Why Payment Gateways are not commodities?

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payment gateway not commodity

When it comes to choosing a Payment Gateway, most people think of them as commodity. This is so because when comparing different options, people tend to shortlist them based on supported currencies, supported regions, compliances etc. When, say three options match their complete criteria then the final decision is based on just one factor: pricing.

Here we need to take a pause and think of our decision-making process. We, unconsciously have considered payment gateways as commodities. We need to change this mindset because each payment Gateway may be performing an almost similar function but is different in two important aspects, dashboards and service quality.

  1. Dashboards - Each payment gateway has its own unique dashboard which helps user understand how his business is performing and what needs to be changed. A typical dashboard can be evaluated based on a user’s unique requirements. An ideal payment gateway will provide the user an option to customize reporting and analysis. Therefore, the very first thing you should do while evaluating a payment gateway is to take a look at its dashboard and see if it matches your requirements.
  2. Service Quality - Very few people enquire about a payment gateway’s technical and service support staff, their number, availability etc. It’s not that you will need to frequently call them for issues, it’s just to gauge how much they value you, the customer and therefore have dedicated people to support.

To sum-up, Dashboard and Service Quality are two important aspects that differentiate Payment Gateways.