When it comes to choosing the right payment provider, online business owners need to consider various things before signing agreements with partners that are long-term and binding. Factors like user experience, checkout quality, and speed are as important as regional requirements and issues such as cross-border purchasing and currency conversion.

Companies newly entering the world of online commerce and those already operating in it must ensure they choose the right partners to serve their specific business model and the needs of their customer base and target markets. That includes selecting providers with a proven track record and whose reputation proceeds them. Successful businesses rely on customer loyalty and trust, and that means providing them with a seamless, simple, and smart-looking checkout (cashier) page when purchasing products.  

Factors to take into account when choosing the right provider

  • Location – it is essential to choose providers who offer the right support to their targeted regions
  • Track record – research and ensure the company you sign agreements with is bonafide, with a solid and legitimate reputation
  • Fees and hidden charges – hidden fees or charges are often levied by less-than-scrupulous companies who want to make a quick buck
  • Robust security – consider the cybersecurity levels practiced by the provider or partner; customers shopping online want and need to feel safe before making payments

Different types of providers

Acquiring banks

Banks or financial institutions that process credit or debit card payments on behalf of merchants. As part of a card ccheme, merchants can accept credit card payments from card-issuing banks.


Payment Service Providers (PSPs), sometimes referred to as merchant service providers are third-party companies that assist merchants (online businesses) to accept payments from around the world. PSPs enable merchants to accept payments by credit/debit card, perform bank transfers, and operate real-time banking transactions. In addition to providing various payment solutions to online merchants, a PSP is connected to acquiring banks, PSPs, and eWallets, and can offer several payment solutions.


eWallets enable users to make payments via a mobile device or an app operating under an Electronic Money Institution (EMI) license. Instead of paying with cash, cheque, or credit card, a consumer can use a mobile wallet to pay for a wide range of services or products. These payments are usually made through QR Code technology.

Issuing banks 

An issuing bank provides end users with branded payment cards directly from the card association, such as credit cards, debit cards, and prepaid cards. An issuing bank (or issuer as they’re commonly called) is the bank of the consumer (also called a cardholder). It is responsible for paying the merchant’s bank (called an acquiring bank or acquirer) for the goods and services the consumer purchases.

Payment gateways

A gateway acts as an interface between a merchant’s website and its acquirer, encrypting sensitive information and passing it securely. A payment gateway is essentially a middleman between customers and merchants, capturing payment data from consumers and transmitting it to an acquirer. The payee is then informed of whether their payment was accepted or declined. Through a gateway, the cardholder’s financial information is securely validated, ensuring that the funds are available to the company. 


A Reseller, also known as a Dealer, is a company or individual that can introduce new payment solutions or providers to Zotapay’s (Zota’s) processors. Resellers are entitled to revenue share based on the transaction volume via the provided solution and partner agreement they signed with us.

Commercial banks 

This type of financial institution accepts deposits, offers checking account services, makes various loans, and offers basic financial products like savings accounts to individuals and small businesses. It can also refer to a bank that deals with corporations or large/medium-sized businesses.

If you need advice or guidance about setting up your online store and integrating with a payment service provider, contact one of our dedicated team members!