How to assess the best online payment gateways for small business

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Any e-business must offer its customers different payment methods. By offering multiple payment methods, a company or individual is expanding its scope of action by opening a market controlled by other types of currencies. This time, we are going to focus on an online payment system for small businesses.

Choose the right payment system for your small business

Small-scale e-commerce platforms often offer traditional payment options. This limits the scope of activity of your users and affects your sales. A traditional payment option would be something like providing bank card details. This type of system does not consider any other type of small business payment processing such as digital and mobile applications.

The best payment gateway for small business has to be a virtual tool capable of authorizing online payments. It must be able to be built into any website that sells products or services.

It is also one that can be used by businesses with physical stores seeking to expand their presence into the virtual world. It also provides services to professionals who offer their talent remotely or to businesses that only exist online.

A payment gateway seeks to ensure the security of transactions between the business, the customer and the relevant monetary institutions. Its main goal is to provide you with secure and trustworthy purchases.

How to assess the best payment gateways for small business

To find out what the best free online payment methods for small business are, make sure that they meet the following characteristics:

  • 24/7/365 availability, as well as on the extra day in leap years.
  • It adapts to all types of companies regardless of their size, location or territorial scope.
  • Large-scale presence.
  • Real-time payment validation.
  • It has mobile payment options for small businesses.
  • The deposit to the seller’s bank account is made using the interested party’s bank of preference.
  • The tool is powerful and flexible, as well as customizable to the characteristics of each business.
  • Constant updates to improve the service.
  • Increases the conversion rate.
  • It offers billing and subscription options.
  • Analyzes financial reports to provide relevant financial data.
  • Includes fraud protection.
  • Provides advice and assistance in several languages.
  • Currency conversion on a global scale.
  • Clear and fixed commission rates.
  • Guarantees data protection.

All these data are public, so they can be consulted in the Terms and services section before starting to use them officially.

Compare small business payment gateways

Each payment gateway has two different types of pricing models for its services. 

As it is responsible for making and processing payments between the parties involved in a purchase and sale transaction of tangible or abstract goods, this type of application charges a commission on the total amount of each separate transaction.

  • Aggregator model. Deposits obtained from sales are made at regular intervals, which may be daily, weekly, biweekly or monthly. The money will not reach the buyer’s account until after a certain period of time. However, the total cost given to the currency is charged at the exchange rate at the time the purchase was made.

Gateway model. Deposits are automatically reflected in the account designated by the beneficiary, with no maturity date and no delays.

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3 Mobile Payment Apps for Small Businesses

Most people make their electronic purchases on smart devices. This is due to the large amount of time they spend using their cell phones. To avail of all the benefits of this information, you need in-depth knowledge about how it works.

Paid applications to know:

These are the three most used platforms:

  • PayPal. It is perhaps the best known of all the applications and the most popular on the market. A trailblazer in e-commerce services, it offers security, professionalism and quality. Accepts most payment platforms. It is used all over the world. 
  • Authorize.Net. Save time and money by not requiring an SSL certificate or PCI compliance. This means that there is no need to encrypt data traffic or have a standard data security system. However, the platform’s reliability is backed by more than 20 years’ experience in the market. During that time, it has made transfers to more than 430,000 businesses totaling millions of dollars.
  • Amazon Pay. Amazon is the leading global e-commerce company. Its payment platform offers such a recognized and valued risk management service that it has positioned it as one of the favorite payment methods for customers of a wide range of companies. It has a strong sense of inclusiveness, so it supports transactions through voice commands.

How does a cryptocurrency payment gateway work?

A user browses a retailer’s website, looks at its catalog and decides to make a purchase. At that moment, the visitor becomes a customer. Through the gateway, the customer will be able to choose which method he/she prefers to select to make the payment.

Every company has problems, that is a variable in the formula that guides individuals and companies to economic success and professional and personal fulfillment. Knowing the online payment system for small businesses will expand the horizon of job opportunities for virtual businesses.

You should have known about us: PayRetailers. We are an all-in-one platform designed to help international clients expand their business in Latin America, increasing its sales with more than 250 local payment methods. We guarantee security to your customers and growth for your business.

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small business payment system