A payment gateway can be described as an e-commerce application service provider that authorises credit card payments for e-businesses, online retailers and others. Below are some essential payment gateway tips when considering this innovation.
Make sure it accepts all the major payment types – A key consideration that you’ll want to bear in mind when researching potential payment gateways is their acceptance policy. Will your customers be able to use all major credit cards to purchase.
Ask about its fee structure –Every payment gateway has its own payment structure, which makes fees a key consideration when searching for the ideal solution. Some may require a set up fee that is a one-time charge you must pay when registering. Others also ask for a monthly maintenance fee of transaction fees, which means that a small percentage of your sales will be automatically withheld to cover processing costs.
Verify that your customer data is going to be safe and sound – Ultimately, you will want to go with a payment gateway provider who is PCI (Payment Card Industry) compliant, meaning that it has a security system in place that has been evaluated by a third party, and that it is up-to-date with industry regulations and standards.
Choose a gateway that has quick payment turnarounds – How quickly will the payment gateway be issuing you payments for the credit card transactions you’ve processed? Ideally, you’ll want one that has a rapid payment turnaround time, rather than one that holds your money for a lengthy period of time.
Never underestimate the importance of chargeback support – There may, unfortunately, be times when a customer requests a chargeback, wherein they dispute the purchase they have made. While some payment gateways offer complete chargeback support and will serve as a mediator in this instances, others may handle things differently and will automatically credit back the customer without even investigating the issue.
Assess the level of customer support you really need – Does the payment gateway offer 24/7 customer service, or some form of email support? Is there an FAQ that you can visit if you have a question that needs to be addressed? There may be instances when you need to get in touch with your provider as soon as possible, such as if there is an issue with a customer being overcharged or duplicate payments, and you need to know that they’ll be there to help.
Consider the time it will take to integrate the gateway – You will need to think about how easy it will be to integrate the gateway into your website, as the payment processing will actually be handled on the payment gateway provider’s server. If you already have shopping cart features or a storefront platform you are using, then you also need to make sure it can integrate with these solutions.
