While at a cursory glance, most payment gateways may seem similar, a more in-depth look and analysis reveal the significant and important differences between them. While all of them are able to process credit card payments, the cheaper payment gateway services, lack a modern technology platform, security features, and other demerits that cause loss of reputation and revenue in due course of time.
The best and leading payment gateway services offer high-value services that have world class security, and can provide for customer and merchant convenience. The optimal mix ensures that your eCommerce enjoys a favorable reputation on the web, and is up and running at any time of the day. When looking for a payment gateway that has best practices to follow, the merchant should look into the following considerations.
Convenience
There are many reasons that prove that a payment gateway is a lot more convenient than its other counterparts. The PSP should provide for daily settlements of payments, and should transfer them directly to the bank account of the merchant. A payment gateway should also have modern features, including the Turbo Checkout and Auto Pay feature (for instance EBS) so that the customers are not required to enter the same personal and financial information repeatedly. Customers should be allowed to set up the subscription payments, at no allied or extra costs. The payment gateway should also seamlessly integrate with all kinds of major shopping carts.
Value
A payment gateway should get a free merchant account when it opts for payment gateway integration. The fees should be charged on a monthly or a yearly basis. The payment gateway should be able to process all kinds of payments and there should be no or minimum allied/extra costs. All charges and costs should be clearly detailed upfront to the merchant, and the whole setup should be transparent. The service should also have a dedicated RM or relationship manager to heed to the requirements of each merchant, and should have a well staffed and well-trained customer service cell that can resolve all disputes and other issues in the least of time, thereby reducing or null the incidences of chargeback.
Security
A payment gateway that complies with the PCI: DSS standards can process all credit card payments securely. It is even better if the payment gateway service has other proprietary software for securing credit card and other online payments.
Support
The payment gateway should offer the merchant and the customer all kinds of accessibility options so that they can access it through web chat, email phone and even physically any time they wish.
The best and leading payment gateway services offer high-value services that have world class security, and can provide for customer and merchant convenience. The optimal mix ensures that your eCommerce enjoys a favorable reputation on the web, and is up and running at any time of the day. When looking for a payment gateway that has best practices to follow, the merchant should look into the following considerations.
Convenience
There are many reasons that prove that a payment gateway is a lot more convenient than its other counterparts. The PSP should provide for daily settlements of payments, and should transfer them directly to the bank account of the merchant. A payment gateway should also have modern features, including the Turbo Checkout and Auto Pay feature (for instance EBS) so that the customers are not required to enter the same personal and financial information repeatedly. Customers should be allowed to set up the subscription payments, at no allied or extra costs. The payment gateway should also seamlessly integrate with all kinds of major shopping carts.
Value
A payment gateway should get a free merchant account when it opts for payment gateway integration. The fees should be charged on a monthly or a yearly basis. The payment gateway should be able to process all kinds of payments and there should be no or minimum allied/extra costs. All charges and costs should be clearly detailed upfront to the merchant, and the whole setup should be transparent. The service should also have a dedicated RM or relationship manager to heed to the requirements of each merchant, and should have a well staffed and well-trained customer service cell that can resolve all disputes and other issues in the least of time, thereby reducing or null the incidences of chargeback.
Security
A payment gateway that complies with the PCI: DSS standards can process all credit card payments securely. It is even better if the payment gateway service has other proprietary software for securing credit card and other online payments.
Support
The payment gateway should offer the merchant and the customer all kinds of accessibility options so that they can access it through web chat, email phone and even physically any time they wish.
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