You know how to choose the right payment partner and the important terms in the payments world. When you first integrated with an online payments provider, it was likely a very good solution for your business needs at that time. Now that your business has grown exponentially or you have newer markets to target e.g. taking your business globally, you might have to move from the existing gateway as it no longer fulfills your business needs. Here are a few important points to help you in your decision while changing your payment partner.
Have you set up your store on a third party platform or a Content Management System? First things first, evaluate whether the new solution provider is compatible with the platform that your online business is set up on. You wouldn’t want to put in efforts, only to find out later that the new solution provider won’t work on your platform.
Development efforts and time are the most important parameters that often decide the course of action when integrating a new payment gateway. Make sure your developer and IT team is in sync with the integration decisions because ultimately there the ones responsible for the timely completion of the technological integration. Good payment partners will have the developer guides and integration documentation for you to access while integrating.
Gain v/s Loss?
While switching to a new payment integration it is more likely that it will have better tech, higher conversion and a better user interface. But it is important that you don’t get carried away by this. Keep in mind to review all the payment options supported by the potential payment gateway, it may happen that it doesn’t support an instrument say wallet or premium credit cards. Consider the impact of any addition/removal of any payment option on your customers.
Pricing v/s better conversions
Check if the increase in fees/pricing will have any positive impact on your business. You may want to shell out extra if you are getting higher conversions, more payment mode, more reliable and robust systems, higher up-times and better experience for your customers. Having said this, do some calculation so that it doesn’t affect your profit margin before switching over to a new payment partner.
Listen to your customers
Customer like the freedom to choose how they pay. Depending on your use case and customer preferences give flexibility in terms of payment options for your customers. For example, if you’re selling internationally, you will want to give your customers option to pay in their local currency.
Like most merchants, you may be apprehensive when changing your payment gateway. Ensure that you consider the above important things to help calm your nerves. The right payment partner will not only help you with your current but also future needs so that you don’t have to change payment integration multiple times.
Incase you are looking to change your existing payment gateway, PayUmoney can be just the right payment partner for you with:
- Fast account activation and settlement
- Login free checkout experience
- Mobile friendly solution
- Advanced risk management
- No Setup and AMC
Signup for PayUmoney now!