your website will certainly experience a high cart abandonment cases.