Have you been notified that your card processing gateway is being shut down? Or maybe you’re moving to a new software platform and taking the opportunity to find a new payments provider as well? Whatever the case, you need to find a cost-efficient payment gateway that is easy to work with, reliable and can support you as your business grows.
Here are five key considerations to help you select a new, dependable payments gateway with the functionality you need built in.
5 Things to Look for in a New Payment Gateway
#1 Quick & Easy Setup
Depending on your situation, you might feel like you’re racing against the clock to find a replacement payment solution. While you shouldn’t rush to any decisions, you should make sure that the payment solution you choose not only has the functionality you need, but that it is also easy to set up and quick to implement.
Once you decide how you want to implement payments on your website, via an API or hosted payment page, for example, the process should be simple and only take a few steps. Getting up and running with your new payment processor should take days, not months.
#2 Global Processing
The world is rapidly becoming a smaller place. Even if you are not selling cross-border or cross-region today, this could be a key growth driver in the future. According to Forrester, 45% of shoppers worldwide will buy across borders by 2022. You want to partner with a payments provider that has the right connections with banks around the world to help you increase authorizations and decrease costly fees.
#3 Failover Capabilities with Multiple Banks
If you’ve worked with most of today’s payment gateways, you now know the pains of relying on a single bank, which can range from declined transactions to outages – both of which cost your business revenue. To protect your business, you have probably realized you can’t rely on old-school institutions that put all their eggs in one banking basket. But take a closer look at any payment solution you consider. Many of the popular global payment solutions (like Braintree and Stripe, for example) boast their relationships with multiple banks, but they don’t have multiple banks in the same region, which is the same as having one bank when it comes to failovers. Look for a partner that is connected to more than one bank in each region with automatic transaction failover technology.
#4 A Single Integration
As your business grows, you don’t want to have to bring in additional integrations to meet your payment needs. Look for one payment provider that offers the functionality you need today, with an eye on what you may need in the future. Choose a provider that offers premium features and services like compliance, tax regulations, and fraud and chargeback management. You also want to be sure the technology you choose invests in integrations with the platforms and other tools you use. This will help streamline your resources and increase your time to market with updates and enhancements to improve your customer experience and increase revenue.
#5 Payments Expertise
When looking for a new payment gateway, find a payments provider you can trust with experience solving various business challenges. Check out case studies and reviews, and read up on the company and its executive team. Explore the gateway’s partners and see if they are companies you want to be associated with. Talk to people who work for the payment provider and do your best to assess for honesty, transparency and reliability. And of course, the organization’s track record can speak volumes.
Software Platforms with Embedded Payments Looking for a New Partner
While platforms that need to find a new payment gateway should be looking for these qualities, they also have more to consider. The payment solution you choose is an extension of your business, and reliability and uptime don’t just impact you, but also your clients. The wrong choice can cause lasting damage. In order to protect your reputation, when integrating payments into your platform, identify a payments provider that can offer partnership and guidance and set you up for success. (Check out this article to be sure you are assessing payments providers for your specific needs.)
Additionally, look for a new payments partner that can migrate your existing customer portfolio to get them up and running quickly.
Find a Better Way with BlueSnap
Whether you’re a business looking to accept payments or a platform looking to embed them, BlueSnap is the right option if you need a new payment gateway. We believe there is a better way for accepting payments, and we have put it all into our Payment Orchestration Platform.
With BlueSnap, you can get up and running quickly with:
- A single integration that allows you to accept payments in 200 regions with local card acquiring in 47 countries to help reduce costly cross-border interchange fees
- Intelligent Payment Routing to optimize authorization rates
- 100-plus shopper currencies, offering more choices for customers and businesses
- 100-plus global payment types and popular eWallets, like Apple Pay and Google Pay, to reduce cart abandonment and convert more shoppers
- Automated accounts receivable to help you get paid faster
- Integrated fraud and chargeback management to protect businesses
- Built-in solutions for regulation and tax compliance
- Reporting to increase visibility and simplify reconciliations
- And we offer additional benefits for platforms looking to embed payments
Additionally, you get the BlueSnap team of Payment Experts to offer guidance and help you find a better way.
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Frequently Asked Questions
What is a gateway?
A gateway connects the merchant to the acquiring bank where the merchant has opened a merchant account.
What is failover?
Failover is when a transaction is routed to another bank after it is initially declined. When a payment processor is connected to multiple banks within a region, depending on the decline code, it can immediately send that transaction to another bank in real time for approval.
What is Intelligent Payment Routing?
Intelligent Payment Routing is automatic transaction routing between multiple acquiring banks to increase the success rates of payment conversions — including failovers and subscription retries.
What is BlueSnap?
BlueSnap helps businesses accept global payments a better way. Our All-in-One Payment Orchestration Platform is designed to increase sales and reduce costs for all businesses accepting payments.
BlueSnap supports payments across all geographies through multiple sales channels such as online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal.
And for businesses looking for embedded payments, we offer white-labeled payments for platforms with automated underwriting and onboarding that supports marketplaces and split payments.
With one integration and contract, businesses can sell in over 200 geographies with access to local acquiring in 45+ countries, 110+ currencies and 100+ global payment types, including popular eWallets, automated accounts receivable, world-class fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting to help businesses grow.
Who can use BlueSnap?
Merchants around the world can use BlueSnap to accept payments in 200 geographies with BlueSnap local acquiring in 47.