When launching an ecommerce store, one of the most critical decisions you'll have to make is how customers will pay for their purchases. There are many payment options and providers to choose from, so it's important to evaluate the key factors that will impact your business and customers. In this article, we explore five key considerations when selecting payments for your ecommerce store.
There are several factors to consider when looking for payments for your ecommerce store. Here are a few key considerations:
Payment options: Offer multiple payment options to your customers, such as credit cards, debit cards, e-wallets, bank transfers, and PayPal. The more payment options you provide, the more convenient it will be for your customers to pay. Don’t limit yourself to one payment provider. For example, you can use fena’s Open Banking payments alongside any other payment to offer an ability to make Open Banking payments to your customers.
Security: Security is a critical factor when it comes to online payments. Make sure you choose a payment provider that offers high-level encryption and fraud detection features to keep your customers' sensitive information safe. Payment methods with strong authentication tend to be more secure than ones that allow businesses to collect payments from customer’s card or accounts without their explicit authentication. Open Banking payments come with built-in strong customer authentication.
Fees: Different payment providers charge different fees, so it's essential to understand the fee structure and compare it with your budget. Look for payment providers with transparent pricing and no hidden fees. For instance, fena offers straightforward fees - 0.3% of the transaction value, no setup fee or ongoing maintenance fees.
Integration: Choose a payment provider that seamlessly integrates with your ecommerce platform. Integration can make payment processing faster and more efficient, as well as reduce the chances of errors. At fena, we offer a suite of APIs, SDKs and plug-ins for ease of integration with our Open Banking payments.
Customer support: Ensure that the payment provider offers reliable and responsive customer support. Your payment provider should be able to provide assistance if any issues arise, so it's crucial to choose a provider that offers robust and responsive customer support.
Reputation: Choose a payment provider with a good reputation in the industry. Look for reviews and ratings from other ecommerce store owners to help you make an informed decision.
With many choices for payment options and providers, choosing the right solution for your ecommerce store can be challenging. However, by evaluating the key factors of payment options, security, fees, integration, customer support, and reputation, you can select a payment provider that will meet your budget and needs, offer a great customer experience, and help your business grow. Taking the time to compare the available providers and find the best fit for your store will be worth the effort.