How to choose the best Payment Service Provider for your business?
An independent guide to choosing a Payment Service Provider (PSP) for your e-commerce business
Introduction
Iets over e-commerce booming en dat het direct kunnen afrekenen van cruciaal belang is in een e-commerce setting.
Dat zakelijke en lokale banken niet altijd het juiste platform hebben (beperkt aanbod betaalmethoden, valuta, koppelingen (shops, boekhoudpakketten) en prijsstelling, ook geen core-business, dus trage ontwikkeling en beperkte technische en inhoudelijke kennis etc.).
Invalshoek zoektocht? of je nu begint met een webshop of al jaren online aan de weg timmert, over wilt stappen vanwege ontevredenheid met aanbod, prijsstelling, beperkingen huidige platform. De reden dat je dit artikel leest is dat je op zoek bent naar het accepteren van online betalingen en wilt weten welke Payment Service Provider de beste keuze is voor jou.
Invalshoek van dit artikel is om jou op weg te helpen, na te laten denken over wat belangrijk is, suggesties geven en wat je in je achterhoofd mee moet nemen om een juiste keuze te maken.
Payment Service Providers are a necessity for online merchants and businesses looking to monitize on the sales of goods and services sold online. PSPs enable e-commerce merchants and online businesses to accept local, regional and global payment methods and currencies. They process transaction data from online buyers to the appropriate financial institution, request approval and settle the funds to the merchant or business.
Role of a Payment Service Provider
Payment Service Providers (PSPs) or Payment Gateways provide the technology - a 'transaction processing platform' - to merchants and businesses to accept payments over the internet. The PSP's processing platform sits between the merchant's webshop or business application and the connected financial institutions that serve specific payment methods (e.g. creditcards, wallets, cryptocurrencies) or payments solutions (e.g. subscription billing, pay-by-invoice). Their platform exchanges transaction data with financial institutions like banks and other financial solution providers to get approval for purchases made at (mobile) websites and in apps, and for (recurring) billings.
More than transaction processing
Besides transaction processing, PSPs often provide additional services like fraud prevention, currency conversion, financial reporting and customer data insights.
Transaction Pricing
The merchant or business typically pays the PSP or gateway a fee for the processing of the transaction and a fixed or variable commission costs per succesful payment. Most PSPs offer both standard pricing and custom pricing to their customers (pricing is generally determined by transaction volumes, turnover and growth potential).
In this article:
Enabling businesses to accept payments
Role of a Payment Service Provider
More than transaction processing
Transaction Pricing
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