There are a lot of things to consider when setting up a business. Among them is, how to secure payments. It can be a challenge for business owners because there are many financial options and choices to make.
As you set up a payment gateway for your business, you need to keep your customers’ comfort in mind. Besides, you have to sort every technical detail. But most importantly, how secure is your gateway? Gateway security is essential to the smooth running of a business.
What is a payment gateway?
Payment gateway, such as My PaymentSavvy, is a merchant service that will act as a third party credit card authorizer. In other words, the payment gateway is a gateway that connects you, the bank and the credit card. In essence, the information you capture on a credit card goes to a payment gateway that then relays the information to both the bank and credit card provider.
There is a difference between a payment gateway and a merchant account. A merchant account allows a business owner to accept credit and debit card transactions. You need a merchant account to use a payment gateway. However, new payment gateways only require a valid bank account.
Why a payment gateway is important
A payment gateway doesn’t only act as a relay; it is also essential in:
- Fraud detection
- Draw funds from the credit card
- Validate funds and deposit into your account
Getting a payment gateway
The right payment gateway solution can steer your business towards success. Therefore, start by choosing the correct ones for your organisation. You need to define why the solution you select is suitable for you. Furthermore, you need to know what services the gateway provider provides; these include pricing and additional features.
Four things to look for in a reputable payment gateway
- The encryption standards
Using a payment gateway means that you avail sensitive customer information to the gateway provider. The information needs the highest level of security because any leaks could cripple your business. Look at the encryption standards of the provider you pick. Besides, better encryption lessens the chances of errors in transactions.
- Gateway compatibility
Payment gateway integration varies depending on the solution you choose. Some are easier to integrate than others and therefore, you need one that’s compatible with the systems you have in place. If you have any unique requirements, ensure you address them to get a compatible payment gateway running.
- Payment gateway type
It might be the first thing you look for depending on what you need. Modern payment gateways don’t require merchant accounts. In other words, there’s a lot less work in setting up a current gateway as opposed to a perfect getaway. However, new portals are more costly.
- Features
Does your payment gateway of choice have fraud detection and reporting features? It doesn’t matter how great a gateway solution is if it doesn’t meet all your business needs. Find a solution that has features such as reporting to help you track chargebacks and transaction activities.
Also, having security features like fraud detection helps recognise questionable transactions.
Bottom line
Your business needs a payment gateway, the go-between that’ll make transactions effortless, fast and secure. Consider what you want and what your business needs before you choose a payment gateway solution.