There are thousands of online resources about business decision making. Some of them offer statistics on decision making (apparently we all stink at it), some offer advice (consider the present and future value of all your decisions) and some just make fun of it (when did lunch get so complicated?).
If you’re here you’re up against a business decision yourself: which Magento payment gateway to choose. In an effort to help you avoid making a decision you regret (either immediately or down the line!), below are some of the things that, in my experience, businesses fail to consider when it comes to an initial payment gateway choice. The wrong choice usually leads to multiple payment gateways and all the headaches that come along with them.To help you avoid making a decision you regret (either immediately or down the line!), here are some of the things that, in my experience, businesses fail to consider when it comes to an initial payment gateway choice. Click To Tweet
Here’s to hoping your decision can be made correctly from the start, considers both the present and future of your business—and is all wrapped up by the time you finish lunch.
Talk to us about BlueSnap’s All-in-One Payment solution for Magento—we’ll help you gather all the information you need to make the right decision for your business!
4 Things Businesses Fail To Consider About Their Magento Payment Gateway Integration
1. If the gateway also gives you a merchant account.
Every Magento payment processor handles customer transactions, but there’s also that little matter of you getting the funds—which happens only through your merchant account. Not all gateways are full-service providers, though. If they don’t provide a merchant account along with the processing solution, you’ll have to go somewhere else to get one. You’ll also have to hope that both components work seamlessly together. Why cross your fingers and hope? Choose a full-service Magento payment extension right from the start, and make your life easier.
2. What your business might look like in the future.
No matter what your business looks like now, it’s probable that, a few years from now, it will look different. So it’s a good idea to choose a Magento payment gateway that will be able to serve your needs well into the future. One key feature growing businesses need today is strong support for global sales—even if you’re only selling domestically right now. Many gateways say they have global support, but in reality they lack sufficient global sales tools and resources to ensure that cross-border transactions are successful. Research this aspect of potential gateways carefully to avoid having to “fill in the gaps” with other gateways later.
3. The extent to which they will need fraud and chargeback protection.
Ecommerce fraud is on the rise. Your business needs equal protection for both criminal fraud and “friendly” fraud (chargeback fraud) at every phase of the buying process. Without it, chances are good you’ll lose money unnecessarily. So look for a Magento payment processing solution that includes high-level protection for all types of payment fraud. The best solutions will utilize a third party whose main business is fraud-fighting.
4. Whether the gateway will accommodate growth on the Magento platform.
Magento has two editions: Community and Enterprise. Magento Community is great for small businesses or businesses that want to build a store from the ground up, but you may want to take advantage of the more powerful Enterprise edition as you grow. Not all Magento payment gateways expand to the Enterprise level. If yours doesn’t, you’ll either have to switch gateways or stay with Community, which could limit your business prospects. Choosing a payment processor that supports both Magento editions gives you one less business decision to make later (whew).
Consider BlueSnap: A Full-Service Magento Payment Gateway
The BlueSnap platform encourages business growth, which means you’re covered on all of the points above! We are a Magento Technology Partner, and support both editions of Magento. In addition to providing you with both a payment gateway and a merchant account, our powerful payment processing features include:
- Global sales tools, such as multi-currency support (100 currencies around the world!), intelligent payment routing, and an extensive network of global banks—all of which help you make more sales in every part of the world.
- Built-in, sophisticated fraud tools that effectively stop criminal fraud in real-time, help you avoid chargebacks, and, should a chargeback occur, help you dispute them. Our partners in these endeavors—Kount and Chargebacks911—are leaders in their fields.
- In-depth payment analytics that give you the real-time sales data and historical data you need to continuously improve business operations. Our reports are more detailed than those of most other payment gateways, and they’re accessible to you 24/7.
If you already have a payment gateway for your Magento store and would like to switch to BlueSnap, it isn’t as hard as you think! We provide all the necessary tools and development resources, and even a team to help you with the transition. And if it’s your first time choosing a Magento gateway, we’d love to partner with you from the get-go!
Interested in talking with us? We’ll do whatever we can to help you make the business decision that’s right for you. Get in touch today.