Don’t just go with the payment gateway your bank recommends

The amount of people I speak to that have chosen an expensive gateway surprises me.  Most of the time I hear ‘it was the gateway my bank recommended’ – yeah, no shit.  The reason your back recommended this particular gateway is probable because they take a snip of each transaction for putting you onto them.

Of course it is important to select a payment gateway that is safe and conforms with any legal requirements but most gateways do that otherwise they would be out of business and in jail.  If you do high volumes of sales online you probable have an Internet Merchant Account (IMA) and a gateway provider.  Usually both will charge merchant fees on a per transaction basis so it is very important you get a gateway that is safe but good value at the same time.

By shopping around you can save $1000 on your gateway provider.  Just recently I helped out a company and redirected them to a different gateway provider.  I saved them $750 per month and they only turnover a few hundred thousand each year, they aren’t even that big.  They were so happy they decided to pay $50 for the advise.

Don’t take the word of your bank when they say ‘this is the gateway we recommend’.  Ask them if you can choose your own gateway provider and if they say no then you know they are trying to squeeze cash out of you and tell them you’ll go to another bank thank you very much.

Shop around with your gateway provider or use the Payment Calculator on this website.  You could save yourself a heap of cash – and when has that been a bad thing!