Evaluation Criteria for Micro Payment Solutions
Payment processing companies offer micropayment solutions to assist merchants in accepting large amounts of small transactions for services where smaller transactions are a bigger part of the business. These services are used primarily for virtual services and content providers who charge on a per-access basis to allow consumers to obtain near-instant access to articles, sections, or features by making a simple smaller charge rather than making a larger charge for access to everything. Our evaluation process has been created with the most important aspects of micropayment solutions identified to highlight the best service providers.
There are five key areas identified by topcreditcardprocessors.com as significant for providers of micropayment solutions:
The overall reliability of the vendor is analyzed based on how well they are able to process payments over time and the types of problems which a merchant may encounter, how fast they are to resolve those issues, and other various factors which could affect the payment processing service for micropayments.
Providing a variety of methods and payment options for microtransactions ensures that merchants will be able to provide their services to the customers in a variety of methods based on their preferred payment method.
Having an efficient system for micropayments is critical to the success of a micropayment solution, decreasing the amount of time it takes for a payment to clear and process successfully while providing information to the merchant on the sale. An efficient service helps merchants provide their services on a more efficient basis based on the payment method used and the ability to verify the payment.
The availability of competitive rates is important for micropayments due to the costs associated with normal payment processing solutions. The payment processor should be able to provide a competitive rate for micropayment in comparison to normal payment solutions due to the large quantity of payments as opposed to the size of the payments.
Various aspects of reporting are important for merchants who provide online services in order to be able to adequately understand how much is coming from their micropayments, how it affects their bottom line, and how fast the information is actually clearing.
Service Specific Questions
- How many transactions do you generally process in a day?
- How does the processor help you optimise your payment acceptance?
- What methods of payment can the processor accept in bulk?
- How often does the processor deposit into your bank account?
- How do you handle purchases with the micropayments? How does the service benefit your company directly?