Choosing a payment technology partner is a crucial step in starting an e-commerce business, and there are many things you’ll want to consider.
This blog post explores some of the main things to keep in mind, which include:
Here are the questions you’ll need to ask yourself before signing on the dotted line with any payments provider, and if you need more advice, chat to us.
How easy is it to integrate into my website or technology?
There are different ways to integrate payment technology into your website, but usually you’ll be looking at:
Proprietary payment technology
Some website builders will direct you to their proprietary payment technology, which is very easy to integrate as you build. However, take a minute before you hit go, as the cost per transaction fee will often be very high when you go down this route, and you may find a better option elsewhere.
Payment plugins
Other website builders, like WooCommerce (from WordPress) or Big Commerce, easily allow plugin integrations with external payment technology providers. This allows you to find the payment technology that suits you (with rates that suit you better!) and seamlessly integrate.
This is a great option if you’re setting up an online store for the first time and need the flexibility to partner with the right technology but don’t want to spend a long time setting up custom builds.
Custom forms and builds
Another option is a custom form or build, integrating partner technology onto your website in the way that suits you, with a look and feel in line with your branding. This option often takes a little longer to build and integrate, requiring more development time from your website developer but it will allow you total flexibility with how you integrate.
This is perfect for an existing brand or somebody with a developer working on their website who wants to completely own the payment experience of customers on their website.
All of these options have different timescales and require different levels of developer resources, but ultimately, the right choice is the one that makes sense for your business's current state and future goals.
What customer support or service will I receive from my payment partner?
This one’s a no-brainer – you need somebody you can rely on to be there in case of any issues or when you need a helping hand.
We’ve spoken to far too many SMEs who have had a great experience onboarding with their payment partner, only to feel they’ve been left by the wayside as soon as something goes wrong, unable to contact a customer support representative or account manager. One new business owner was left without service for over two weeks, unable to process transactions on their website and ultimately losing out on business and essential revenue.
So, when it comes to choosing a payment partner – ask yourself these questions:
Does this company give me the level of account management I need?
Will I get a service tailored to my business and e-commerce needs?
Do they give me easy ways to get in touch, through email, chat or phone calls, so I know I can always speak to somebody?
What do online reviews say about their service?
What is the price of the payment technology?
Pricing varies wildly amongst payment providers, and many business owners don’t realise that the rate quoted on the website is often negotiable!
You’ll want to consider the following things when it comes to payment technology prices:
What is the set fee per transaction?
What is the service charge?
What is the % fee per transaction?
You will need to look at your transaction volume to get an idea of the costs. Sometimes, a lower service charge might look attractive, but a small percentage difference in the transaction fee or the set fee can make a huge difference as your business scales and your transaction volumes increase. If you’re a business that does low-volume, high-value transactions, you’ll want to prioritise lower transaction percentage fees.
The most important thing is that you can speak to somebody who will be able to explain the fees and what they mean for your business and transaction volumes. Pricing should be transparent, which is something we believe in at Taylr.
What anti-fraud technology does this payment provider integrate into their services?
Fraudsters love to target e-commerce businesses, and you need payment technology with robust anti-fraud measures in place to give you peace of mind that your business is protected. In fact, we believe it’s so important that we don’t offer a version of our payment technology without anti-fraud integrations, unlike some of our competitors.
When choosing your payment technology partner, ask the following questions:
Does this adhere to the most up-to-date standards of cyber security?
Is anti-fraud technology automatically integrated into the payments going through my website?
What transaction and refund reporting will I get?
Taking payments is one thing, but you need to be able to view and export transaction data easily!
For many small business owners or those setting up a new business, you’ll just need the basics. However, some bigger companies will need access to much more information, so make sure your payment technology provider can demonstrate exactly how to access transaction data and that you’re happy with the level of data exports you have.
Ask many questions about what it all means – a good partner will be more than happy to take you through in detail. If they’re anything like us, they will be payment nerds who love talking about all these things!
What questions should I ask if I already have a payment technology provider and am looking to switch to a better one?
If you’ve already got a payments partner and are looking to switch, don’t be daunted by the prospect! Our guide to switching can be found here, and if you’d link information about how to switch to Taylr’s payment technology, please see here.
About Taylr
Taylr.io is payment technology for small and medium e-commerce businesses, working with the top payment technology providers to deliver exceptional payment experiences for your customers.
Pay as you grow, with scalable payment technology and transparent pricing to ensure merchants get value for money. Integrate our payment technology into your website now, and experience better customer support throughout your journey with us.
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