How to choose a payment aggregator?
8th Jun 2022 Managing your Money
If you have an online store, you probably care about its convenience for customers.
Is it difficult to find a product, add it to the cart or pay? The client may not complete the purchase and choose competitors. Paying for the goods is one of the steps where everything should be convenient and smooth. There are dozens of payment methods, including bank cards, e-wallets, and internet banking. Not taking into account any of them means losing some of the customers. Therefore, you have two options: set up all transaction methods on your own, fill out documents and integrate with each separately, or contact a payment aggregator.
What problems does the aggregator solve?
First of all, it saves time and money on connecting payment methods. Different types of payments require the conclusion of several agreements with companies and banks. In addition, for their integration, you often have to modify the site and spend time and money on the services of developers. The payment aggregator like https://paypugs.com/services/ solves this problem: you enter into only one contract with one organization for several transaction methods at once, which is especially comfortable for new online stores.
More so, it provides protection against fraudulent transactions and the security of customer data. Anti-fraud filters require additional confirmation for suspicious transactions and freeze fraudulent transactions.
What to consider when choosing?
Payment aggregators differ in functionality, specialization, commissions, and quality of service. When choosing a service, there are several key points to consider.
- Who does the aggregator work with? Some companies specialize only in small businesses, and when working with large ones, they can fail, and vice versa. Perhaps, you need an aggregator for international payments - it is better to clarify all these points in advance.
- Tariffs. Usually, aggregators charge a commission from the payments received. The amount of the commission may differ depending on the payment method and the turnover of the store. Some aggregators may offer individual conditions. It is essential to understand that companies offering low rates may have other significant disadvantages.
- Reliability. As a rule, large aggregators that work with many online stores already have a good reputation in the market and an appropriate level of service. They will also be trusted by your customers who go to the page to make a payment.
- Support quality. If your customers have difficulties with payments, prompt response and a quick solution to the problem are crucial. Support that is only available during weekdays and the daytime is not the best option if most of your customers buy in the evening or on weekends.
- Ease of connection. It can take a lot of time to process documents and install a system for payments on the site.
- The timing of the transfer of funds to your account. After sending the goods, it is important to understand when you will receive money for it: in a day, two or a week.
Additional functions
In addition to the basic functionality, each aggregator has its features that may be useful for your business:
- Invoicing. This option allows you to send invoices to users by email, as well as links in instant messengers, chats, applications, or SMS. In this case, you can make sales even without a website.
- Individual design of the payment page. This includes page design, branding, and customization of the fields you are interested in filling out.
- WS integration allows the buyer to pay for the purchase without leaving the store's website. This is important because going to a payment page with a new, unfamiliar interface may cause the user to suspect that payments are secure.
- Recurring payments are very convenient if you are selling a product or service with a subscription fee. After the first successful transaction, the system remembers the details of the buyer, and subsequently, the money is regularly debited from the client's account automatically.
A payment aggregator for an online store is a way to connect dozens of transaction methods by concluding just one contract. After that, your customers will be able to pay for purchases in a way that suits them. The main thing is to choose the appropriate service that will be as convenient and functional as possible for both the client and the business.
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