How to Choose the Right Payment Gateway for Your Business

Choosing the right payment gateway for your business is important to completely satisfy your clientele. If you want to know how to choose the right payment gateway for your business, go through the complete blog. Payment gateways are basically online transaction service providers who enhance the security of all online payment transactions of any business.

Online transaction security has become a great concern for all the businessmen as cybercrime is increasing on a daily basis and hackers are becoming more advanced. Letspe Payment gateway is one such payment aggregator, that handles the online fund transactions of its merchants and helps them in improving their client retention rate.

How do you Choose a Payment Gateway?

As the payments for the services or products are going digital, clients expect the businesses to make online money transaction processes more secure for them. 

While choosing any payment gateway service, you only need to understand some basic requirements of your business and if that payment aggregator fulfills the same or not.

You are also suggested to understand the benefits and drawbacks of that payment gateway company you are taking into account. 

Compare your needs with the gateway service providers and you will end up choosing the most appropriate payment gateway for your business.

Best payment Gateway Features List

Payment gateways can be used to exchange online payments for any established business whose owner is looking forward to streamline the clients' payment processes and boost cash flow. 

Each payment gateway has its own features. Some of these features are common and some are unique that work as an USP for the payment gateway service providers. We have mentioned some of the features below that will make your priorities clear as a business.

Cross-check the following attributes while searching for the best payment gateway for your business:

Cost

Compare the service fees, which include setup, maintenance, and transaction charges, from the list of the major payment gateway service providers in the market.

Unique Selling Point/Proposition (USP)

Every payment gateway has unique capabilities, therefore it's important to choose a gateway whose USP is compatible with your company's primary requirements. 

Also Read: Evaluating Payment Gateway Providers: A Comprehensive Guide for Businesses

Operations

As a business, you should establish a connection with a Payment Gateway that processes online payments smoothly with minimal efforts from merchants.

Working Flexibility

You should select an adjustable payment gateway that can handle the various payment demands of its clients by offering recurring transactions, a variety of payment options, and the capacity to accept both single and bulk payments.

Security

Any payment gateway's most important characteristic is the safety of the payment details. It is recommended to verify the security feature for client credentials of the selected payment gateway. 

Ratings & Reviews

The greatest place to look for actual reviews of the payment gateways you've selected is Google. It will help you recognize their advantages and disadvantages. You can trust other genuine sources to find the best payment gateway for your business.

Modes of Online Payment

To accommodate a wide range of customers, the payment gateways must offer various methods for payments to be received. Make sure your payment gateway accepts a variety of payment options because some customers like to pay with cards while others may use UPI.

Payment Settlement Time

Fast settlement should be enabled by any payment gateway to obtain:

Profits, Popularity and User Credibility. 

Payment gateways typically require a minimum of one day to settle payments to merchants. Letspe is one out of many companies that offer T+0 day settlement. These gateways are an excellent option for the majority of firms and can be regarded as stable.

Why should a business choose LetsPe as its payment gateway service provider?

Also Read: The Future of Contactless Payments: Innovations and Security Measures

Letspe Payment Gateway is the most efficient payment gateway, which offers multiple services like - Payment Gateway, Payment Links, Payment Button, QR Code, Instant Fund Settlement, Invoice, and Payout/PayIn.

Some of the USP’s of LetsPe which makes it a distinctive payment gateway service provider are:

Both the setup and annual fee require no cost.

Transaction fees - starting at 2% + GST.

Online payment choices: Debit card, credit card, phone payment, google payment, net banking, amazon pay, paytm, and many other methods. 

INR currency transactions at the moment (Might add some more soon).

Available 24 hours for onboarding.

Integration with the ECommerce platforms. 

They offer fund settlement even on Saturday’s and Sunday’s. 

T+0 Payment Settlement available.

SSL and TLS encryption protocols employed.

Conclusion

In the above blog, we have shared the points to remember while selecting any payment gateway service for your business. If you liked the content, do bookmark this site and know more about the Fintech world.

If you find the features of the Letspe payment gateway that are mentioned in this blog, you can connect with them via their linkedIn account company/letspeofficial