Payment Gateway Comparison
The best way to set your online business up for success is by shopping around for the best processing service and, while you’re at it, doing a payment gateway comparison.
There are a lot of payment processing services which also include a payment gateway.
But you don’t necessarily have to use theirs. In fact you can use an independent payment processor like PayPal to accept payments and then transfer them to whichever bank account you choose.
Companies like PayPal and Square have made it substantially easier for small business owners to get off the ground with their E-commerce business. All you need to do is sign up and you can immediately start accepting payments.
But, as with most things in life and business, the easier and less complex a feature or service is, the less support and additional services you receive with it.
This is not to say either of these payment processors give bad customer service. They are both successful for a reason, and it goes beyond the simple concept which made them popular. They provide good customer service to their clients as well.
Most payment gateways also require a merchant account. Reason being is the process of accepting payments online requires a receptacle for payment. You want to get paid, right?
There are a lot of different factors to consider when it comes to this portion of your online business. Should you go with an independent payment processor like PayPal or Square? Or should you go with a more standard payment processing service like Flagship, CDG or RedFynn?
The best way to determine this is by taking an honest look at your business. What do you sell? How much of it do you sell? (In actual dollars and cents). What can you afford to spend for a payment processor?
All of these are questions will affect what your baseline expenditures end up being. You can, in many cases, negotiate transaction fees and other fees based on the type of business you have and the volume it produces.
Of course you don’t want to be forced to wait any longer than you have to to start selling your merchandise online, right? You want a service that has a fast setup time. This will help you move ahead quickly and get you accepting payments online right away.
Flagship gets you set up very quickly and also boasts excellent service terms. They also do not require you to have a long-term contract. Situations with business change quickly some times and the option to pay month-to-month
They don’t charge a cancellation fee if you decide to not continue service with them. They do provide you with free equipment, but if you opt for it you must sign a 12-month contract. But, after the first year, it goes back to month-to-month.
They also will give you a free quote. Who doesn’t love free?
Payment Depot is another payment service who is quite good. Partly because they have such an eclectic group of payment/pricing options for all business types. They are particularly popular with small businesses because of their flexible pricing options.
One of the main differences with Payment Depot is they do not charge a markup fee on top of the wholesale rate change like many companies do. Instead they charge a per-transaction fee based on how many transactions your business processes.
They, like Flagship, also offer excellent customer service to their clients.
There are a lot more we could talk about we don’t have the kind of time and we’re guessing you don’t either. You’ve got a business to run.
It’s very easy to research payment processing companies online.
Google it! The information is out there.
The important things to remember when you are doing your research is, are they transparent with their pricing and how is their customer service and support? Do they show ALL of their fees? Setup fees, transaction/monthly fees, cancellation fees, etc.
These are very important questions to answer. Keep in mind the size and scope of your online business can (and most often will) affect what your overall costs for a payment gateway are.
For instance, if you’re processing only $3000 a month, then you’d be better off going with PayPal or Square. It’ll be cheaper.
But if you’re processing $5000/month or more, a merchant service with a payment gateway like RedFynn, with very low rates and a flat monthly fee, will save your business money in payment processing.
The more you make per month, the more you’ll save. Think about it: what’s 2.9% of $10,000? This is PayPal’s rate.
And what’s 0.5% of $10,000, plus $0.10 per transaction, plus $24.95 (and a couple of other small fees like Batch fee and interchange, which we don’t control)?
Yeah, a lot less.
Imagine if it was $30k, $50k, or $80k you were selling each month. Would you rather pay 2.9% of that total or 0.5% of that plus a few small, visible fees?
Look for this kind of deal during your payment gateway comparison.
You need the best information to help you when doing your payment processor shopping. Let RedFynn’s dedicated, expert representatives help you with all of your payment gateway questions and any other questions you have regarding business growth and efficiency.
Call us at (888) 510-9871.
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