Which is the best payment gateway out there?
Unfortunately, there isn’t a straightforward answer to this. Typically, you’d want to choose one that has the lowest rates for the type of transactions that you have. So if you have high volume, low value transactions, you will want to opt for a different gateway than if you had low volume, high value transactions.
If you have past sales, simply put that into an Excel file and calculate the fees you would have to pay to the different gateways. See which is the lowest and go with that.
But it really depends on what your business needs are how often do you need to do settlement? Do you need to facilitate pay outs, chargebacks or refunds? How often do these occur?
What are the fees involved?
the infographic to view and compare the fees charged.
How do I decide which payment gateway to use?
You’ll need to take a few things into consideration:
What features need to be available to you? Online banking? Pay outs? Chargebacks? Refunds?
What payment methods do you want to make available to your users? Credit card? Online banking? E-Wallet? Paypal?
What kind of transactions do you have or forsee having? High volume & low value? Low volume & high value? A mix of both? How much revenue do you make per year?
Take all these considerations and use our guide to compare which solution best suits your business.
When you have decided which payment gateway you want to use, go to their website to apply for an a count. It’s similar to opening a bank account. There will be a series of forms to fill up and documents to submit. But don’t worry, just like the banks, they are more than happy to walk you through the process.
Do I need to use a payment gateway?
If you require any sort of payment for products or services in your app, then the answer is you should use a payment gateway! The alternative is asking users to transfer to your bank account, and send you the receipt, by which point the user would have uninstalled your app and bought the product or service elsewhere.