4 Common Questions Asked About Getting A Payment Gateway Account
Before getting a merchant account you need to find out the answers from these questions: What are the benefits of getting a payment gateway account? How much is the cost in getting one? Is it more beneficial to the customers or the merchant? Where can I seek assistance in getting one?
To those who are new in online business, a payment gateway account is essential for accepting payments through credit cards. Transactions can be done smoothly for both sides. Before getting one, you should be familiar of the FAQs about payment gateways accounts, here are the following.
What are the benefits of getting a payment gateway account?
Know the benefits first, before going ahead and get one. The payment gateway is great for businesses which are just new, it allows you to instantly start accepting credit card payments and skip the process of maintaining first a positive credit card history. If your business permits you a larger than average transactions through credit cards, the payment gateway can minimize the time it takes to process all those deals. With more time saved, the more money can be earned and set aside for other expenditures. With a payment gateway, you can strictly monitor and protect yourself, your customers and your business from fraud. It would immediately contact you once any of your customers reported of a lost or stolen credit card. This can significantly avoid any charge-backs.
How much is the cost in getting one?
You should be aware of the fees you have to prepare in availing a payment gateway account. You will be asked for the service costs of the credit card transaction processing. The calculation of this charge however will vary, like one payment gateway may use a certain amount of percentage on the product to be taken while some may have a fixed amount of fee to some purchases. Others services you might be charged of are withdrawals, reversals, and charge backs so make sure these are clearly stated on the user agreement before signing in for a payment gateway. For sure, the usage of a payment gateway can an some expenditures for your online business, so some merchants might have second thoughts in getting one. It takes away a percentage from the sales you made and can be a big disadvantage for those you can’t cater an ample amount of credit card transactions.
Is it more beneficial to the customers or the merchant?
The payment gateway is a an essential tool for online businesses and the best part is both the customers and the merchants can take advantage on it. It has benefits for you, your customers, as well as your business itself. Be vigilant on how heavy your credit card transactions are. The more credit cards you are catering to, the more you can make use of the payment gateway account.
Where can I seek assistance in getting one?
If you decide on getting a payment gateway account, you can ask all the relevant details and features about it through a customer service representative. There you can ask him about the processes involved, technical support, the different fees and etc. . Also know if you may need a retail merchant account in addition to this. A third-party service may be involved and an additional sum of money mas be required for each transaction.
Although it can man additional expenditures, you can clearly witness after some time how the payment gateway account has been a great help for your business.