Here are the main points that should be into consideration when choosing the acquiring services provider.
Security is the key factor when choosing the acquiring services provider. Check what security measures the company takes to safeguard the data and provide safe payment transactions. Check if your acquiring services provider is PCI DSS compliant and whether it supports a comprehensive suite of products and services to manage risk. Such products as 3D Secure V2, Fraud Monitoring, Tokenization are perfect tools to prevent, detect, and eliminate fraudulent actions.
Since acquirers process cardholder data and transfer money, they need to be fully PCI DSS compliant and financially regulated by a Financial Supervisory Authority.
To scale your business it’s important to take into consideration the different ways and methods that will be used by your customers during shopping. That’s why your acquirer should comprise comprehensive payment services and methods. Make sure your acquiring services provider cooperates with international payment systems such as VISA, Mastercard, UnionPay, JCB, and financial companies what enables you to provide services at flexible and reasonable prices and extend your market reach. If your opening an online store check out if you are provided with WeChat Pay, PayPal, Alipay, Mastercard, UnionPay International payment methods that enable customers with the choice opportunities.
Payment acceptance tools and solutions
Make sure your provider is offering you solutions and tools to accept payments online( payment gateway), in-store (POS), and on-the-go (m-POS). Your acquirer must provide hardware and software to meet your business needs, solutions compatibility, and compliance with payment
Payment integration is another important factor. Integration is a set of services and technologies aimed at easy and comfortable e-commerce integration and on the extension of module functionalities
For any e-commerce business, the shopping cart is the most important piece of the puzzle. managing operations that involve access to data connected with products, customers, orders, shipments, and carts. The most popular integration type is integration via API. APIs allow you to create connections between your eCommerce site and a wide range of other platforms.
In some cases, API integration can be simple and easily configured through existing advantages of integration via the API are universal customization, unlimited possibilities for customizing the payment page, and faster implementation speed for advanced users.
One of the key aspects of choosing the right provider for your business is the ability of the service provider to take a personal approach to each client and whether they are ready to provide all qualified consultancy and help services 24/7.
In conclusion, choosing an acquiring service provider is a responsible move that predicts the success or failure of your business. When considering all pros and cons of certain providers don’t forget that businesses are unique and your approach should also be done individually taking into account specifications of your business such as geography, size, and audience.