Choosing the right payment partner is not an easy process. In this article, we have collected key tips to help you with this.
In the modern world, new technologies appear at a cosmic speed, and the success of a business depends on how ready it is for changes. The main trend in recent years is the transition to online. One of the most important issues in this process is the choice of a payment provider. And how much the right choice you make will determine how much you can meet the expectations of a spoiled online shopper.
Where to start the process? Where to look and how to choose the right payment partner? How to connect and how long will it take? How flexible and user-friendly is the system? What are the payment methods? What is the level of support? In this article, we will try to sort out all these issues so that you can save time and energy for developing your business, and not for painful searches.
The first option is to figure it out on your own. You can start by analyzing the services that competitors are using, you can ask an entrepreneur friend or Google for advice. The more information you collect, the more room for maneuver there will be. Immerse yourself in this question as much as possible, formulate your requirements and wishes.
At this stage, you need to become a payment market expert. Yes, you will waste time, but as a result, you will form your shortlist of potential partners.
The second option is to attract people with payment experience and outsource this expertise.
Whichever option you choose, then you need to analyze the short list of payment companies for the cost of cooperation with them: what you need to pay for and what not, how the tariff changes and what affects it, what is included in the paid service, what are the regulations and options for crediting funds. After one or two payment providers remain on the list that are most suitable for you from the financial side of cooperation, you can proceed to onboarding and the technical part.
Personal Area. Controlling the volume of transactions, working with transactions, registers for reconciliation, the ability to connect the team to work with the payment system. An indispensable tool for working online.
Payment methods. Even at the moment of studying the API documentation or discussing financial conditions, a picture appears of what methods you can operate in your activities. In most cases, the most common card payment method will be available from the start. Alternative methods can be used subject to additional requirements.
In our opinion, the future belongs to those online stores and services that make it possible to pay for purchases and services not only using bank cards, but also using popular electronic wallets:
What payment technologies are available and how can I use them? It should be noted right away that not everyone will be needed in one project. But you can always count on them when scaling or changing the business model. Most useful technologies:
Personalizing the interface, creating a payment page in the design of your website, and setting up a personal payment link are not only aesthetics issues, but also a buyer's peace of mind. Statistics show that online shoppers have a lot of confidence in sites that have a consistent design all the way through the shopping journey.
It should also be understood that interaction is not limited to technical issues alone. In the process, questions may arise about working with payments: clarification of the status, reasons for failure, interaction with the IPS, reconciliation of payments, etc.
The presence of separate PUSH-channels for technical and payment support, which work without reference to the days of the week and time of day, is an important element of the stable operation of an online business.
The material was prepared with the assistance of the payment provider "Cascad" - one of the few companies where partnership with the client's business is a priority. Learn more about the company and solutions at www.cascad.com
In the modern world, new technologies appear at a cosmic speed, and the success of a business depends on how ready it is for changes. The main trend in recent years is the transition to online. One of the most important issues in this process is the choice of a payment provider. And how much the right choice you make will determine how much you can meet the expectations of a spoiled online shopper.
Where to start the process? Where to look and how to choose the right payment partner? How to connect and how long will it take? How flexible and user-friendly is the system? What are the payment methods? What is the level of support? In this article, we will try to sort out all these issues so that you can save time and energy for developing your business, and not for painful searches.
Stage 1: Market Analysis
We recommend starting with market analysis - participants, trends, issues. There are two main paths to this.The first option is to figure it out on your own. You can start by analyzing the services that competitors are using, you can ask an entrepreneur friend or Google for advice. The more information you collect, the more room for maneuver there will be. Immerse yourself in this question as much as possible, formulate your requirements and wishes.
At this stage, you need to become a payment market expert. Yes, you will waste time, but as a result, you will form your shortlist of potential partners.
The second option is to attract people with payment experience and outsource this expertise.
Whichever option you choose, then you need to analyze the short list of payment companies for the cost of cooperation with them: what you need to pay for and what not, how the tariff changes and what affects it, what is included in the paid service, what are the regulations and options for crediting funds. After one or two payment providers remain on the list that are most suitable for you from the financial side of cooperation, you can proceed to onboarding and the technical part.
Stage 2: Onboarding and Integration
Immediately, we note that these processes can occur in parallel, which helps to reduce the time before going online. If your list contains more than one partner - at this step it is definitely worth deciding on the final choice of a payment provider. Answers to the following questions can help in this:- What is the connection process?
- What is needed for onboarding, what documents will the provider require?
- How long does the process of reviewing documents and signing an agreement take?
- Does the agreement reflect all the agreements that you discussed a step earlier?
- How is the integration going and how long will the whole connection process take?
- Is there technical support for the integration?
- What are the restrictions / exclusions for connecting to the site?
- Is the API documentation clear and does not raise any questions?
Stage 3: Checklist of received options
So, the contract has been signed, technical integration is in the process of implementation - now it is worth conducting an audit. Did you get everything that you agreed on in the first two stages? Let's take a look at the optimal set of payment providers.Personal Area. Controlling the volume of transactions, working with transactions, registers for reconciliation, the ability to connect the team to work with the payment system. An indispensable tool for working online.
Payment methods. Even at the moment of studying the API documentation or discussing financial conditions, a picture appears of what methods you can operate in your activities. In most cases, the most common card payment method will be available from the start. Alternative methods can be used subject to additional requirements.
In our opinion, the future belongs to those online stores and services that make it possible to pay for purchases and services not only using bank cards, but also using popular electronic wallets:
- Apple Pay
- Google Pay
- MasterPass
- Visa Checkout
What payment technologies are available and how can I use them? It should be noted right away that not everyone will be needed in one project. But you can always count on them when scaling or changing the business model. Most useful technologies:
- routing payments
- one-click payment (tokens)
- payment widget
- waiting
- payment link
- fraud protection
Stage 4: Configuring the system for the site
Having dealt with the payment solution, you can move on to applied things - setting up the system for the site and brand. If providers provide the technical ability to adapt and customize the payment system to their brand, this gives the business additional benefits.Personalizing the interface, creating a payment page in the design of your website, and setting up a personal payment link are not only aesthetics issues, but also a buyer's peace of mind. Statistics show that online shoppers have a lot of confidence in sites that have a consistent design all the way through the shopping journey.
Stage 5: Technical and payment support
Online merchants should be supported by every payment service - this is a must-have for the online payments industry. Most likely, you got your first experience of technical support at the integration stage and were able to evaluate it. In situations where the main tool breaks down (this, of course, payments), the loss of online business will be measured not only by the loss of turnover, but also by the flow of buyers to competitors. Therefore, it is imperative that the specialists on the side of the payment provider understand the importance of a quick and timely solution to your issue.It should also be understood that interaction is not limited to technical issues alone. In the process, questions may arise about working with payments: clarification of the status, reasons for failure, interaction with the IPS, reconciliation of payments, etc.
The presence of separate PUSH-channels for technical and payment support, which work without reference to the days of the week and time of day, is an important element of the stable operation of an online business.
Output
The events of recent years (especially 2020-2021) have shown that a business that wants to stay on the market needs to quickly adapt and accept new rules of the game. Online shoppers are now more than ever expecting fast, quality and secure service, and businesses will need a complete understanding of their audience's needs, accurate positioning, and a quality payment provider. This is the payment provider that offers personalized service to businesses, from onboarding to tailor-made solutions.The material was prepared with the assistance of the payment provider "Cascad" - one of the few companies where partnership with the client's business is a priority. Learn more about the company and solutions at www.cascad.com
