CHOOSING A PSP: FACTORS TO CONSIDER
CHOOSING A PSP: FACTORS TO CONSIDER
As part of the process of choosing a Payment Service Provider (PSP), it is important for a business to check that its chosen PSP will provide ongoing support in relation to both technical and payment-related issues.
While adequate technical support means that any problems can be swiftly resolved, payment-related support is vital as it serves to protect a business against fraud, overcharging, chargebacks and more. The most common form of business fraud is the stealing of card details by hackers while an online purchase is underway.
PROCESSING FEES AND CHARGES
A business needs to assess the processing fees levied by a PSP in relation to different payment methods. The fees attached to one payment method may be different to those of another, and it is advisable to compare the charges applied by various PSPs to find the most cost-effective option.
THE IMPORTANCE OF FUTUREPROOFING
A business should also think about futureproofing its operations when it comes to selecting a PSP. The PSP needs to meet the projected future needs of a business, as well as its current requirements. To this end, a business should look at the potential PSP’s capacity to add new payment methods in the future and its flexibility to integrate with third-party APIs.
For more information about the importance of choosing the right PSP for a business, visit the blog of Ruchi Rathor.
