How to Choose the Best Payment Gateway for Your Canadian Business?

A 3rd Party Payment gateway is the most critical component of any e-commerce website because it facilitates transactions between buyers and sellers. However, only some payment processors have the same features. Some are better suited to domestic transactions, others excel at international ones, while others provide more flexible payment methods.

New payment methods are rapidly expanding along with the popularity of social commerce. It can be challenging for merchants to settle on a single viable payment gateway choice. This article will assist Canadian business owners in establishing online 3rd Party Payment Gateways. To help you select the best payment gateway for your Canadian business, we have developed a list of the best available options. 

What exactly is a "payment gateway"?

A payment gateway is an online payment processing service. Unless you're operating a legitimate side business and exclusively dealing in suitcases full of cash, you'll need a way to accept credit cards on your site. So, the bank's online payment system.

There are three main ways in which payment gateways achieve this goal:

• Conducting safe credit card verification checks on clients.

• Having enough money on hand to pay for things.

• Authenticating purchases and adding funds to your account.

• You won't be responsible for protecting your customers' personal information because it will all be handled on the payment gateway's secure servers.

Indicators for picking a bank card reader. Credit cards processing options, such as Internet and in-person terminals.

Criteria to choose a payment processor

• Your company may need to collect payments in multiple ways: Invoicing, recurring billing, and API connectivity for e-commerce terminals, mobile apps, and virtual POS systems. Make sure the Party Payment Gateways you use supports the payment methods you intend to use.

• You can accept the following kinds of credit cards: Visa, MasterCard, and others. Debit, Visa, MasterCard, China UnionPay, JCB, Diners, American Express, and Discover are just some cards you could accept. In addition, specific credit card processors do not accept credit cards issued in other countries. It would help if you also considered taking debit cards.

• Contracts and pricing in the payment processing industry. Payment processing pricing is a significant consideration. Pricing varies greatly depending on the size of your company. A contract's complexity might be as little as an agreement to the terms or as high as a multi-year commitment.

• 3rd Party Payment Gateways customer service. Contacting customer support representatives via various mediums (telephone, email, social media, etc.) is convenient. Good customer service becomes increasingly important when a company grows larger.

Reasons to Choose A Payment GateWay

There are many reasons why picking the appropriate payment gateway is extremely important:

1. Lost sales at a high financial cost.

Customers are likelier to abandon their purchases if your payment gateway doesn't look or function professionally.

2. Trust from the market.

If you want people to buy from you, you must take their preferred 3rd Party Payment Gateways.

People are less likely to buy from you if you accept a single, uncommon form of credit card.

WorldPay predicts that non-debit and credit card payments will account for up to 59% of all transactions in 2017. Thus, it's essential that your payment gateway can accommodate these methods.

3. Exchange rates.

Customers will only disappear faster than an ill-advised Tweet from Donald Trump if they can complete their purchases in a streamlined manner. Your payment gateway needs to be fast, reliable, and flexible.

Safe Deposit discovered that half would abandon their transaction if a customer's preferred 3rd Party Payment Gateways were unavailable.

4. Cost.

Unfortunately, companies that act as payment gateways aren't doing so out of the goodness of their hearts. They, too, must generate revenue, and thus they impose various charges. Some need a one-time payment to join plus a percentage of each transaction, while others are free to join but have a small per-transaction fee. Consider the total price tag of each gateway before making a final decision.

When and how to evaluate your payment gateway's performance

Your payment gateway may need to be fixed if clients frequently abandon their carts. If a consumer abandons their shopping cart, you can use Campaign Monitor to email them asking for more information. Customers complaining about having trouble purchasing indicate that a different approach may be necessary.

Is there even a difference?

Your online store would benefit significantly if you chose the improper gateway for accepting payments. Customers must have faith in your company before they can complete and pay for the purchase. They will go elsewhere to end their online purchasing if they feel unsafe using your 3rd Party Payment Gateways.

Two Things to Keep in Mind When Deciding on a Gateway

You should ask at least two questions before settling on a payment processor.

Can I easily incorporate it into my current setup?

You should look elsewhere for a payment gateway if incorporating it into your website will incur significant labor and financial costs. In addition, the gateway may need to function better with your current infrastructure, necessitating an upgrade.

How would this gateway affect the development of my company?

Is it a breeze for customers to complete their purchases using the payment gateway? How long do unusual pauses or glitches last? Do you have to send customers to a competitor's site? It would be best to strive to make everything easy for your customers.

The cheapest option isn't necessarily the best, although it's tempting to go that route. The checkout process is one area where an inexpensive solution can backfire, losing clients. Try to see things from the perspective of your clients. In other words, what will make them repeat customers?

Choosing a Payment Processor

Choose a 3rd Party Payment Gateways provider that works well with your current setup and has the potential to expand with your company. Before settling on a payment gateway service provider, take the time to learn as much as possible about your options.

Safe Deposit is a merchant-friendly payment gateway facilitating safe mobile, web, in-store, and online business transactions. A proprietary card updater, flexible payment timing, and intelligent transaction routing are just a few options.