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XanPay is an all-in one payment solution that caters to your business needs, global expansion, and facilitates the best services to your customers.
Beware of the following
Now that you know the key points to look for before deciding on a suitable payment processing solution for your business, here is a list of things to avoid under all circumstances.
1. Hidden costs
While low costs may seem like an attractive feature, it is vital to conduct a thorough check to identify hidden fees. This is because payment processors can charge you different amounts depending on the customer’s payment method. It is always better to have clarity on costs that you may incur in the future before selecting the perfect solution.
2. System’s capability
Implementing a payment processing solution is not an easy task. Therefore, you should avoid doing it more than once. In order to ensure this, find out whether the selected payment processing software is capable of expanding and scaling up as per your business goals.
Most solutions can get you started as an eCommerce vendor, but very few can last long enough to adhere to your growing demands. Therefore, buffer for future requirements when you are analyzing payment processing software. This way, you will not have to upgrade your entire system if you plan to undertake business expansion projects.
3. Lack of security and fraud protection
A payment processing system should come with appropriate security features to ensure that you do not have to spend additionally to protect your transactions. Security compliance can also be different for different countries and regions. Hence, the system must comply with all the areas where you are conduction transactions. The system must offer encryption and inbuilt fraud prevention features to ensure this.
4. Poor reviews and support
Even the best payment processing solutions can fail. You can ensure minimum downtime by opting for software supported by a robust back-end team. The setup process, as well as post-handover support, must be simple and available at all times. You can find this out by reading online reviews and taking the opinion of domain experts.
5. Limited payment options
Customers like variety, and each one can have a different comfort level when it comes to payment options. If your software can offer only one type of payment processing option, you are in for a rude shock. Remember, there are still some consumers who do not trust online platforms with their credit card information. Therefore, it is advisable to select a payment solution that is versatile and stable.
Different payment processing solutions come with additional capabilities making it very confusing to select between them. However, your final choice must include the ‘must-haves’ listed here. And avoid compromising on any of these points. A comprehensive and appropriate payment processing solution is the last peg in increasing your sales revenues from your eCommerce business.