Business

International Payment Gateway: When Should You Switch To Another One?

Every merchant selects the payment gateway with the utmost care, but mistakes happen despite complete attention to minor details. Mistakes mean a wrong choice of payment gateway. If you are a merchant, you do not know how your payment solution provider will act after getting into the agreement. When it comes to an international payment gateway, the loss of making a wrong choice can have a more significant impact because the business is multinational. But if the right action is taken at the right time, future issues can be prevented. A poorly managed gateway services give you a clear hint about the wrong handling of transactions. You must notify them and immediately switch to a dependable payment gateway provider.

Slow transaction speed

A slow transaction speed may not be so annoying for the merchant, but it is pathetic for the customers. The competition brings many options for the buyers, who can change their minds after the tiniest awful experience. Payment experience is perhaps the first thing a customer experiences and understands the seller’s nature. Buffering screen failed transactions, late notification of completed transactions, etc., are some suicidal issues for a business.

If your international payment gateway has failed to provide you with good checkout speed and the customer has to wait for the completion of the transaction, it is time to switch. The rate at which you process payments is the first factor that impacts business growth. As a merchant, you know you can lose many customers in just one night if they are unhappy with their payment experience.

Incapable of spreading to new countries

Business expansion is a natural process in every business. A commercial entity that is an infant in size today may become a big brand in the first three years. But it needs to expand its scope to reach new countries and get new customers. The best international payment gateway providers are those who have a vast network of their services in all the countries where you plan to grow in the future. Maybe initially, you signed the contract because the solution provider mentioned its plans to spread to new global locations. But later, things changed, and the payment gateway did not look so progressive in terms of its expansion.

If you want to expand your commercial activities, never choose a payment gateway with no existing branches in your desired locations. You must be focused no matter how big promises the provider makes about its upcoming payment gateway branches in new countries. Always choose a payment gateway that already has its presence in all the places where you may grow later. A vast network is the real strength of an international online payment gateway.

Weak knowledge of the international business laws

A payment gateway is the most significant support for a merchant in handling legal complexities. The solution provider companies know more about international business and payment laws than the merchant. It is because they are already working in varied global locations and for varied merchants from different industries. If you think your relationship manager assigned by your international payment gateway fails every time to enlighten you about laws during a query, it is a red signal. It is perhaps not a person’s weakness but the whole team with no practical experience in international business rules and regulations.

Maybe the current situation is acceptable because the merchant works in a specific location. But in the future, if a business wants to know about the possibilities of a new country, accurate knowledge of payment laws is very important. For example – many countries have put a limit on Forex trading investment due to issues like terrorism, money laundering, etc., and their natives cannot invest more than that. Intelligent payment gateway providers should know about that exact limit. Merchants depend a lot on their payment solution companies because these companies have practically interacted with international laws for other clients.

A small history of working with merchants of the same industry

You may be doing unfairly to your business if a payment gateway works for your company without sufficient working experience in your industry. However, a payment gateway new in an industry may also do good. But usually, it is considered better if the payment solution company has a long history in the same sector. Experience gives the required insight into the nook and cranny of a business sector.

Without basic and profound knowledge, how can a payment gateway help its merchant client process the payments successfully? The market out there is quite stringent and catches even the slightest weakness of a business. It is better to switch to a payment gateway with ample experience in your industry because then only it is possible to have constructive discussions with your solution provider. After all, global commercial activities are destined to flourish, and that cannot happen without the support of a proficient international payment gateway.

Why is Eskaypay the best choice for your business?

Eskaypay international payment gateway has all the features and qualities that can make you stay lifelong. Whether you are looking for a payment gateway to switch from your existing one or you are looking for a payment solution, we are the best fit for you.

The speedy transaction is our identity, and all those merchants we have worked with got a great experience. Their customers never complain about the slow payment procedure to them. We understand the importance of the time between the merchant and the customer.

Wider reach and a strong network of merchant account providers are the other two qualities and strengths we have. We know that multinational companies always grow in different directions, so they need a presence in many countries. We can help you settle down in any global location of your choice. Due to this broader reach, we come among the top international payment gateways.

Our long history of working with merchants from varied industries makes us a considerably healthy option if you want to switch to a new payment gateway. High-risk payment processing is our specialization, and we have served thousands of merchants and millions of their customers.

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