If you are running an online business, one thing that can hamper your day-to-day operation is an online payment processing malfunction or worse, when it is shut down, preventing your customers to make the purchase and pay the corresponding dues via your online facility.
If you have a payment processing account at Paypal, you can be at risk as this platform can terminate your account without prior notice. This usually happens most especially if your online business belongs to the industry that is considered as high risk (e.g. those businesses that are bordering to illegal or when there is a high instance of chargebacks). With that, it makes sense to use a payment gateway that is safe and secure and from a company that specializes in high-risk merchant accounts.
Compare quotes. This is the way to go to jumpstart your quest for a paypal-alternative provider that offers the lowest rate for payment processing online. Ask quotes from different prospects but use the same set of criteria for different prospective providers. In other word, level the playing field among prospects. The Internet can be a great source of companies from which you can build your list of prospects, so make sure to take advantage of that.
Make sure there are no hidden charges. All the fees should be clear. Thus, you have to confirm that your prospects have detailed all of the fees associated with the products and services they offer, which you should emphasize during your request for quotes.
The area of specialization. When choosing an online payment processor, it makes sense to choose the one that specializes in providing online processing. This is to ensure that the service provider where you avail online payment processing is expert in your industry. Please note that your business can be considered a high-risk, so make sure your provider knows the intricacies of the process, without charging you more.