Finding a payment gateway with a higher success rate can be tricky if you do not know its primary qualities. But don’t worry; it is not difficult to spot such payment gateways if you know about some noticeable factors. After all, association with a payment solution provider is long-term, and it is not wrong to spend some time researching and finding out the best one. Once you find the right one, it will be great for the business and its growth. After all, we know that a gateway with a success rate helps attract more customers and retain them forever.
Here are the top 5 qualities of a payment gateway in Estonia with a higher success rate. Give attention to the points below and take one step towards your business stability.
What is the Success Rate?
The success rate is the number of completed transactions out of total transactions. You can easily calculate the success rate by dividing the successful transactions by the overall transactions. A success rate of 90% or above is considered good. If you talk about the failed transactions, there are mainly two reasons behind it. One reason is unsuccessful transactions from the customer’s side, and another reason is the failure from the merchant’s side.
Qualities Behind Higher Success Rate in a Payment Gateway Estonia
After knowing the meaning of success rate, it is time to understand the qualities that a payment gateway with an impressive success rate owns.
Speedy Checkout with Extensive Stored Data
Find the payment gateways that have extensively stored data of existing customers. It should have examples to present to you that it has millions of stored data of customers. Something so popular among people will attract your customers too. Many of your existing and prospective customers may already use the same payment gateway.
When a payment gateway has vast customer data stores, the checkout process becomes speedy because the customers do not enter the details repeatedly. As a result, the success rate automatically goes high because this one factor impacts how frequently people use a gateway.
Large Scale Transactions
Another secret to a higher success rate in a payment gateway is the capacity to process many transactions. This quality is specifically helpful for the high-risk merchants that process a bulk amount every month. To regularly process millions and billions of money, a payment gateway works thoroughly to create a robust payment system, which improves the success rate. When billions of customers with a global presence need to trust a merchant, hefty transactions happen. An example of an online casino will be perfect here because we all know how widely people play on online casinos. The abundance of games and rewards is promising for the customers and gives more chances to merchants to earn. Payment gateways have to keep a high success rate to keep both the merchants and their customers happy.
The ability of a payment gateway to process transactions depends on how many transactions it can process in one second. However, the power of the server on which it works is an essential factor that works behind it. There are payment gateways that process 3000 transactions per second, and there can also be gateways with millions of transactions per second. You need to find the one that is best according to your industry. It is not difficult to find a high-risk payment gateway in Estonia for your business, irrespective of industry type.
Strong Safety Tools that Make Money Travel Safely
Of course, a high success rate can never be attained if a payment gateway has compromised safety arrangements. Artificial intelligence and automation help payment processing companies commit safe money transactions for their merchant clients. The PCI-DSS compliance is already a decisive parameter both for the payment solution providers and the merchants. Also, the safety measures like 3D secure payment gateways make both the merchant and the customer more responsible.
With more robust safety measures, it is possible to reduce the chargeback issues and nullify the security threats. With no stress about the safety issues, every payment gateway in Estonia can work on the success rate. Customers always use the payment gateways famous for providing a safe transaction atmosphere. The PCI-DSS tag displayed on the website and the gateway platform is sufficient to make people use it. When people trust a payment platform, the success rate naturally improves.
Acceptance of Multiple Payment Methods and Multiple Currencies Reduces Cart Abandonment
Everything relates, right? When a payment gateway accepts many payment methods, it helps merchants reduce their cart abandonment issues. The customers have every payment option, so they do not leave things incomplete and finish purchasing on a website. Payment solution providers cannot limit their options on payment methods and currencies these days. The competition is challenging not only for the merchants but also for the payment gateways.
Business owners with expansion plans always want a payment solution company that gives them the liberty to spread their wings in any direction. If the company plans to expand its business in a new country, the payment gateway should have arrangements to accept that nation’s currency. The payment services with a presence in many countries always have a higher success rate of transactions. After all, that is why they could spread their services to such a large scale.
If you currently have plans to look for a payment gateway with a higher success rate, do not forget to consider the above-mentioned qualities. Your market research depends on your discretion, but there are always some generic factors that run an industry. The payment solution industry also runs on some principles, and they help a merchant run a smooth business. Usually, the established payment gateways have the features above, such as the EskayPay payment gateway in Estonia, a famous example with other known names. A simple hint of the noticeable factors can help you choose the right solution provider, and from day one, you can start accepting payments. At last, get paid faster and grow faster.
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