When you are running a business and selling to customers you need a reliable system that allows you to collect payments as seamlessly as possible while making the transaction straightforward for the purchaser.
In basic terms, setting up a payment gateway involves signing up for a merchant service who will authorize and process card transactions but it is also a good idea to pay attention to the sort of features you will find useful when deciding which provider to use.
Here is a look at some of the key features to look out for.
Good security is critical
One of the most important features to pay attention to is the level of encryption standards delivered by your chosen payment gateway.
When you consider that they will be entrusted with sensitive personal data you don’t want to face the prospect of any sort of data breach as this will not cast your company in a good light if a customer has cause to complain.
Question their encryption standards so that you can be satisfied the payment gateway has the ability to manage these risks successfully.
The bottom line is that you will discover certain payment gateways turn out to be easier to integrate with other systems than some on the market.
In fairness, the majority of payment gateways do work hard to ensure good compatibility where possible with the majority of systems but it makes sense to verify that your needs will be met when it comes to integration.
Different aspects of speed that matter
Today’s shoppers are not used to being kept waiting and any frustrations with a slow checkout process could result in some aborted transactions.
You will want all of your customers to be able to complete their purchase in just a few seconds and some payment gateways offer faster checkout speeds than others, so check your intended partner is up to scratch.
The other aspect of speed that matters to you is how quickly you get your hands on the cash from the transaction.
Every 24 hours makes a difference to your cash flow and that is why you should confirm how long it takes to complete a transaction and see the money in your bank account.
The right price
As well as choosing a series of features and service levels that you are happy with it is also highly relevant to choose a payment gateway that ticks all the right boxes in terms of costs and associated additional fees.
You might have to pay extra for certain features that you want or you could choose a provider that doesn’t charge a monthly fee or setup costs, however, they have to make money somewhere and their transaction fees of chargeback costs could reflect that.
If you can find a payment gateway that offers all the right features and the right costs you may well have found your perfect business partner and you can focus on growing your business knowing that aspect is taken care of.