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5 Things you must know before choosing payment gateway:
jordanmcclure
subscriber Posts: 15 Bronze Level Member
1. How does it all happen - Different process involve in payment process
c Payment Gateway
d Payment Processor
2. How much do you have to pay - How you charge by payment processing split in three parts
c Maintenance charge – Operational costs charged typically on an annual basis.
3. Ensure a secure payments process - choosing a secure payment gateway is extremely important and this is a checklist that you could check to ensure that your choice tackles this all:
c 128-bit encryption and
d Two-factor authentication
a Establishes trust by keeping familiar elements: This includes use of familiar logos for payment methods such as Visa, MasterCard
b Integration via API: An integrated API ensures that the user stays on your platform and is not unnecessarily alarmed by being led away from a website they trust – your website!
c Pay with minimal effort: The experience provided by the payment gateway should be similar to the one provided by your website in terms of loading time and length of pages.
5. What metrics should you check - Some important metrics to compare various payment gateways include:
a. Transaction Success Rate: A transaction can fail due to issues arising at any of the players involved – issuing bank, acquiring bank, payment gateway or the customer. Thus, it is in your best interests to choose a payment gateway that minimises the failure rate. It usually ranges between 0.5% – 15% depending upon the mode of payment.
b. Time taken to set up payment gateway: It could range from a few minutes to days depending on the effort and expertise needed to integrate the payment gateway (API) to your website. Choosing one that offers complete online onboarding would save your time on any paperwork.
c. Time taken for settlement: It could range between 2 to 5 business days. Once the online transaction is complete, it is imperative that you receive the money in your bank account in the shortest amount of time. Thus, choose the payment gateway that offers the shortest settlement period.
a Merchant
b Customersc Payment Gateway
d Payment Processor
2. How much do you have to pay - How you charge by payment processing split in three parts
a One time setup Fee
b Transaction Deduction Rate (TDR) – Percentage of the total transaction value charged for each transaction.c Maintenance charge – Operational costs charged typically on an annual basis.
3. Ensure a secure payments process - choosing a secure payment gateway is extremely important and this is a checklist that you could check to ensure that your choice tackles this all:
a SSL Certification
b PCI DSS Compliance & Certificationc 128-bit encryption and
d Two-factor authentication
4. Enrich your customer experience - you should choose a payment processor that satisfies the following criteria
b Integration via API: An integrated API ensures that the user stays on your platform and is not unnecessarily alarmed by being led away from a website they trust – your website!
c Pay with minimal effort: The experience provided by the payment gateway should be similar to the one provided by your website in terms of loading time and length of pages.
5. What metrics should you check - Some important metrics to compare various payment gateways include:
a. Transaction Success Rate: A transaction can fail due to issues arising at any of the players involved – issuing bank, acquiring bank, payment gateway or the customer. Thus, it is in your best interests to choose a payment gateway that minimises the failure rate. It usually ranges between 0.5% – 15% depending upon the mode of payment.
b. Time taken to set up payment gateway: It could range from a few minutes to days depending on the effort and expertise needed to integrate the payment gateway (API) to your website. Choosing one that offers complete online onboarding would save your time on any paperwork.
c. Time taken for settlement: It could range between 2 to 5 business days. Once the online transaction is complete, it is imperative that you receive the money in your bank account in the shortest amount of time. Thus, choose the payment gateway that offers the shortest settlement period.
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Everything You Need To Know About Billing and Plans.
Stripe Integration
We provide a facility of integrating one of the most common payment gateway i.e. Stripe to your CRM account which aids in payments and charging clients. By using Stripe, you can charge your clients too. The payment you receive will not be subjected to any sort of fee from our portal. It’s totally free!
Subscription Types
You can create subscription plans for your clients i.e. weekly, monthly etc depending upon the task settlement between you and your client. Moreover, you can also charge onetime fee from your clients.
Client Portal
Client portal maintains the record of your clients. Here you can view the records of every client in a separate tab. You can view transaction and work history.
Invoicing
We facilitate our clients (accountants) by allowing them to create invoices within our portal and collect payments from their clients using Stripe. We do not charge extra fee for this service.
Payment Gateway should be safe and secure that make the payment quick and free from getting getting fraud