Partnering with the right Payment Solutions Provider (PSP) is important for your retail business as it offers a competitive advantage.
The retail sector has been growing in the last few months as businesses expand their online operations to diversify their customer reach. With customers getting more comfortable to use their debit or credit cards online, consequently, the online transactions are increasing.
Nevertheless, most retailers lack a payment solution that cater to their online orders. Unlike a physical point of sale PDQ machine where customers can swipe confidently, it is imperative for the retailer to seek a payment service provider that fulfils your online payment needs.
Here are some pointers on what to consider when selecting a Payment Service Provider (PSP) to fit your online business and make it easy for your customers to pay you.
The PSP should be Payment Card Industry Data Security Standards (PCI DSS) certified to offer your customers a secure way to pay you. This type of security ensures that customer data is encrypted as per the Payment Card Industry (PCI) standards. Pesapal is PCI DSS Level 1 secured which means that all systems and information involved in the payment process are kept secure, and can be trusted with sensitive payment information.
Choose a PSP that supports a range of transaction types; The PSP should be able to accommodate a wide range of local and international payment options. This can be in the form of mobile money, debit card, credit card, and e-wallet. This increases the chances of getting your customers to pay you. Pesapal supports M-Pesa, Airtel Money, Visa, MasterCard, American Express, and e-wallet.
When running an online business, you might be wondering how to ensure your customers can pay you before dispatching your products. Your Pesapal business/ merchant account allows you to share personalised e-invoices and get paid in minutes. However, customers may be skeptical about buying things that they have not yet seen hence, the need to have an alternative to help you collect payments upon delivery. The Pesapal mPOS terminal is a portable card reader device that your business can use to accept debit or credit card payments from customers upon delivery.
Consider selecting a PSP that offers iFrame, forwarding (redirect), or API connection options. This ensures that there is an uninterrupted connection between your online business and the PSP. At Pesapal, we offer APIs that give you access to all payment methods available at one go. Our API is free and public for anyone to use.
The PSP should offer your customers the ability to pay you in their preferred currency. Pesapal supports collections in local currencies in Kenya (KES), Uganda(UGX), Tanzania (TZ) as well as in US Dollars (USD). Pesapal also supports settling your business collections in the currency which your customers paid you in. That way, you don’t have to worry about conversion rates that may affect the value of your collections.
The PSP should have a clearly defined pricing structure so that you or your customers do not incur any unexpected fees. Pesapal charges a transaction fee for completed transactions as outlined in the pricing structure.
Partnering with the right PSP is important for your retail business as it offers a competitive advantage and thus, increasing your chances of conversions. Getting a secure online platform to support this need is crucial to your customers and to help increase payment collections to your business.
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