Poet and essayist Ralph Waldo Emerson said, “If you build a better mousetrap, the world will beat a path to your door.” Fantastic! So how do correlate mousetraps and payment gateway services? What could they possibly have to do with each other? Well, in a highly-competitive service environment in which each company stands up, beats their chest, and shouts to the world that their “mousetrap” is better, how do you know which payment gateway services truly built the better mousetrap?
Not all payment gateway providers are created equal and not everyone is a good fit for your business. However, in dealing with these companies, the following criteria make the short-list of things to look for when considering payment service providers to support your B2B eCommerce platform.
If the payment gateway service you choose, doesn’t integrate with your B2B shopping cart, that somewhat defeats the purpose and is probably not a great choice, unless volumes are low and you don’t mind a little extra work. On the other hand, less administrative work for you means time for more business value-added activity, which is the purpose of the e-commerce B2B site. Automatic billing also should go along with the service.
It goes without saying that any service you purchase must be priced fairly and the providers will all claim to have the best price. The “fine print” usually contains the details for “additional” (cough, hidden) fees that can drive up monthly costs and eat margin. The provider should be able to clearly articulate any fee you might see on a bill and why. And a flat monthly rate is usually attainable.
If the company doesn’t take one of the three major cards, you might want to think about choosing this specific provider. The standard big three, VISA, Mastercard, and Discover, capture most of the market, however, the provider may offer other cards for small additional fees, which is a nice little bonus.
To get the most out of the b2b shopping cart service you choose, having access to summary reporting on deposits, charge-backs, and fraudulent activity helps you keep a handle on the cash-flow pulse, and then have the ability to drill into specific detail. (You might find some of those “hidden” fees around the problem areas the reporting centers on, but don’t tell anyone. Wink-wink.)
Since the lifeblood of your business is cash coming in the door, the last thing you need is to be fighting through techno-babble and jargon-speak to manage the process. Support resources should be readable and understandable by a business person. And while you are at it, ask about phone support, because nobody likes “voice menu-jail.” It is always best to talk to a REAL person that can answer REAL questions and is available to help. Additionally, the staff should understand what their company does; it’s more than just process transactions, it’s about filling up your business with what it needs to stay afloat.
Ease of Use
If it’s easy for you, it will be easy for your customers and easy for your customers means an easier and better way to your door. Whenever it makes sense, I take the path of least resistance because I want to spend my time doing something else. Your customers will appreciate it when you recognize the value of their time.
B2B Payment Gateway Services
The market has a lot of good companies that provide tremendous values and partnerships, to help you grow your eCommerce business. Like a good pair of shoes, the right fit makes all the sense in the world! As you look to choose the best business-to-business ecommerce payment gateways that best fits your eCommerce strategy, using the above criteria clears a path to your door. Who knows, maybe your customers might will wear out those shoes and have to buy a new pair from you.
So, what do you want your ideal payment gateway services to include?