Questions to Ask When Choosing Payment Methods for Your Business

Business WooCommerce Theme

Questions to Ask When Choosing Payment Methods for Your Business November 21, 2022

Many things go into running a successful business, but choosing the right payment provider is one of the most important. Whether you’re a brick-and-mortar retailer or an eCommerce site, there’s no shortage of options out there when it comes to processing payments. There are great choices out there including Stripe, MYOB, and Xero payment services app. Finding one with all the features and benefits you need for your online business can be overwhelming — and expensive! But don’t worry: We’re here to help you choose the best payment solution for your needs and budget. Here are some questions to ask yourself before investing in any type of payment provider:

payment methods


How much does it cost?

The first thing to do is look at the costs of each payment provider. You’ll need to know how much it will cost you to sign up with each one, as well as other fees that may be associated with using them. Some payment gateways charge very high transaction fees (like 2%), while others have lower ones (like 1%). This can add up quickly over time!

You should also look at how much it costs to process payments through your shopping cart and anything else related to fraud management or customer service.

Should I use the same provider for all my payment needs?

The short answer is, it depends on your business.

If you’re just starting, or if your company is small and doesn’t handle a lot of transactions yet, it may be best to use one provider for all your payment needs. However, if you have a larger business that requires multiple payment methods — such as accepting payments in different currencies — it’s important to integrate these into your accounting software so that they can be managed centrally.

In such cases, it might make more sense for the company to use an integrated solution from the beginning instead of switching providers later down the road when the initial system proves too limited for their needs.

Which payment methods should I accept?

Accepting payments online is a complex process. The following questions will help you decide which payment methods best suit your business:

  • What are the costs, risks, and customer experience of each payment method?
  • Which payment methods do my customers currently use to pay for products or services online?
  • What other factors might affect my decision, such as compliance and regulatory requirements, or the need for certain reporting capabilities for tax purposes?

Does my checkout cart integrate with the payment provider?

One of the most important considerations when choosing a payment method is whether or not your checkout cart integrates with the provider. If you choose a payment processor that doesn’t integrate with your existing software, you’ll have to make changes to both systems for them to work together.

If you can find one that does integrate, however, this will save you time and money down the road. For example, it’s usually cheaper for merchants who use a single provider for all their payment needs (like Stripe or PayPal) than it is for those who use multiple providers (such as PayPal and This is because these single-source companies often offer lower merchant fees than their multi-sourced counterparts.

Additionally, if something goes wrong on either side of your transaction flow — whether it’s an issue within your system or between yours and another company’s — it’s much easier on everyone involved if there isn’t an additional company involved in the middle of things!

Lastly though most importantly: Make sure that whatever solution(s) are chosen are easy enough so that customers don’t have trouble making payments!

Does the shopping cart handle multiple currencies?

You can’t accept multiple currencies if your shopping cart doesn’t support them. If you want to sell internationally, then you will need to accept multiple currencies.

To do this, you can use a third-party service that converts currencies. For example, PayPal provides a currency conversion feature for all their customers who have accounts set up in multiple currencies.

What is the customer experience of the payment process?

You should make sure that the payment process is easy to use, fast and intuitive. If it’s complicated or takes too long, you could lose customers who will go elsewhere.

  • It should be easy for your customers:

The payment method should work across all devices and browsers. You don’t want your customer to have a bad experience trying to pay you because their device doesn’t support something you’ve chosen as a payment method (or vice versa). When choosing a payment solution, ask whether there are any minimum requirements for the device or browser that you can let your customers know about in advance so they don’t get caught out when they try making an order from their phone or tablet.

Are there fraud and risk management tools to help protect my business?

Fraud happens when you least expect it! Fraudsters are experts at knowing how to steal your money and can do so in many ways. To make sure you don’t fall victim, ask what fraud and risk management tools are available to help protect your business against chargebacks, false declines, and other fraud types.

In this context, “fraud” refers to any unauthorized use of your payment account that results in a loss for the business issuing the card. The most common type is known as “card-not-present” fraud (CNP), which occurs when an unauthorized person uses stolen or cloned credit cards over the phone or the Internet. These transactions usually occur on websites where customers pay with their credit card information but don’t see anyone physically present at checkout.

If you’re not familiar with CNP transactions yet, they’re pretty common nowadays — and if they seem like something worth avoiding altogether; that’s fine too! Here’s how they work:

  • Someone steals a person’s information (such as their name) along with something else like an expiration date or security code on their physical card
  • They then clone these pieces onto another plastic card called a “skimmer.” This device records data from every swipe when inserted into point-of-sale machines at retailers (like gas stations). When done correctly this technique can collect thousands of dollars in fraudulent charges before being discovered by authorities due to its extremely low profile nature within stores themselves.”

Do I need to offer recurring payments?

It’s a good idea to offer recurring payments. They’re an easy way to increase revenue and it’s not hard for customers to set them up. You can use Stripe or WePay, which both have solid payment plans in place that will help you manage recurring payments.

You should also be prepared to manage cancellations if they occur. This might mean setting up a customer support system so that you can handle this quickly when it happens, but it can also mean giving refunds if a customer doesn’t want their subscription anymore.

Do I need to accept payments in person?

If you’re planning to sell products and services in person, then you must know what payment methods your customers will use. If they plan to pay with cash or credit card, then you’ll need a traditional point-of-sale system like Square or PayPal Here. If they plan to pay by check or money order, then it might make sense for them to fill out an invoice rather than submitting payment through the app itself. Whatever their preferred method of payment is, make sure that whatever setup process is involved doesn’t get in the way of making sales.

You should also consider the security of different types of physical payments: cash payments can be stolen without detection; checks are often used as a form of fraud because they’re easy to forge; credit cards can be lost or stolen; and checks must be collected before being deposited into an account (or cashed), which means more administrative work for both parties!

Don’t get stuck using a suboptimal provider. Do your research!

As you can see, there are a lot of things to consider when choosing a payment processor. Don’t get stuck using a suboptimal provider. Do your research!

Don’t choose the first option that comes along — if you do, you’ll likely end up paying more in fees than necessary and having to deal with poor customer service. If anything seems too good to be true, it probably is. Be wary of companies offering too many bells and whistles; these might be great features but they also come with high costs and hidden downsides (like confusing user interfaces).

Make sure you understand the terms and conditions of any agreement before signing on the dotted line — it’s better to read over something before committing than having regrets later on when things go south.”


We hope this article has given you a better sense of how to choose a payment provider for your online business. We also hope it’s helped you realize that there are many considerations to make and options out there, so don’t get stuck using suboptimal providers! Remember: it’s important to ask the right questions before signing up with any payment solution. The more informed decision-making process will help ensure an easy and seamless experience for both customers and merchants alike.

Share this post:

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured Templates

All Templates

Buy cheap RDP

buy rdp with bitcoin