How to choose the payment gateway that best suits your business
There are many gateways, acquires and processing platforms from which to choose from, but how do businesses know how to make the right choice. What’s important for businesses? Is it:
• Multiple payment solutions from which to choose from?
• Low processing fees?
• Having domestic solutions for their customers?
• Reporting capabilities of such platforms?
Actually, it’s a combination of all of the above and more.
In fact, there are some key elements that are usually missing from most business wish lists when it comes to payment processing but they should be top of the list. Easy Payment Gateway was created by highly experienced software developers and payment specialists to overcome some of the most difficult issues faced by online businesses as well offering services and solutions that will allow non-technical individuals manage and configure every single transaction and customer easily, all from within one simple and flexible platform.
Convert those leftovers!
Conversions should absolute priority for online payment company. Businesses are usually happy when they see how many sales they are hitting at the end of the month, their targets have been reached but they fail to identify the number of sales they are actually missing out on, in other words, their declines. Typically, any online company will have around 10% or more declines, these should be addressed and converted into successful transactions. But identifying why these transactions fail also needs to be understood. Is it because of lack of domestic solutions? Lack of local acquires? Routing to the wrong acquires? Or bad user retention process?
The latter is harder to solve although offering a quick paying process and a simple to use cashier can help tremendously. Lack of multiple acquires or domestic solutions can be addressed by using the right payment platform. Combine this with in-depth real-time reporting, real-time alerts, customer analysis and real-time routing and you have a cocktail for success. Declined transactions need to be identified and studied so that the right solution can be offered. This is what Easy Payment Gateway was specifically built for.
An average-sized company could easily be losing over 10% a month in declines. Some of these declines could be for genuine reasons, such as insufficient funds, whereas others could be lack of domestic acquirers or blocks. All of these can be addressed and converted; monitoring and routing the transaction results in real-time can do this. But of course, achieving this requires complex monitoring of result codes, complex algorithms and integrations into acquirers all over the world. Has your acquirer blocked a transaction due to low domestic coverage? Simple, route the transaction to a local acquire based on the card issuer country or bin range. Blocked? Simple, route to another acquire with high acceptance rates. No funds available on the customer’s card? Simple, offer a lower deposit or perhaps an alternative solution. All this can be easily identified and configured with Easy Payment Gateway.
Another important feature businesses should be concerned about is the cashier, the payment page. Your customers spend very little time in the cashier, however, it’s one of the most crucial parts of your conversion process, if not the most! It’s important that your customers feel secure, safe, and confident that their personal and financial details are protected. It’s also important to make your customers feel special and taken care of. There are a number of things businesses can do to make this happen with the help of Easy Payment Gateway.
Make your customers feel at home!
Online businesses need to offer as many payment solutions as possible to their customers; this is to ensure that you don’t miss a single sale. Why restrict your customers to just credit cards or one of the popular e-wallets? Not everyone has a credit card, not everyone knows about e-wallets. However, it is also very important that you don’t inundate your cashier with an endless list of payment solutions. Each payment solution should have its place, its list of currencies and countries that they will work for and not every well-known solution is a viable solution for every product or market. Thus, it is important to understand what solution works best for each customer, each market vertical and under what circumstances.
Easy Payment Gateway solves these issues by understanding each payment solution and acquirer on offer and by routing transactions to the right solutions based on both country, currency and an endless array of rule sets and conditions. All of which can be configured in real-time for any of your product offerings by yourself using our unique and patented online drag and drop graphical interface.
Easy Payment Gateway offers global and domestic acquiring as well over 200 alternative solutions, real-time KYC and fraud prevention services, all accessible with our one of a kind, in house fully PCI level 1 platform.
