Because of technology, modern entrepreneurs have a greater ability to market their online businesses. However, a critical aspect of running an online store or business is choosing a viable, effective payment gateway that’s secure, efficient, and reliable.
For a business owner, this requires some prioritization as to whether the best payment gateway for their eCommerce business is a cheap merchant service company or spending a little more on one that provides more professional services. At Allied Wallet, we always advocate for quality over quantity when it comes to processing your business’ payments.
Cheap Payment Gateways Do the Bare Minimum
Using the cheapest payment gateway might look good for the bottom line, but it can adversely affect your business and brand. Cheap payment gateways very often do as little as possible other than transfer your money. This means that they may put very little thought into security precautions, putting you at risk. Or, they could sit on your money, keeping you from accessing it until processing goes through.
It’s not just a headache for you on the business end, it’s frequently annoying for consumers to shop at a store that
doesn’t use the best payment gateways for eCommerce systems available. They could have to re-enter their data over and over, slowing them down or deterring them from completing a follow-up purchase. Cheap online payment gateways might also skimp on important certifications or figuring out how to accept non-traditional payments or other currencies. These inconveniences can have a direct impact on your customers; they’ll go somewhere else for the same services where they don’t have to deal with them.
What You Get with Quality Payment Gateways
At Allied Wallet, we recommend that all businesses find the best payment gateway and eCommerce solutions that help them grow and thrive. We want to empower you to know what services to expect from the top ecommerce payment gateways available. Here are some key features to look for:
- Data communication and storage security. Both your processing data and personal information make up your and your business’s livelihoods. Here at Allied Wallet, we use secure encryption and SHA-256 SSL certificates to protect your payments and information from attackers and leaks.
- Secure in-house databases for customer information. Saving a customer’s information helps the checkout process and requires incredible security measures. Make sure your ecommerce payment gateway employs a security team that monitors this information and keeps up on the latest trends and industry developments.
- Globally-minded solutions. Allied Wallet believes that payment gateways need to be flexible with accepting many types of payments without making our clients (the businesses) suffer. We personally boast being able to accept currencies from 196 countries in 164 currencies and being able to settle in 25. This is in addition to our ability to work with ACH payments and European Direct Deposit transactions. These prepare our customers for almost any type of purchase possible.
Why You Should Choose Security
Finally, much like a subpar credit card or banking account, the cheapest solutions will offer practically zero fraud protection. Security breaches, fraudulent claims, and improper chargebacks can be a huge detriment to a business, especially a small one or a start-up. Make sure your payment gateway properly tracks and analyzes your transactions, maintains top level security accreditations, and ensures that your brand is protected from expensive penalties that can be charged for reckless behavior with customer data.
Above all, a cheap payment gateway will provide a one-size-fits-all package for your business. Allied Wallet knows that cheapest isn’t the best in this scenario, but we are dedicated to working with our clients and creating personalized plans. If you’d like to learn more about the best payment gateway and eCommerce solutions, contact Allied Wallet for more information.