The importance of getting access to a reliable payment gateway is known to all merchants. However, the common myths and misconceptions associated with payment gateways at times make them sceptical about choosing the right one. In fact, the misconceptions, such as considering that all payment gateways are the same, might end up making them go with any service provider without proper research and assessment. With that in mind, here’s clarifying some of the common misconceptions about payment gateway services that you need to stop believing in.
1. All payment gateways provide the same services
There are many myths about payment gateway, but the biggest one is that all payment gateways provide the same services. Different service providers set different limits on loan capabilities, cash advance, e-commerce solutions, gift cards, and so on. Moreover, not every gateway will offer multiple payment options or international card acceptance.
2. Debit and credit card fees are the same
The fees for debit and credit cards are usually different. In most cases, the companies charge a bit more for credit cards compared to debit cards. Considering a number of aspects and risk factors, debit cards have lower fees processors pay.
3. A lower processing rate means a better company
Though low processing rates are certainly attractive to you, do not make it the only or foremost factor that you consider. Price is not an indication of the quality of services, so a low processing rate is not an indication that you have chosen the right services. Crappy software and hardware, bad customer reviews, lengthy waiting times for processing, and incompatibility are the things that might come with an extremely low processing fee.
4. It is better to work with the local bank
Yes, there is no harm in working with a local banking service. However, local banks don’t necessarily get you the best deals ever. It is better to look around for the best package on offer in the world of payment gateways. And, the chances are that you won’t find that best package at your local bank.
Now that all your misconceptions have been cleared out, it’s time to contact one of the finest online payment gateway providers in India: Grezpay payment gateway. We will make payment processing easier and faster than ever for you. So, join us today in revolutionizing payment processing for your business.