The two essential components of building an online store – a payment gateway and merchant acquirer – need to be sought out by any business looking to create an online marketplace to sell their goods and services. For various reasons, merchants often end up purchasing these services from different payment companies. But there are lots of good reasons for why you should choose the same provider for both your payment gateway and acquiring services. Here are the top 5:
Single point of contact
When dealing with the payments side to your business, you want everything to run as smoothly and simply as possible, leaving you more time to focus on what you’re best at – providing fantastic goods and services to your customers. A single point of contact for your gateway and acquiring services means you don’t need to maintain two separate relationships, meanwhile keeping all communication regarding payments streamlined.
Different payment companies offer different payment tools and services when it comes to shaping the consumer experience. The problem is, if your payment gateway provider does not offer the same plug-ins as your acquiring provider, you may lose out on the complete functionality of your payment system. Tools like ApplePay and Dynamic Currency Conversion are essential features of many companies’ payment systems, but their payment gateway and acquirer need to align to allow their functionality.
If you already use a payment provider’s payment gateway or acquiring services but not the other, setting up the end-to-end solution is fast and simple. What’s more, providers ensure that there’s no downtime or friction during the changeover, meaning that you don’t lose out on sales.
The process of checking your bank statements against your accounting, i.e. your gateway reporting vs the acquirer statement), can cause problems if your gateway and acquiring systems don’t reconcile well with each other. Bringing both services under one roof allows your reconciliation to synchronise perfectly, saving you time and energy.
Simply put, if you take on a payment company as both gateway and acquiring provider, they are much more likely to offer you better rates on their services than if you use only one part of their business. This can make a major difference to your company’s fortunes, especially if you are early on in your journey as a business.
Choosing a payments provider to supply your online business with both payments gateway and acquiring services is a sure-fire way of simplifying the building of your online store. In addition, you will be able to build a fantastic relationship with your account manager, who will become a real guru for the payments side of your business.
TRU//ST Payments offer flexible, international payment gateway and acquiring services that help businesses to build robust, slick and reliable online stores. As a merchant bank (acquiring.com) and direct member of Visa and Mastercard, we are able to offer merchants faster service and more competitive overall commercials.
To find out how we can help your business to grow and achieve greater success, get in touch with our team of experts today.