When choosing the right eCommerce solution, you find yourself becoming increasingly frustrated with the amount of payment processing providers, the range of eCommerce solutions that are available, and the requirements of your online store that need to be addressed. The problem is not the amount of solutions that are available, or the information that you are receiving regarding what eCommerce solution will fit your business needs, it is the inability to understand how to properly choose the right eCommerce solution amongst the herd.
Being able to process credit cards through your online store quickly and securely will not only benefit the customer, which is very important, but it will also benefit you tremendously. When customers are comfortable with their payment process through your eCommerce solution, the likelihood of having chargebacks drop tremendously. Take the time to review what is important when choosing an eCommerce solution, making the wrong choice will cause you more than just technical issues.
These 5 key steps to choosing an eCommerce solution will help you sort which solution makes the cut, and which ones simply wont cut it.
1. Initial Research
Conduct initial research to find payment processors that seem to meet your eCommerce requirements - or at least most of them. At this step, ask the basic questions - pricing, contract length, additional features and integration capabilities. Be open to a platform that integrates different applications. That is likely what you will end up with, rather than a single box solution.
2. Choose Preliminary payment processors
Contact the most qualified payment processors directly and send them your eCommerce requirements. Figure out which processors really should be on the short list by making them respond to your initial queries. At this stage, customer service is key. Quick responses may not always be the best responses. Go through all the information provided to you and set up a call to discuss further. Try to reduce your short list to roughly 3 payment processors through this step.
3. Review Your Requirements
Reset priorities based on what is really possible within the budget you have established with your three short listed payment processors. You will likely compromise on some of your requirements or change parts of your approach since you have the full eCommerce solution platforms outlined for you. Ensure that all the features and integration requirements fit the needs of your online store.
4. Get Final Pricing Breakdown
Once you finally feel comfortable about choosing your eCommerce solution and payment-processing partner, get a final pricing breakdown, as well as review all the benefits that this solution will provide to your online store. Pricing is not the most important thing, however, you need to know what you are going to be paying each month. Expect full disclosure from your payment-processing provider, and ensure that all fees are outlined for you.
5. Confirm with your eCommerce Solution Provider
Ask your payment processor to do a proof of concept on anything that you are concerned about before you sign the merchant agreement and commit to an eCommerce solution. This is your final chance to ensure that this is the right eCommerce solution for your online store.
If you follow these steps, you will be on the right track to success with your online store, and your eCommerce solution will provide the simple, effective, and secure payment processing that you require for your online business. The more options that you have to choose from, the more you will have to compare. Do the research required to make the right decision.