In a previous entry, we talked about the 5 barriers to cross-border payments and how to break them down. Assuming you have decided to engage a payment hub for your business, how should you decide the right one for you?
With hundreds of options available, it can be hard to choose. Big names may seem like the obvious option (if your budget allows), but their services may be costly and may not match your needs entirely. Smaller names are usually more flexible, but they may lack the infrastructure and network of bigger players. Below are 5 points to help you decide.
- Never skimp on security. Even if it means paying more for added safety features, you can never be too careful when managing fraud risks (read our article on cybersecurity here).
- Choose the one that offers the best protection within your budget.
- According to Zilvinas Bareisis, a London-based analyst, an ideal payment hub can manage any type of payment, such as credit transfers, cards, cheques, mobile transfers and cash deposits¹. The more the better, obviously, but efficiency trumps variety. Go for specialist rather than jack of all trades.
- Consider the needs of both your business and your customers. How does your organisation make payments? What are the prevailing options in your vicinity? Have you any established relationships with payment gateways? How do your customers receive payments? Do they need cash pickup points more, or often receive funds through banks, mobile wallets or network credits?
Regional experience and reputation
- Assess the company's financial strength (healthy balance sheet, good financial standing).
- Think about the market or region that you want to enter. Market penetration is most effective when your payments are processed by a hub familiar with said region or countries.
- Check its clientele. Are they predominantly based in said regions? Are they big and reputable names? Have they perused the payment hub's services regularly and for an extended period?
- Consider the usability of a payment hub's Application Programming Interface (API). Is it easy to manoeuvre? Does its functions match the requirements of your business? If not, is it flexible enough to evolve to match your needs?
- Is its online platform seamlessly integrated into key areas of your business? Is it fast, reliable (no downtime)? Does it have a high throughput (ability to process many transactions/requests at once)? Most importantly, to what extent does the platform eliminate complexities and generate value by focusing on simplifying your processes?
Service and Support
- Check (read: stalk) its social media channels and see what people are talking about. Are its content, posts well received? Do people complain about anything, specifically support received after signing on? More importantly, how is the payment hub handling/responding to criticism or negative feedback?
- Sign up for newsletter or contact its page admin/support representatives. Watch out for tell-tale sign of good customer service like response time and professionalism.
Payment hubs, such as Tranglo, offer global visibility and streamlined controls so that every payment is handled in a consistent manner. A reliable payment hub ensures that payment flows, whether local or international, adhere to your organisation's payment policy and needs. Reach out to our experts here to know more.
¹ "Defining a Payment Services Hub", Journal of Internet Banking and Commerce