Best Payment Processing Software for Online Business
The Digital era has grown on to the customers by enabling shopping and online payments more flexible and frictionless.
And when it comes to online shopping, customers are demanding more seamless processes from shopping to making payments.
The whole point is customers should not switch the shopping app or shopping website while the whole process (adding the item to the cart and proceeding to the checkout to making online payments) takes place.
As a merchant, you have to make sure the whole process is user-friendly and happens within the app or website.
So, keeping this in mind, accepting online payments means establishing the connection between the customer’s bank and your website.
And the very entity that does this is payment processing software.
Payment processing software processes B2B payments and it provides businesses with the means to accept and process all types of online payments.
After the customer makes the purchase and is redirected to the checkout page to initiate the transaction, the process is quite simple, he/she just enters the required details, selects the payment type (card, net banking, UPI, etc.), and makes the payments.
But all of this happens seamlessly because of the work that payment processing software does.
Payment processing solution accepts and verifies the customer information and initiates the process of transferring payment from customer’s bank to merchant’s bank while maintaining the security of the transaction details and amount.
Chosen correctly the right payment processing solution can be a blessing. Here are some considerations for choosing a payment processing solution :
Security- A payment processing solution should offer the highest level of security along with fraud prevention tools.
Customers are willing to enter their financial/personal details while making payments, so it is the responsibility of the merchant to ensure their privacy.
A solution should follow all the security guidelines stated by the government and should be compliant with government-issued security guidelines.
Payment types- one of the criteria for choosing a solution provider is payment types. The ideal payment processor should offer multiple payment types like UPI, net banking, etc., and should enable international processing.
Customer support- Customer support offered by the solution provider should be reliable, knowledgeable, professional, and available 24/7.
Contract- Most of the payment processing solution providers offer a variety of contract fees and periods.
It depends on the solution provider. The contract can be on monthly basis, or over a fixed amount of time, or over a period of the year.
You have to research carefully before signing the contract as many of them may charge termination fees.
Additional costs- Aside from the cost charged by payment processing solutions, they may charge extra fees for technicalities like maintenance, integrations, etc.
Types of payment processing software
Third-party payment processing software
With third-party payment processing software, you can skip the step of having your own merchant account at the bank as this solution uses its commercial bank account to conduct payment processing for merchants.
Opening up a merchant account with the bank can be expensive and time-consuming, but opting for third-party payment processors only charge for the transactions you make with minimal setup fees.
Opting for the third party can prove to be advantageous as it is cost-effective, it offers customized payment solution with fast onboarding and enables enhanced business opportunities.
Here are the benefits of a third party payment processing solution,
- Easy onboarding
- User friendly
- Customized checkout
- Ample modes for payment
- International payments
- Risk mitigation
- Analytics and reports
Another option is a white label payment gateway,
White label payment gateway solution providers manufacture the product or develop the solution and merchants can buy this product/solution under his/her own brand.
The solution provider takes care of maintenance, hosting, tech aspects, integration, etc. while merchants can enjoy the benefits of the solutions.
Building your own solution could get expensive and quite time-consuming. White label solution is reliable, cheaper, and simple to install and integrate.
Lyra offers a secure, safe, and user-friendly payment platform. With a higher success rate and faster processing time, Lyra enables smart and dynamic routing.
Integrated with 40+shopping carts and 100+ payment methods, Lyra also offers multi-currency management and international payments.
You can give your customers a unique and seamless experience with optimized navigation.
With the fastest onboarding, lowest quote, and zero setup fee, choose Lyra as your trusted payment processing partnerContact Us