Why choose your PSP (Payment Service Provider) wisely?
Through the services it provides (payment methods and facilities, pages and forms, security protocols, etc.), the PSP conveys to visitors a certain impression of the site’s convenience and reliability, intended to reassure them about their payment. Therefore, an inappropriate payment provider can quickly deter customers (lack of diversity in payment methods, complex process, feeling of insecurity, etc.), leading to shopping cart abandonment.
Payment Provider: What criteria should be considered?
Discover 6 criteria to consider when choosing a payment provider, essential for the smooth running of your e-commerce site.
Payment methods and facilities offered
Analyze and determine the specific needs of your business (products/services sold, transaction volume, average basket size, dispute rate, etc.) and your customers (profile, preferred payment methods and facilities, etc.), then select the PSP with payment services that meet them. For example, if your e-commerce site is aimed at business customers with large basket sizes, choose a provider that offers bank transfers to avoid payment declines due to card limit limits being reached.
Some payment providers are generalists and cover a wide range of services, while others specialize in specific sectors or needs: business models (traditional e-commerce sites or marketplaces), payment methods and facilities (bank cards, initiated transfers, BNPL, wallets, etc.), and customer types (B2C or B2B).
Security protocols in place
Transaction security is a non-negotiable criterion. Ensure that the PSP complies with the strictest security standards, such as the PCI-DSS (Payment Card Industry Data Security Standard) for card payments. Ensure that security protocols include strong payment authentication (3D Secure), tokenization, or anti-fraud mechanisms to limit all risks and protect your payers and their data. A reliable payment institution builds customer trust and contributes to customer loyalty.
PSP integration
Integrating a payment module into your e-commerce site should be simple and compatible with your content management system (CMS) or e-commerce platform. Some solutions offer direct integrations, while others require more complex development. Select a PSP that offers integration paths that match your technical and technological challenges, allowing for rapid implementation without disruption to your business.
Customization and automation options
The customization and automation capabilities offered by the PSP are crucial for adapting the payment experience to your brand image and customer expectations. Ensure that the provider allows you to create unique payment paths and customize the appearance of payment pages to align with your visual identity. Also explore automation options to improve your operational efficiency: reminders in case of cart abandonment, notifications, and a new payment link in case of failure.
Associated costs
The cost of a payment institution varies depending on the services offered and transaction volumes. Evaluate and compare the transaction fees, setup fees, and additional charges of several PSPs to find a balance between cost and service quality. However, keep in mind that the cheapest choice is not always the best if it means compromising on security or service quality.
Expertise and support
We recommend choosing a responsive and competent PSP, available to answer your questions and resolve issues quickly. The right payment partner should provide you with sufficient resources and training to help you optimize the use of their services. Expertise and flair can’t be improvised!
¹ FEVAD, Bilan du e-commerce en France en 2020
