Top 10 Questions to Ask When Choosing the Right Payment Processing Software

October 28, 2022
11:32 am
digital payments, merchant payment solution, payment processing software, Payment solution, payment systems, payments

Online transitions have become familiar, and the eCommerce industry has obtained an excellent boost due to the familiarity with online payments. A seller can now create a website to sell his goods and get paid through an online payment processing system. However, every online business should integrate a safe online processing system. Making sure payments are safe improves the customer experience and can help your business grow in the long run. While choosing the right payment processing software, online businesses may ask the following questions.

#1. Is the payment processing software compatible with your currency?

The payment processing tools are registered in different countries. Most software developers register their tools in multiple countries, though some tools are dedicated to serving a particular country. So, you need to check the compatibility of the payment processing software with your trading currencies.

Customers from a particular country will not be able to pay for the products or services through your web store if the payment gateway does not support that country’s currency. Therefore, judging by the geo-location of your target audiences, you should choose a payment gateway system for your eCommerce platform.

Many businesses integrate multiple payment gateways to serve customers from different countries. Multiple payment gateways are also a good thing for the buyers’ currencies to receive money. Irrespective of the number of payment gateways you integrate with your online business, you must check the currency compatibility of those payment processing systems.

#2. Is the payment processing software PCI compliant?

While accepting online payment, a business is responsible for maintaining top-notch security for the buyer’s financial data. Therefore, you should choose the SaaS payment processing systems that come with PCI compliance. If you have not heard the term, PCI DSS stands for Payment Card Industry Data Security Standards.

In 2020, a report claimed that only 28% of online businesses in the USA had PCI compliance. The shocking revelation is that the number has been dropping in the last few years. If you choose payment processing systems that aren’t PCI compliant, you might break security rules. As a result, the financial data of customers will not remain safe.

The best way to see if a payment processing system is PCI-compliant is to look at how it encrypts data. Tokenization is a standard way to encrypt data that takes out credit card information to add an extra layer of security. Such payment gateways are PCI-compliant payment processing gateways.

#3. What should the business expect after onboarding?

Every payment solution is unique, and the onboarding experience varies from one provider to another. A more rapid and seamless onboarding process is critical for a positive customer experience. While choosing a payment gateway, eCommerce businesses should keep the following things in mind.

Fast Customer Onboarding: Fast customer onboarding is essential for a good payment processing system. Creating a merchant account quickly saves time for businesses.
Availability of Tools: A payment processing system offers multiple tools to customers. For example, merchants should look for the self-serve option in the payment processing software.
Relationships with Banks: For faster and easier payment transactions, banks and payment processing software need to have good relationships.

#4. Does the payment processing software accept multiple payment modes?

A reliable and professional SaaS payment processing service in India should offer a payment gateway that works with more than one payment method. In India, debit and credit card payments are popular, though UPI payments have also become convenient for buyers.

Besides these conventional payment options, the payment gateway should support digital wallet payment, internet banking, pay-later features, and many more. Featuring multiple payment gateways, it attracts more buyers to an online store.

Still, the payment processing system is a key part of keeping customers returning to an online business.

#5. What Is the Cost of Payment Processing Software?

Nowadays, merchants can find multiple payment processing systems to integrate into their online stores. But the price of a tool for processing payments depends on its features, security, and other factors. Since the market has become competitive, most SaaS payment processing companies offer low-budget deals to their customers.

However, it is still crucial for merchants to check the cost and features before choosing a payment gateway. You can check out multiple software packages and judge which one is the most cost-effective one for your business. Typically, the payment processing gateways come with a monthly package cost. In a few cases, they have fees for particular payment methods.

#6. Can You Customize the Payment Processing Software?

Every business is different, so owners need customized software as a service (SaaS) to keep track of all their tasks. So, it would help to look for a customizable payment processing tool for your online store

Customizable tools help businesses add or delete payment processing gateways according to their requirements. For example, some businesses want to offer a “pay later” option to buyers to lure more buyers. This payment option increases the conversion rate because it makes it easier for buyers to buy and pay for a product later

Some businesses receive a good number of buyers from a specific country. In such cases, the sellers want to offer currency compatibility to such buyers.

#7. Will You Be Able to Switch Providers Quickly?

While choosing payment processing software, eCommerce businesses seek long-term cooperation with the service provider. However, it does not happen that way in a few cases, and online businesses are looking for a better option.

You can easily find better options due to the availability of multiple payment processing gateways. However, migration from one service to another can be a daunting task. Businesses do not want to lose customers due to technical hiccups during the migration.

Before choosing a payment processing system, you should look at the terms and conditions for migration. It will help you to migrate easily if such a requirement arises.

#8. Does the company offer dedicated customer support?

Profound and dedicated customer support is essential for choosing the right SaaS payment solution. If a company doesn’t have good technical support, it could be challenging for eCommerce merchants to work with them in the future.

Nobody likes losing customers due to technical glitches on the payment gateway. Moreover, frequent glitches on the payment gateway are unsuitable for your business reputation. Effortless customer support is essential to deal with such technical glitches.

#9. What Is the Company’s Expertise in Fraud Management?

SaaS fraud management for SaaS payment processing is essential to protect customers from financial fraud. People lose money due to fraud, and gaining back the trust of such people becomes difficult. It is difficult to bring back a buyer once you have lost him. Therefore, you must have a payment gateway system with an efficient fraud management mechanism.

#10. Is the payment processing software tax-compliant?

The payment processing software should be tax-compliant to reduce your hassles in dealing with taxes. The payment gateway should add GST for domestic and international transactions. At the same time, it must include additional transactional fees for international payments. Choosing such a payment processing tool reduces hassles for small-scale eCommerce stores.

Conclusion

So, these are the questions you should ask before choosing the SaaS payment processing provider in India. Finding reliable payment processing software can improve the conversion rate of your business. At the same time, it enhances the momentum of customer retention by making things easier for them.

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TraQPayments Receives Payment Processing Software Recognition from Leading B2B Review Platform

July 4, 2022
8:25 pm
payment processing software, Payment solution, payment systems, payments, software solutions

Recently, a leading B2B software marketplace presented TraQPayments with a prestigious industry award in recognition of its exceptional performance in the payment processing software category.

CompareCamp, one of the most trusted and widely-known sources for comprehensive B2B and B2C SaaS reviews, recently lauded TraQPayments as one of the best payment processing platforms this year. The software review platform granted TraQPayments with a Rising Star Award, a type of recognition usually presented to payment processing platforms that have accumulated a growing number of followers and positive mentions from satisfied users on social media.

Following a strict criteria, CompareCamp came up with an authoritative ranking of the best payment processing and invoicing platforms and considered TraQPayments as a strong contender among the software products included on the list. CompareCamp’s team of expert software reviewers evaluated the features and functionalities offered by TraQPayments, considering it as one of the finest payment processing software products in the marketplace.

CompareCamp performed a thorough assessment of TraQPayments’ overall performance in terms of accepting payments, generating invoices, and offering subscriptions. In its detailed TraQPayments review, CompareCamp examined each of the key features that the platform offers. The review especially highlighted TraQPayments’ ability to support automated payments, increasing customer satisfaction and convenience, and improving the efficiency of payment collection processes.

TraQPayments was also commended for its invoicing features, which make it easier for businesses of all scales to generate and send invoices. The platform is built with a QR code function that allows customers to complete transactions and settle payments more easily. TraQPayments also supports a variety of payment options, such as digital wallets like GPay and BHIM UPI. Integrations with the platform make it possible for customers to settle their balances through credit, debit cards, and net banking.

According to a recent report, 82% of Americans today use online payments, which include in-store checkout via a phone or QR code, in-app digital purchases, and person-to-person (P2P) payments. With COVID-19 accelerating digitization in banking, payment processing software products like TraQPayments offer the most essential features for businesses to set up and manage online payments and provide a seamless experience for their customers.

CompareCamp carefully evaluated all of the features and functionalities offered by TraQPayments and included it in their list of best invoicing platforms. As an all-in-one electronic payment solution, TraQPayments equips businesses with all the right tools to accept payments online, streamline the billing process, and provide the best customer experience.

All things considered, our team at TraQPayment would like to express our gratitude to CompareCamp for presenting us with such a prestigious award. The honor of receiving this award from such a reputable organization inspires us to continue providing top-quality payment processing solutions to all kinds of businesses.

We would also like to thank our customers and users for trusting us with their payment processing requirements. Rest assured that we will continue to develop and provide you with newer and better services in the years to come.