How To Choose Payment Gateways For Your Online Store

Which payment gateway should you use to build online store? With dozens of online payment processing options to choose from, it can be a complicated decision. Most difficult task isn’t only to decide which platform is the best one, but also the different factors that you need to take into consideration when deciding which gateway is best for your specific needs.

Is the payment gateway supported on your ecommerce platform?
Which ecommerce platform are you going to be using? Something SaaS-based like BuildaBazaar or Shopify, perhaps? Whichever platform you’ve chosen to create a store, where possible, choose a payment gateway that already has a plugin for your platform.

Do you want a payment gateway and merchant account or an all-in-one payment service provider?
Some payment providers such as SagePay or PayPoint offer just a payment gateway. They require you to have your own merchant account. Other payment providers such as PayPal, which is used by BuildaBazaar, offer a combined payment gateway and merchant account.

What are the fees?
Payment gateways and merchant accounts charge various different fees that can include monthly fees, fixed fees per transaction, variable fees based on a percentage of transaction amount. You can use a comparison website such as PaymentBrain to get an overview.

Does the payment gateway do what you need?
Perhaps you want to act as a marketplace, taking payments on behalf of sellers who are listing on your site. Perhaps you want all your payments under one roof?  Most payment gateways like direcpay and Billdesk, provide the integration, which are used by BuildaBazaar helping customers in easy payments.

How long is the contract?
Historically, some payment providers have been known to lock merchants into lengthy contracts of two years or more. This can be a problem if you find you’re not happy with the provider for some reason after signing. Other providers are happy to have merchants using them on a monthly rolling contract. Make sure you understand which sort you’re signing up to. BuildaBazaar provides a proper pricing plan for everyone ranging from Silver, Gold, Gold plus. And a free trial of 15 days.

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