The Covid-19 pandemic has changed not only our attitude towards life and online shopping but also the landscape. According to eMarketer, in 2020 the market grew by more than 25% from 2019, equal to $4.2 trillion, and grew to $4.9 trillion by the end of 2021. As a result, many merchants face unexpected loads on their payment systems. So, here are a few necessary criteria to help ensure you make the right choice when it comes to payment processors.
1. Your payment processor needs to be familiar with your niche and have experience with your type of business. They should always start with identifying the main features of your business and take a deep dive into your target audience. They should also know how to break down the difference between your chosen customer persona and paying customers. If your company operates in B2B and serves large businesses, your processor should be able to not only understand the significant differences between B2B and B2C transactions but also talk intelligently about them.
2. Safety, privacy, security, and the correct handling of payment data is a crucial prerequisites for any legitimate provider. As a business owner, your stability and reliability depend on the effectiveness of your merchant service provider. This assurance is ensured by the payment provider’s compliance with PCI DSS standards, which is the data security standard for the payment card industry. If they are not familiar with how this process works, run!
3. Conversion is key. Payment conversion is the ratio of successful payments to the total amount of attempts to complete a transaction. In order to get to the optimal number, there are a few factors to consider like offering alternative payment methods, accepting digital wallets, or even adjusting antifraud rules based on your business type. This is vital to maximize the payment conversion and monetize the business and grow its revenues.