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Thread: Key criteria when choosing a payment system

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    Senior Hostboard Member Kerem's Avatar
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    Key criteria when choosing a payment system

    Geography of the payment system – make sure that the payment system works in the countries from which you want to serve customers.
    Percentage on transactions. Find out how much the system will take from each money transaction and take this into account when pricing. Read the documentation carefully to notice the hidden fee in time. For example, a bank may not indicate tariffs for making a card payment and assign a commission individually.
    Withdrawal conditions. The first step is to make sure that it is generally possible to cash out funds in your area. For example, it will not be possible to cash out with PayPal now in Ukraine. Everyone has their own policy, and there may be pitfalls.
    Is the logic of the payment system an aggregator or a direct payment gateway? It depends on how the user will pay and where you will subsequently withdraw money from.
    Technical connection conditions – they directly depend on the platform on which your site is being developed. Whether the system works as a plugin, through an open API, or in a different way. For example, if the site is developed on the WordPress constructor, you will be able to connect the plugin yourself. If the site is self-written, even on the same WordPress, then you need to work through the code.

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    Senior Hostboard Member Donowan's Avatar
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    Re: Key criteria when choosing a payment system

    Hello, no matter which option you choose, you need to analyze the shortlist of payment companies in terms of the cost of cooperation with them: what you need to pay for - and what not, how the tariff changes and what affects it, what is included in the paid service, what regulations and payment options. After one or two payment providers remain in the list, which are the most suitable for you from the financial side of cooperation, you can move on to onboarding and the technical part. I can suggest you visit PayAdmit: Online Payment Processing | Payment system for the site, the service for accepting payment, where you can read information about one of the most popular and reliable payment systems.

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