Qualities of a Leading Payment Service Provider

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Qualities of a Leading Payment Service Provider.

Success in e-Commerce directly correlates to a company’s monetization potential and business expansion opportunities. Payment providers, offering a range of solutions to improve company performance, are an integral part of the market chain. Aim to identify your goals immediately, outlining your target audience, markets of interest, and plans for further development.

Established payment services companies hold credible certification and offer legal transparency.

Choose a payment partner based on the jurisdiction in which they operate. Cyprus and the United Kingdom are a reliable choice, guaranteeing security and transparency. Do not hesitate to thoroughly investigate a company’s history and reputation prior to signing a contract. ECommPay’s status of Authorised Payment Institution is accredited by the FCA (Financial Conduct Authority).

Ensure that any and all documentation provided by your prospective partner is comprehensible and legally transparent.

Reliable payment providers meet and uphold the highest quality standards.

The market is saturated with payment services. The only ones worth your time hold international certificates and licenses. The ISO 9001 certificate guarantees a high level of service, while PCI DSS, developed by VISA and MasterCard, ensures optimal user data security. If you are interested in providing products and/or services for VISA or MasterCard bankcard holders without any limit on the number of transactions, you should collaborate with a payment provider holding PCI DSS Level 1 certification.

To guarantee rapid integration and smooth processing, clarify how quickly the payment provider will integrate API and the range of technologies to accept or facilitate payments, as well as the tools for payment management or adapting the interface, available for your business.

An experienced payment provider adapts to your individual needs and requirements.

It’s nice when people understand you and your business needs. Unfortunately, there aren’t many companies willing to tailor their products, services, tools and technologies to provide the solutions you’re looking for. You’re looking for a payment provider who will consider various criteria to bring your business to the next level, including payment requirements, business and industry specifications, geographical and regional particularities, and preferences of the target audience.

Don’t compromise on service for lower tariffs. The right company will match your expectations.

Payment service providers create effective solutions for your benefit, and the commission you pay is a reasonable reward for the profits you reap. Some providers charge a fee for every transaction, whereas others offer a fixed rate, regardless of turnover or number of transactions. Experienced payment providers will be able to provide a flexible rate, depending on the aforementioned factors.

To make the most of your partnership and to choose the most suitable offer, specify all the nuances of your business in advance and agree on the most profitable rate.

Global payment providers ensure a wide coverage of payment systems.

To make your business accessible to customers worldwide, you must offer regional payment methods. Choose payment providers who can offer the most popular payment systems in your regions of interest. ECommPay offers more than 100 alternative payment methods, including e-Wallets, mobile payment systems, and the leading card payment systems.

Leading payment companies offer consulting services to merchant businesses.

Are you looking to improve conversion and retention rates? Increase your revenue by consulting with payment services provider to offer your customers an easy, convenient payment process using the following solutions:

Integrated payment system

The more seamless the payment process, the more convenient it is for your customers. Payment pages can be designed to incorporate your branding, giving the illusion that users haven’t left your website. Payment security is guaranteed by your payment provider. According to ECommPay studies, the integrated Conversion+ payment page can increase conversion by 15-25%.

Please be aware that the policies of certain payment systems stipulate the condition that payments must be redirected. Consult a payment provider for a summary of each payment system’s specifications.

Payment routing

On the basis of payment history and preferences, customers are automatically offered the most relevant payment method. For instance, e-Wallet users will see this option first when accessing the payment page. A unified platform is not limited to a single payment system, saving multiple user preferences.

Payment analysis furthermore presents a range of additional solutions: the possibility to sort users by category, depending on the number of purchases; no additional payment verification for trusted users; and the option to automatically top-up user accounts if the balance falls below a preset amount.

Cascading

If a payment is not immediately successful, the system continues to attempt payment through various acquirers until the payment goes through. Cascading is convenient for saving on costs during the payment process.

Please note that if a vendor has several accounts in different currencies, priority will automatically be given to the native currency of the customer.

One-Click Payment

The One-Click Payment option allows customers to keep their details in the system so that future payments proceed seamlessly. ECommPay studies have shown this feature to significantly increase conversion rates.

Risk Management

Neutralizing the risks of fraudulent transactions is one of the top concerns for any serious payment services provider. When researching the various options available to you, ensure that your new payment partner is able to dedicate a personal fraud manager, responsible for the security and reliability of your payments. Consider the anti-fraud settings and measures the payment provider can offer, clarifying the technical specifications and protection filters. The most reliable systems combine automatic settings tailored to the specifications of your business with manual follow-up.

For diversification and risk delegation, many companies establish partnerships with several payment service providers at once. Thoroughly investigate the payment services market, analyzing the options available to you, before settling on a single company. Communicate with companies directly to establish the quality of offered services and make decisions based not only on attractive price, but also the flexibility of terms and conditions. To improve your company’s chances of reaching higher peaks of success and increasing revenue, be sure that your payment services partner meets your requirements and can help you reach your goals.

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