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Top 5 Signs That You’ve Outgrown Your Payment Service Provider

top-5-signs-that-youve-outgrown-your-payment-service-provider
Mohab Growth Hacks 0

Every online business needs a reliable and trustworthy payment service provider to reap profits and bring in more traffic. It forms a crucial part of the business’s structure. As it allows them to generate revenue and ensure the liquidity of their concern. However, if your payment service provider is not able to keep up with the growth of your business and changes in the technological environment, it may be time to reconsider your partnership with your provider. Here are some of the top signs that you need to upgrade your online payment system and provider.

  • No Regular Updates:

Since an online payment system is critical for any business, it is important that your provider offers you the latest services. Apart from the range of services, it is also imperative that your provider upgrades the system to provide smooth services. As online payment systems are highly technological in nature, it needs to evolve with changes in circumstances. However, if your service provider does not provide such updates on regular basis, it is time to change your provider. The slow response rate may also hamper the effectiveness of your payment system, causing undue inconvenience to your clients. Smooth communication and updates are essential to keep the system running in a perfect manner. So that your clients get the best possible service.

  • No Customization:

Customization is essential to ensure that your online payment system is in line with the requirements of your client base. And your existing service provider may be offering the same payment solution to all their clients. However, this type of off-the-shelf payment system is not likely to be the best for your business. It is essential that you properly identify your market and your customer base. Then design your online payment system to meet their distinct requirements. Further, your service provider should also be dynamic enough to change the payment system in line with the changes in your business. If your online payment service provider is not able to customize your system to suit the changed environment, then you should consider changing your provider.

  • Complicated Process:

A payment system is a complex system, consisting of several steps. However, you need to ensure that the process is quick for your customers. In order to achieve these contradictory goals, you should carry out periodic testing of your system, and make sure that it is not unduly complex for the customers. The system may also get complicated over a period of time due to alternations or addition of certain features. Thus, the payment process should be designed in such a manner that it can be upgraded in future without making it cumbersome.

  • Low Monetization Options:

New payment systems are cropping up every day. And they are offering multiple payment options to make the shopper’s experience easy and enjoyable. So, if your service provider is not able to provide you multiple payment options, it is highly likely that even your loyal customer base will eventually migrate to other businesses. Essentially, customers should have the flexibility to choose from different payment options to complete their transactions. Further, the service provider should also offer you the option to monetize your engagement. This generally works through a revenue sharing model, where you are paid a certain percentage of the volume of business generated. If your service provider is not offering you any such service, then you might want to change your provider.

  • Limited Support:

Today’s dynamic businesses need different options and if your provider is not able to provide such options, then your clientele may suffer unnecessarily. Also, your service provider should be able to offer timely and adequate crisis resolution support. Multiple channels should be available to reach your provider in case some issue crops up. Ideally, you should also have emergency access to a support system. Which goes above and beyond their usual crisis resolution methods. A smooth-running payment system is essential for any business and even a single problem may cause a big dent in its market reputation. So, if your online payment service provider is not able to provide you reliable support, it is time to move on.

All in all, a robust online payment system forms the backbone of any modern business nowadays. So, it is vital to choose a payment provider that can grow with you and meet your changing needs. So that a smooth experience is always guaranteed for you and your customers.

5 years ago
understanding-the-difference-between-a-payment-gateway-and-a-payment-processor
Mohab Payment Orchestration 0

Businesses now need to deal with online transactions more than ever. For this, you need to set up an online payment processing system that is safe as well as efficient. Such a system can comprise of several service providers. So, it is important to know the precise services provided by each provider. For starters, you need to distinguish between a payment gateway and a payment processor. While both of them provide online payment related services, they have very distinct areas of operations. So, read on to better understand their differences and run your business with confidence.

What is a payment gateway?

A payment gateway is a tool that helps process the payment between the client’s bank account and the business’s bank account. The main function of a payment gateway is to secure the transmission of online payment data from one end to another. These service providers are also responsible for authorizing payments for card-not-present transactions. A gateway is mainly useful for processing online credit card payments.

In simple terms, a payment gateway is a like a middleman between a client and an online business. When a client provides their payment details to an online business, then the gateway sends this data to the payment processor for further action.

For an online business, a payment gateway can provide a wide range of services such as ensuring the safety of personal data, uninterrupted services, and the ability to accept multiple payment options. Furthermore, a payment gateway may also enable your business to accept different currencies, thus enabling international transactions. While selecting a gateway for your business, you should pay proper attention to the service offered as well as the various fees and commissions charged.

Also Read: What are the benefits of working with a payment processor?

What is a payment processor?

A payment processor is generally a financial institution which carries out payment processing services for online businesses. Such payment processors generally enjoy collaboration with other companies, which have direct interaction with merchants or consumers. A processor acts as a connecting node between a payment gateway and a merchant’s account.

The main task of a payment processor is to facilitate the transfer of payment related information and to keep the data secured. A processor collects the data pertaining to the transaction, validates and executes the instructions, and then deposits the money into the merchant account. It concludes the cycle by informing the payment gateway about the final outcome of the transaction.

There are a wide range of payment processors available in the market today. It is important to pay attention to different criteria while selecting an appropriate payment processor for your business. A processor should not only provide swift and smooth transfer of funds, but it should also be able to ensure that sensitive data transferred remains safe and secure.

Also Read: The 4 Step Procedure for an Easy Payment Gateway Integration

Integration of payment gateway and payment processor

For an online business, it is important to engage the services of both a payment gateway and a payment processor. In order to complete the cycle of online payments, the services of both are required in conjunction with a merchant account.

Essentially, a payment gateway is required to receive the payment related details from the client. Then pass the information on to the payment processor, which carries out the rest of the transaction and sends the status back to the payment gateway.

These service providers should be chosen carefully after taking your business’s specific requirements into account.

5 years ago
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Mohab Event Gallery 0

Date: Monday 15, 16 November 2020,
Venue: Online

The Women Digital Festival is a platform that connects and inspires women. Attendees meet and network with other talented, like-minded women while developing tips and tricks from some of the best minds of our time. They get access to a highly curated, impactful program of workshops, mentors, speed networking, and much more!
This platform focuses on women driving change and being in control of their own path. It gathers the next generation of curious creatives, entrepreneurs, thought leaders, and tastemakers to spark conversations around topics they are passionate about.
PayTabs is proud to support this event to empower women.

PayTabs

5 years ago
what-you-need-to-know-before-starting-an-ecommerce-business
Mohab Ecommerce 0

Ecommerce businesses demand dedication and careful planning. It is also important to properly execute the plans so that you can achieve efficiency and success. While setting up an online business is a dynamic process, there are certain guidelines which you can follow to ensure that your efforts yield the best possible results.

Let’s discuss those guidelines in detail –

Research the space

The first step in the process of setting up an ecommerce business is to research the online space. Apart from studying the broad online scenario, you should also analyze your own specific ecommerce segment. At this juncture, you may want to focus on several points such as the breadth and depth of the market and the likely future growth rate. Once you are done with the analysis, it is time for to create a niche for yourself. You may start by finding out your unique selling points or USPs. Recognizing the unique propositions of your business can help you in targeting the desired market segment in a more efficient manner.

Also Read: Starting Your E-Commerce Business: Key Points

Choose your Offering

Once you have analyzed the market, it is time to pick what you are going to offer to your clients. You may have a product to sell or a service to offer or have a portfolio consisting of various offerings. You should carefully curate your offerings to ensure the right mix. It is generally advisable to have a variety of goods and services so as to provide more comprehensive experience to your clients. It is also important to diversify your risk factor by investing in different lines of products. You should also pay attention to the supply chain to avoid the roadblocks for the procurement and the distribution of your product.

Set up your Business

It is the most crucial stage. You need to put your plans into practice. At this juncture, you need to pick up a proper name for your ecommerce business. Ideally, your business name should be closely related to your product and be easy to remember. You can further customize your business by choosing a logo to represent your mission. These things will help you in creating a distinct identity of the brand in the market. It will also be helpful in creating a niche market for yourself.

Also Read: How to Quickly Create an Online Store and Integrate a Payment Gateway

Take Care of Legalities

Every business is regulated by certain rules and legal requirements. Before you start your operations, you should make sure that your business is registered with proper authorities. You should also ensure that all the required fees and payments have been made. Ideally, the business name and logo should also be registered to protect your intellectual property. If you are entering into any collaboration with supply chain partners, then such partnerships should be ratified accordingly. It is generally helpful to take the services of a qualified legal professional to avoid any complications.

Automate

Ecommerce businesses are highly amenable to automation and the incorporation of technological tools. You should take advantage of these processes and incorporate them into your business. Some of the main examples of these tools are the billing processes and ecommerce payment gateway. Automation can not only free up your time, but can also help in optimizing the use of various resources including cash and human resources. Automation of services such as the use of ecommerce payment gateway also leads to smoother experience for your clients, thus promoting brand loyalty.

With the above points in your mind, you can easily navigate through the process of setting up an ecommerce business.

Also Read: How to setup your e-commerce store using Payshop

5 years ago