If you are confused about selecting payment gateway you may have a look at the following checklist.
- Find out how quickly the proceeds from your card sales are deposited directly into your checking account .Generally you should see the money deposited within 1-2 business days.
- Does they provide 24-hour support?
- Does they have any transaction limit?
- Do they accept the major credit and debit cards? Each merchant account provider can provide different credit card services to chose from when filling out the merchant application form. Generally
providers will bundle the popular credit card issuers such as Visa, MasterCard, American Express and Discover together and some keep them separately with different fees for each credit card
- Any warranties against fraud, chargebacks and data comprise? Understand how your payment gateway will handle chargebacks. Based on my experience, Paypal’s process is a one way
communication, between them and the credit card and from the credit card to your customer. It doesn’t matter if you shipped the product to them already and can provide proof of shipping.
So go with a vendor who can provide support in dealing with these situations (and you will encounter them). Chargebacks occur when a customer challenges the credit card issuer about a
- What are their fees? Set up fees: One-time set up fee charged to establish a payment gateway account. Monthly gateway fee: charged for a payment gateway account. Transaction
Fee: Fee charged by the payment gateway for each transaction processed for the account. Batch fee: the fee assessment per batch of settled credit card transaction.
- What is and are they PCI Compliant? I think every vendor I looked into is PCI Compliant and if they are not, don’t risk of dealing with a vendor who is not.