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Online payment gateway red flags: 6 signs you need a new one

Mohab

The best payment gateway service will set your business up for success. At worst, the wrong online payment gateway will put your business at risk of security breaches and lawsuits.

But it’s not always straightforward to spot a bad online payment gateway. Here are 6 red flags to watch out for.

Ease of payment

More and customers are shopping on mobile. Business Insider reports that m-commerce will account for 44% of e-commerce by 2024. Unfortunately, there are many payment gateways that are still not mobile-friendly.

Global online shopping is also on the rise. In 2019, the average international e-commerce basket was valued at 97.87 USD. Before the pandemic, numbers showed that international customers also tend to buy more often. Making customers do math in their head to calculate exchange rates and fees is a sure recipe for checkout abandonment.

A payment gateway that’s not mobile-friendly and doesn’t accept multiple currencies will put you at a disadvantage. PayTabs allows payment in 168 currencies. No matter where your customers are, they can view the fee and pay in their local currency. It’s also mobile-friendly and supports all major credit cards.

Weak security standards

2020 was a year of explosive growth for e-commerce. Sadly, online fraud rose as well with the increase of customers. A found that 37% of customers surveyed had been a target of online fraud. According to LexisNexis, total online fraud attempts per month experienced by U.S based retailers increased by 24.2% in 2020. E-commerce sites now face a host of security risks from cybercriminals.

Find out if your payment gateway provider is compliant with international standards such as Payment Card Industry Data Security Standards (PCI DSS). Choose an online payment gateway that’s 3D secure, uses Secure Socket Layer (SSL) technology, and tokenization. The best ones will have an added in-house fraud protection layer.

Slow payment processing speed

Customers expect a fast checkout – 18% will abandon cart if the payment process is too complex. It also increases complex chargebacks and hurts the user experience. Choose a provider that offers a seamless purchase experience and an intuitive terminal.

In addition to the actual transaction itself, each payment gateway provider has different payout terms and timelines. Delayed payout affects your cash flow, especially if you’re a small or medium enterprise (SME) or a startup. At PayTabs, we transfer deposits to you within two business days. Try a free demo of PayTabs here.

Lack of robust reporting & reconciliation

If your payment gateway doesn’t have sufficient data collection, you’ll be making business decisions on guesswork or worse, wrong data. You need real-time data reconciliation and accurate reporting.

We recently launched PT 2.0, our new enhanced payment gateway. It allows you to track transactions based on volume, revenue generated, and order value including refunded transactions. Product sales can be measured by the day or hour — invaluable for promotions and offers. It also allows you to identify your top customers and reward them.

Incompatible with your goals

Choosing a payment gateway is a long-term investment. Therefore, your payment partner should be a match for your goals. Some discerning questions to ask up-front are:

• Is this payment gateway trustworthy?
• Does this gateway have a track record of success?
• Does this gateway support our business model?
• Does the gateway allow integration with our systems?

PayTabs is a gateway made for service providers trying to enter the MENA region. We’ve been in business since 2014, helping merchants of all sizes across 49 industries. We allow integration across mobile, iFrame, and e-commerce plugins under 24 hours.

Hidden or junk fees

Many online payment gateways have hidden fees. They also use confusing jargon and pricing models. The best payment gateways have transparent, cost-effective pricing.

Junk fees are another hidden cost to watch out for. Common examples of these include:

• Early termination fees
• Monthly minimum fees
• Statement fees
• Customer service fees.

You shouldn’t have to pay to get a monthly statement or talk to customer service.

Let us help you

Start your entry into the MENA market with the best payment gateway. Contact us and talk to one of our representatives today.


Kasun Pathirage, is an expert tech and B2B freelance content writer.

MENA Future of Fintech

Date: 9th, 10th of Feb 2021,
Venue: Virtual

PayTabs

We are super pleased to be sponsoring the MENA Future of Fintech virtual event by Nispana Innovative Platforms Pvt. Ltd. The event aims to highlight market opportunities that have surfaced in the midst of the pandemic.
Punit Thakker, our senior VP will take to the stage with other like minded gurus to discuss #digitaltransformation and Financial Inclusion.

Tech Panel Discussion – Tech In FinTech: Transforming drive in the financial sector on Feb, 10th 2021 at 17:00 UAE Time GMT+4.

Tech Presentation – Fintech evolution driving next-gen digital payment systems on Feb, 10th 2021 at 17:45 UAE Time GMT+4.

Download Event Brochure

INDO-MENA Corridor

Date: 03 Feb 2021, 02:00 – 03:00 PM GST
Venue: Virtual

👉  Join as a Startup / Partner: https://bit.ly/39nwOy4 

👉  Get your Free pass to attend: https://bit.ly/3qX3aFy

INDO-MENA Corridor (IMC) by LAFFAZ is power-packed with a number of startup ecosystem leaders and partners – paving towards building a new era of the startup ecosystem, where tech startups, investors, mentors, and all types of enablers both from India and the MENA region can connect and work both regionally and internationally, ALL AT ONE PLACE i.e. the INDO-MENA Corridor.

▸ Ecosystem Partners: Microsoft for Startups Middle East, Startupscale360 FZCO

▸ Strategic Partners: Mindhouse, PayTabs

▸ Supporting Partner: Andra Public Relations

▸ Outreach Partner: UIncept

▸ Media Partner: Dailyhunt

PT 2.0 Conversion Support – More Webinars

Date: 26-27 January, 1,2,3,7,8,16 February 2021, 2pm KSA Time
Venue: Zoom

If you missed one of our webinars, you can still watch it here:

Topic Date Language Watch Webinar
PT2.0 – Q&A Jan 26, 2021 02:00 PM Riyadh Arabic Part 1
Part 2
PT2.0 – Q&A Jan 27, 2021 02:00 PM Riyadh Arabic Click Here
PT2.0 – Q&A Feb 1, 2021 02:00 PM Riyadh Arabic Click Here
OpenCart & Presta Shop 2 Feb 2021, 14:00 AST Arabic Click Here
PayPage and Express checkout 3 Feb 2021, 14:00 AST Arabic Click Here
How to use PT2 dashboard 3 Feb 2021, 16:30 AST English Click Here
Magento 7 Feb 2021, 14:00 AST Arabic Click Here
SDK 8 Feb 2021, 14:00 AST Arabic Click Here
Overview of PT 2.0 Dashboard Features 16 Feb 2021, 14:00 AST Arabic Click Here