When you're building a marketplace or SaaS platform, choosing the right payment solution is one of the most important decisions you'll make. As you scale, your payment gateway will be by your side every step of the way and help to determine your margins.
So is your payment solution right for you? And will it be a partner that will support your growth?
Here are our top questions to ask yourself.
1. How well does your payment partner know your industry?
When you're in an industry with specific processes and requirements, it's essential to consider how your payment gateway can fit in with this. Travel marketplaces, for instance, have specific processes for holding money that may cause risk management alarm bells for some payment solutions that don't know the ins and outs of the industry. Make sure that your payments are powered by a brand that understands the space you operate in.
2. Will you be able to process the most important payment methods for your customers?
It's the stuff of nightmares for any SaaS platform or marketplace: having to turn away a keen potential customer at the basket stage. Make sure you're covered for your target market's key payment methods. Here's an example of the range of payment types that Payyo accepts:
3. How many currencies will you be able to process?
If you want to be an international brand, you need to ensure that your payment gateway reflects that. Make sure you can process all of the key currencies for your target customers and markets. Payyo currently works in all countries other than Cuba, Iran, North Korea, Myanmar, Sudan and Syria.
4. Will your payment gateway be compliant?
Compliance is an essential box that needs to be ticked by your payment provider. Make sure it's covered and it's one less thing for you to worry about.
5. What will risk management look like?
Risk management is a delicate balance. On one hand, you need to be kept safe from fraud. But on the other hand, you want to accept all of the genuine transactions. Is your payment provider on the same page as you? And do they understand the types of transactions you process?
6. Will your payment partner go above and beyond to help your business grow?
At Payyo, our goal is to go above and beyond being a payment solution. We want to provide the advice and financial support that makes us a trusted partner for business development. Our values are partnership-driven, and when our partners increase their profit margins and drive success, we also succeed.
As we want to work closely with all of marketplace and SaaS platform partners, our focus will always be on quality instead of quantity. We can't work with everyone, and our approach doesn't suit everyone – but we go all in for our clients that share our values.
What about you, what do you need for your business? Make sure you understand this before putting in the work to integrate a payment solution with your website.