A payment gateway facilitates online transactions between the business and customers. By choosing the right payment gateway, the business gets the chance to sell its merchandise across the globe without the client’s having to visit the physical shop. Given the number of cybercrime cases, among other challenges, choosing the best payment gateway in Malaysia is a crucial step for every e-commerce business. There are a number of payment gateway service companies in Malaysia you can work with, and here’s what you need to consider to ensure that you choose an appropriate one.
Whatever the business you may be in, money comes first. The lower the transactional costs, the better it is for your business and clients. Look at the transactional fees charged by the payment gateway. These fees are normally in three categories: setup fees, transaction fees, and monthly fees. Setup fees are a one-off expense paid initially when setting up the payment gateway. While some companies don’t charge a setup fee, their transactional charges are usually higher.
Choose a gateway payment whose overall fees are reasonably low without compromising on the quality of services. It is also important to have a budget in mind before choosing a payment gateway in Malaysia to work with.
An appropriate payment gateway should adhere to the highest security standards in the industry. They should also have fraud detection features which help you identify suspicious activities before the payment process is finalized.
This is a feature which enables you to set up automated billing cycle for clients who operate on subscriptions. Thus, if your business has a recurring monthly payment plan, this is a must-have feature. It ensures that your clients do not have to spend time making the same payments every time, and you also easily collect funds from regular contributors if yours is a nonprofit organization.
Ease of Use
Consider the number of steps required by clients to get to the payment confirmation page. If they are too many, most clients are likely to drop off. Review the purchasing funnel of the payment gateway and check whether it asks for too many details and involves too many steps. This gives you an idea of how the process will function in your business. You should also choose one with room for flexibility.
Do some background check on the payment gateway provider you want to subscribe to. Check their past records, ratings, reviews, downtime, and any blacklisting. Ask other people about their experience with the payment gateway company. You need to work with a payment gateway company which is reliable and reputable. This ensures that you are quickly attended to whenever you encounter a challenge, and you don’t experience downtime, which could lead to loss of business. With these tips, you will be able to choose an appropriate payment gateway who have a proven track record of quality services.
Preferred Payment Methods
Your clients’ preferred payment method is another important consideration. Research and find out the preferred payment methods of your customer to ensure that the payment gateway includes them to avoid losing clients.