How to choose the perfect payment aggregator for business

payment aggregator

When planning the launch of a commercial site it is necessary to create the most comfortable conditions for the user. This also applies to methods of payment.

The more payment options you can offer to the potential client, the higher the chances that he will complete the order and stay with you.

Of course, in most cases, users still prefer the proven method of payment by card, but the number of people wishing to pay by alternative means is growing every year.

You can give customers a choice by connecting each payment method separately, but why when there is an option to connect all at once – the payment aggregator?

What is a payment aggregator

Many people are familiar with bank acquiring and payment gateways. But a payment aggregator is something else. It is a universal tool that allows you to combine all popular and in-demand payment methods.

The business owner will not need to conclude contracts with banks, payment operators, and systems, because the company operating the aggregator will do it for him.

The business has at its disposal a ready-to-work tool for processing various payments.

Is it possible to work without connecting an aggregator? Of course, you can, but you should be prepared for the fact that you will need to go through several registrations, complicated:

  • Different requirements for the site from different payment service providers (banks, electronic payment operators);
  • High probability of rejection if the business is in the high-risk category;
  • The need for negotiations, inspections, and approvals, which drag on indefinitely;
  • Additional costs for developers, because it is impossible to integrate the tool into the site without specialists;
  • The need to connect a CRM to account for and control funds.

As you can see, the alternative option is an additional cost, not only of money but also of time.

If we are talking about a large project, the costs can be justified, but if you are planning to launch a startup, it is better to use one payment aggregator, which will solve all problems at once.

If you connect this option, you will be able to go through the registration and integration process in 1 day.

Why do I need a payment aggregator

A payment intermediary will be a good solution not only for a website selling goods but also for an online business providing services. You can use the aggregator for:

  • Ticket sales;
  • Online store;
  • The website of the training center;
  • Digital Content Sales;
  • Sales of freelance services, etc.

Why choose a payment aggregator

With a competent approach to choosing an intermediary, you can get not just a universal tool that will save you from having to connect each payment method separately, but also:

1.Single merchant account. All payments coming from customers will be sent to one account, which will greatly simplify control and facilitate sales management.

2.Ability to control transactions. You will get access to your workroom, where you can not only track all transactions but also prepare reports and manage payments.

3.High speed of transaction processing. In this respect, payment aggregators are not inferior to direct acquiring because all processes are optimized.

4.The possibility of a simple and clear connection without the involvement of specialists. In addition, you will be able to delegate some functions to employees.

5.A more profitable option for accepting payments on the site because the aggregator’s services are often cheaper than the amount of commission for a separate connection of payment systems.

6.Security assurance. All transactions take place through a secure page, through encrypted channels. Moreover, a good aggregator will protect you from fraudsters with reliable antifraud monitoring.

How does the aggregator work

Connecting a payment aggregator is an opportunity to simplify, speed up, and automate the stages of processing incoming payments.

Most aggregators, in addition to traditional card payments, can offer payment options through bank transfers, electronic wallets, electronic payment systems, and cryptocurrencies.

Briefly, the principle of operation of any aggregator can be described as follows:

1.An order is placed on the site. At this stage, the product or service is identified by a unique number or another principle.

2.Next, the customer chooses a payment option and if the choice is made in favor of online payment, he is transferred to the payment page. Here he chooses the appropriate payment method.

3.After selecting the payment method, the customer enters the payment data and confirms the payment (if necessary).

4.If the transaction is processed successfully, the client is returned to the site and the aggregator sends the result data to the site server.

5.The last stage of processing is when the site manager receives a message about the successful payment. The order will change its status to “Paid”. If necessary, you can check the transaction in your personal account.

It is logical that there will be a fee for the intermediary’s services. In most cases, the payment aggregator will offer you a fixed percentage per transaction, but conditions may vary.

It is possible that you can get more favorable individual terms of cooperation. It’s important to know what is taken into account when determining the fee:

  • The amount of money turnover per month: the percentage of commission will be lower if the turnover is high;
  • What types of payments you need to connect? Each payment option has its own amount of commission, so you will be calculated the optimal figure;
  • Type of your business.

How do I choose a payment aggregator for my needs

There are a huge number of payment aggregators on the market. Making the right choice and finding a reliable partner in such a variety is becoming increasingly difficult.

However, it is the right choice that determines how much your business performance will improve. When choosing a partner, keep in mind:

1. The length of time the aggregator has been operating on the market

Of course, stable companies that have been on the market for a long time rarely make concessions and change conditions for a particular business, but they can guarantee the quality of their services.

2. What kind of business is the aggregator focused on

You can find companies that offer one-size-fits-all solutions, but the best option would be intermediaries that work in your field and know the problems your type of business faces.

3. Possible payment options

It’s good if the aggregator can offer all modern and relevant payment methods among your target audience. This can be not only cards and electronic money, but also cryptocurrency.

4. Amount of commission

The cost of payment aggregator services will in any case be higher than direct bank acquiring. But you can find options in which you will be offered an optimized single commission.

Also, at the stage of negotiations, you can agree on individual conditions depending on the type of business and turnover.

Be cautious about offers with too low commissions, as the services may be of poor quality, and you will end up losing much more.

5. Useful features

Your business may have special needs that are not covered by one-size-fits-all solutions. It’s ideal if your chosen aggregator can offer you options to cover your needs.

6. The complexity of the integration process

Everything matters when it comes to integration: from the speed of connection to specific features. Find out about the availability of technical support, API integration documentation, and other details before signing the contract.

7. Possibility of mass and recurring payments

If your business implies automatic regular transfers from the client (recurring payments) or if you need to make payments to clients by requisites without withdrawing money from the system (mass payments), it is better to check the availability of these functions at the selected aggregator.

8. Bonuses and discounts for regular customers

Not all companies are willing to change the terms of the contract for regular customers, but sometimes you may be offered a reduced commission or other personal bonuses.

9. The work of the support service

The support service must be available 24/7. This way you will not be left alone with your question in case of problems. It is ideal if you are offered different communication channels, not limited to phone support.

10. Availability of additional protection against fraud

Not every company will offer you such a function. An in-house anti-fraud system is a rather expensive solution, so not all companies can afford it.

However, it is important not only to have an antifraud system but also to be able to configure it to meet your business requirements.

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