Category: Services

One of the important decisions a business owner will have to make is starting to accept payments via credit cards and other digital payment options. A payment gateway is a service responsible for authorizing payments made using credit cards for businesses. The service notifies you whether the transaction has been approved by the client’s bank then it proceeds to deduct the said amount from the client’s account and credits it to the business account. Choosing a payment gateway service provider is challenging because there is a huge number of providers one can consider. Here is a guide on choosing the right payment gateway service provider.

User-Friendliness

The first thing you need to put into consideration is the ease in setting up and using the technology. Avoid payment gateway, which requires you to invest a lot of money, resources, and time to understand how to use the technology. The simpler the technology, the better it is for you and your clients. A good payment gateway should come in a simple format, and it should be easy to integrate with the business’s website and the shopping cart as well.

Fees & Rates

Cost is a significant factor in most business and even personal decisions. Payment gateway service providers in Malaysia have a variety of charges such as transaction charges, monthly charges, chargebacks, etc. Different service providers charge different rates depending on the transaction amount, whether the transaction is local or international, and other charges depending on the nature of the business. Ask the provider to provide you with a comprehensive spreadsheet of their charges, including any hidden charges before you choose the payment gateway service provider to work with. If all other factors are constant, choose a provider with the least fees and rates.

Currencies

Having an online shop means that you will attract customers from across the world. It is therefore essential that you choose a provider who can provide the clients with the Dynamic Currency Conversion, which gives them the option of paying using their preferred currency.

Reliability

You do not want to hire a payment gateway service provider then lose business because of downtime. Choose a provider with a proven track record of their reliability in terms of uptime and communication when you need them. A good provider should have the capacity to maintain uptime even during high traffic seasons such as holidays.

Security

With the increased cases of cyber theft, you need to choose a service provider who makes you and your clients feel secure as well as comfortable enough to make credit card transactions online. When clients feel that their personal information is safe when making a purchase, they are likely to purchase again from you, which increases your business sales and thus your business is likely to make more profits. The right payment gateway service provider for your business should be accredited by the highest security standards in Malaysia’s payment industry.…