Selecting a Payment Service Provider Accepting credit cards is the widely accepted form of online payments for online retail businesses. For accepting online payments you require a merchant account or you can opt for a third party payment processor. A huge of number of online retailers prefers the latter option as it offers a lot of conveniences and ease when accepting payment from customers. If you are selecting a payment service provider, you are required to keep few things in mind : - Registration Fees Look for the requirement of a setup or registration fee? There are companies which require the fees whereas others do not need it at all. Transaction Fees You will find payment service providers who charge a certain amount for every transaction made on your site. The fees can range anywhere from 2% to 20% depending on the provider. Additional Fees Before signing up with any provider, read the fine prints carefully to know if there is any additional fees that you may be required to pay, such as fees for charge backs. Rate of Payment Before striking the final deal, also consider how often the payment provider sends payments. Some will send it as soon as a customer makes a payment. Others make weekly or even monthly payments. Customer Service Look for a provider who offer customer service platforms. Once you are in the market, your customers want to know more about your company and the kind of products and services you are offering. You must have a platform that promptly answers all the inquiries within 24 hours. Global Payments If you are providing services in the foreign markets, make sure the payment service provider accepts global payments made in foreign local currencies. Some services accept payments only in the U.S. while others accept from a specific list of countries. There are also providers with no restrictions at all, so make sure you choose one that fulfill your requirements. Receiving Payments Inquire for how the payment provider will be transferring your payments - by mailed check, an ACH transfer, or even a real-time bank transfer.
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