Choosing and setting up payment processing or a payment processor for your e-commerce online business is a very important step. Often times business owners will opt for the easy and quick solution for this task. However the unforeseen and possible future repercussions from this quick decision can slow the overall growth of your business. Here are a few pro tips to consider when choosing your payment processing partner.
- What are you selling? The products you sell and where you are selling them can be a deciding factor on your payment processing options. For instance, CBD product sales can pose problems when searching for a payment processing option. Contact us for help with finding a processor for CBD sales.
- Understand your Limitations. Some processors will limit the countries you are allow to sell to and as mentioned above they can also dictate the products you are allowed to sell. Be sure to know all of the limitations with your processor before implementing with your online store. Frozen funds during suspicious activity or chargeback errors, that will come out of your pocket, is common when signing up for a provided payment processor like Shopify Payments.
- Processing Fees. This seems like a big one but for some reason it is never scrutinized well enough during the review process. Your processing fees will most likely always go up in one fashion or another. Having multiple or stacked fees is the most common tactic used today. Shopify will charge you an additional transaction fee if you are NOT using their preferred in-house processing option.
If you are searching for alternative payment processing options for your online business please review our affiliate option at Payment Cloud. They have free cost comparisons, free gateway setup and no application or setup fees. We can help fill in the gaps as needed to help get your payment processing under your control.
We have another article posted with more information to consider for your payment processing – see the full article here.