Adyen is built using a modern infrastructure that connects to over 200 payment methods and card networks across the globe. It’s a leading payment gateway service trusted by the likes of Microsoft and Uber. Learn more about Adyen.
Choosing the right payment solution is one of the biggest decisions you need to make. Whether you’re a pureplay eCommerce retailer, or you provide a combination of instore and online, it’s essential to process payments in an effective and cost-effective manner.
And today’s consumers also want options. Factor in the different payment needs of your users and your business. Do you offer the ability to pay in instalments? Buy now pay later? Through a subscription model? Instore? Online? Or both?
It’s key to give your users flexibility, but also to choose a solution that works with the needs of your business, as well as having the ability to scale alongside you. Consider what a streamlined payment process can do for cart abandonment, how a flexible provider can help you grow into new territories, and how the right provider can assist with reporting and forecasting.
Between the customer and the merchant are different types of technology that facilitate the transaction. First, let’s define both roles.
The customer: When purchasing something online or instore using a debit or credit card, the customer must be approved to do so from an issuing bank.
The merchant: To accept credit or debt card payments you need to partner with a merchant bank (an acquirer). They accept payments on your behalf and deposit them into a merchant account.
Now, let’s look at the technology.
A payment gateway facilitates online credit and debit card payments – creating a secure connection between your business’ website or browser and the credit card processing company. The secure connection is essential to encrypt card payment data for every transaction, verifying its authenticity and ensuring any sensitive information is kept secure.
A payment processor is the company that handles the credit/debit card transactions on your behalf. They move the transaction through the processing network, send you a billing statement and work with your bank. Often merchant banks also work as payment processors to keep things simple.
A payment service provider that is proactive about securing data and keeping their security measures continually updated will give you the peace of mind that your customers and their data are safe.
You’ll likely come across the following fees:
Some providers will change you a membership fee, while others will charge based on monthly usage. Work out your budget and expected sales revenue to help determine the best structure from a business perspective.
If your business spans multiple countries and territories, a payment service provider with the infrastructure to support international transactions is essential. Considerations include the ability to process multiple currencies while factoring in currency exchange and its fluctuations.
To convert customers to buyers and repeat users, your shopping experience needs to be convenient and frictionless. When purchasing on your website or through your mobile application, keeping payment processing onsite is key for brand retention.
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