If you regularly use the internet, which many of us do, chances are that you engage in online financial transactions. When you conduct a transaction online, then you will have to choose a payment method or platform.

Online payment methods are different and have different success rates in terms of processing times and transfer completions. Therefore, it is paramount that you know how to choose payment methods with high success rates.

Credit cards and debit cards are the most common payment methods used online. The reason is that they have a high rate of success when completing payments.

The following are tips to help you choose payment methods with high success rates:

Payment Flow

Before choosing a payment method, you should first evaluate their payment flow. The payment flow is the process that payment takes from when the buyer initiates it to the point the seller confirms they have received it.

You should select a payment method with a short and efficient payment flow. If it is a long and cumbersome one, then there should be an appropriate reason for it.

A payment platform that is constantly redirecting users to other sites will have an inefficient payment platform. The less than customers have to do to make payments the better.


Any payment platform that has a high success rate will have great security. The reason is that hackers and security breaches are one of the main reasons for unsuccessful payment transfers.

The most common security measure to ensure high payment success rates is to use an escrow service. It will be responsible for handling payments between buyers and sellers online.

The more secure the escrow service, the greater the success ratio online payment method. Moreover, a secure escrow service will mean that a site will be more trustworthy in the eyes of all involved.

Fees and Service Agreement Requirements

The price or fees of a payment method will often depend on the type of business you conduct. Traditionally, payment facilitators charged a flat rate pricing but no longer.

Other factors you should consider when evaluating the fees and service agreement requirements are sales, revenue, transaction frequency, and markets of your business.

It is vital to consider how your business model coincides with the payment method and its fee structure. Different services will have varying agreement requirements hence the importance of evaluating them and getting clear on what they entail. You may be astounded at the significant differences between various payment methods.

Device Response

If you want to choose a payment method with a high success rate, then you should choose one that is accessible on all devices. Furthermore, it should function well regardless of the device that you are using.

Research shows that about half of all online transactions are currently being done on mobile devices. Therefore, every aspect of the checkout process on your site should be streamlined to be accessible on every device.

You should also ensure that the payment method is congruent with various network types. The more responsive the payment method is across various devices, the higher the chance for success.


If you have used different payment platforms before, you will know that they have different features. These features are crucial to the success or failure of a payment method.

Therefore, you should seriously evaluate a payment method and ensure that it has the features to support your business needs. The features will affect the price as explained at www.ecommpay.com/products/acquiring/. A business with global customers should accept payments from all over the world.

The features of a payment method will also impact its efficiency. The importance of evaluating the features of a payment method should not be understated.


If you want to choose an online platform with a high success rate then it should have an easy integration process. Payment integration is a very difficult thing for you to do on your own without the appropriate knowledge and skills.

A payment method that has not integrated its processes will result in a slow payment process. Many customers have stated that they will leave a site for having a slow payment process hence damaging your business.

You should choose a payment platform that makes it as easy as possible for your customers to make payments on your site. Moreover, they should be able to select a payment platform of their choice.

Payment Facilitators Vs Merchant Account Providers

If you want to choose a payment method with a high success rate, you will have to decide whether you want to partner with a payment facilitator or a merchant account provider.

A payment facilitator will offer a merchant account to share with anyone who will sign with them. The downside is that funds will be held by the facilitator because of the higher risk of signing merchants that don’t have insurance.

On the other hand, merchant account providers will give you your own account that you don’t have to share. However, a merchant has to have insurance if they are to receive a merchant account.

A payment facilitator has easier access which is why many new businesses choose them instead of merchant account providers. However, businesses will be asked to share many aspects of their business including financial statements.

On the other hand, if you choose a merchant account provider, you will benefit from rate plans that will be more advantageous for your business.

Recurring Billing

Recurring billing is the ability to set up automatic billing cycles and payments for your customers. If your business consists of monthly payment plans, recurring billing can be very beneficial for your business.

Recurring billing not only makes making payments easier for you but also for your customers. A subscription-based service such as Hulu should run on a recurrent billing basis.

Using recurring billing will definitely improve the success rate of payments.

Choosing a payment method with a high success rate as an online business owner is a daunting challenge. As you can see, it takes much more than many people think.

If you can use the tips above, then you should have a payment platform that makes making payments easy for both you and your customers. Your business will undoubtedly be better off for it. 

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