How To Choose The Right Payment Gateway For Your B2B business

How To Choose The Right Payment Gateway For Your B2B business

Having the right payment gateway for your B2B business is one of the most important decisions to make. After all, your clients trust you with their private financial information. You have to make sure that their sensitive details are safe and protected while also providing them with the best transaction experience. Moreover, you need to make sure that the payment processing is smooth for you as well as your customers. This is especially important when you’re dealing with established businesses.

Generally, B2B customers don’t mind paying top dollar for the best solutions. However, their expectations are high and they do not compromise on the experience. So, if you don’t want to let them down, you have to choose the best payment gateway. Keep reading to find out the important things to consider while selecting the right payment gateway!

B2B businesses must partner with a reputed payment gateway to offer the best transaction experience to their customers.

What Should You Consider While Choosing a Payment Gateway?

Below are the factors to look for when evaluating a digital payment gateway :

1.   Security

When talking about payment processing, security is the one of the most important factors to consider. Online payment processing might be very common in this digital age, but customers still worry about their data security. They don’t want to make payments using an untrusted and insecure gateway. So, if you want to earn the trust of your customers, you need to make sure that their financial and personal information stays protected.

Speaking specifically about B2B customers, they are even more cautious than others. They are likely to use their company’s card for making payments on your software. If anything goes wrong, their job and their company’s confidential data stands at risk to be exposed. It is your responsibility as well as a crucial business decision to offer a secure payments processing environment to your customers.

Now, of course, all payment gateway providers claim to be the safest and most secure in the industry, but that’s highly doubtful!

Hence, the key is, pay attention to what their existing users say about them. Ask for referrals and check online reviews along with cross-checking their security features. The security checklist must include PCI-DSS compliance, SSL certification, data encryption mechanisms, etc.

2.   Cost

Pricing is another important factor that greatly affects the purchase decision. You don’t want to break your bank to acquire the best services for your company.

Usually, in the beginning when your business is small and the amount of transactions are not that high, with a limited customer base, there is not much difference between the payment processing fees of different payment gateways.

However, as your business grows, different payment gateways charge different rates and if you don’t pay attention, you may find yourself paying a huge chunk of your money.

Although, this doesn’t mean you should go for the cheapest payment gateway provider out there. If you do so, then you might need to struggle with poor quality service. So, make sure that the payment processor you’re investing in makes everything worthwhile.

3.   Reputation

You’ll be able to gain the trust of your customers when you provide them with a well-recognized payment processor. Therefore, make sure that the payment processor you’re selecting is trusted and well-known in the market.

Also, before making your final decision, check the background, experience and expertise of the payment gateway provider you’ve selected. Don’t fall into the marketing trap and select the service that has gained a “real” reputation while providing the best services in the industry.

4.   Accepted Payment Methods

Availability of the payment methods is another crucial factor at the time of selecting the payment processor. Make sure that the selected service offers a variety of payment options that are preferred by your customers. [Learn More :]

Credit cards and UPI are the most common ones, but e-cheques and wallets are also worth considering. Moreover, if you’re performing on a global level, then learn about the most preferred payment methods of the region you’re serving.

Lack of proper payment methods can result in a loss of customers and thereby revenue. So, have an online payment gateway that offers a variety of payment options to your national and international customers.

5.   Accepted Currencies

You should also take a look at the currencies your payment gateway accepts. This is especially true for the businesses operating in the global markets. It is very important to match the currency of your target markets with the currency acceptable to your payment gateway. Also, don’t forget to check the transaction fee associated with each currency.

And there you have it! These are the five most important things that will help you select the right payment gateway for your B2B company. As final words of advice, always sign up with the service provider who is trusted, reliable and offers the most competitive pricing. Instead of picking the cheapest service, consider opting for the one that makes your every penny worth investing.

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