Steer clear of frauds by choosing the best online payment solution – Factors to consider

With the increasingly large numbers of payment frauds and illegal transactions that have contributed to cybercrime, it is vital that you choose the safest online payment solution. Identity theft, phishing, page jacking, wire transfer scams and merchant identity fraud are few of the most common types of online fraud that consumers are subject to. And, while there are resources out there like this Cell Phone Deal article to help people stay safe when using their phone, cyber criminals constantly get smarter and smarter and find new ways to get their hands on people's personal information. Amidst such a scenario, if you own an e-commerce business, you must be worried about choosing the best online payment gateway. Scroll down to learn more about the factors that you should consider. 

Questions to ask yourself before selecting a payment gateway

• What is the cost of the service?
• What features will they offer you? Will they offer you virtual terminals and fraud security?
• Is it necessary for you to own a merchant account for the gateway of your choice?
• Will the online payment solution support the location of your online store?

For the best online payment solutions, you may check out https://www.hps-worldwide.com/ as they have a suite of solutions that covers the total payment gateway chain.

Factors to keep in mind before choosing a payment gateway

1. Security of payments

The foremost point to check is whether or not they provide you secured processing of data. In case your e-commerce business accepts debit and credit cards, you should choose a provider that is PCI-compliant - learn more about all things credit card processing on websites like https://merchantalternatives.com/merchant-services/merchant-accounts/credit-card-processing/. The processor should protect the payments of the customers by leveraging the latest tools on data security.

2. Fees of processing payments

It goes without mentioning that you would like to keep processing fees as low as possible because the more you have to pay the lesser you can count in your profit. So, the trick is to shop around and compare several lucrative rates before choosing one. Remember that processing fees aren’t the only way in which the providers earn; there are also hidden fees that may have an adverse impact on your bottom line. 

3. Frequency of transaction amount

There are payment providers who provide you tiered pricing depending the frequency of transactions. Select a package that best suits your present needs. In case you exceed or miss the limits of transaction, you have to pay more than the actual amount. Choose a payment gateway that adjusts to your requirements even when your business expands. 

4. Customer care support

You may come across several providers who are believers in the theory of ‘set it and forget it’. Though you may think that you’ve settled with the best provider in the world, there may come a time when problems arise. Hence, you should make sure that the provider can be reached 24X7. Reaching out through mails is one thing but you should also be able to speak to a live person through a call or chat to resolve issues. 

So, if you’re someone who has recently started an online business, make sure you keep in mind the above mentioned factors before signing the deal with an online payment gateway. Choose the best to keep maximum returns.