5 Must-Have Features When Choosing A Payment Gateway

Online payments should feel simple for your customers and manageable for your business. The right payment gateway helps you accept secure digital payments, connect with your existing systems and reduce friction at checkout.

With so many payment gateways available, it helps to know what to look for in a payment gateway before you choose a provider. From security and integrations to payment methods, support and pricing, these are the key payment gateway requirements worth considering before you commit.

Read more: What is a payment gateway & how does it work?

What to look for in a payment gateway

Understanding the main considerations for choosing a payment gateway can help you look beyond headline fees and focus on how the system will work day to day. If you’re unsure how to evaluate a payment gateway provider, start with the following five features:

1. Encryption standards

With online fraud increasing at an alarming rate, it’s important for any business taking online payments to ensure their customers’ data is kept secure when processing payments. The payment gateway you choose will be handling your customers’ sensitive payment data, so it is essential to review their security standards.

BEFORE YOU CHOOSE

Are they using the highest level of PCI DSS compliance?

The Payment Card Industry Data Security Standard, or PCI DSS, is an internationally recognised set of rules created by the PCI Security Standards Council for processing, handling and storing sensitive credit card information. If the payment gateway is certified with Level 1 PCI DSS compliance, it meets the highest PCI DSS certification level, helping ensure payment data is handled within a secure, compliant environment.

2. Compatibility

Most payment gateways want to maximise their user bases, so they focus on becoming compatible with as many technological systems as possible. Some take this further by simplifying their integrations and removing the need for you to hire a web developer to add their digital payment solution to your website.

You may have unique needs or a special request such as linking your payment gateway to the website platform or invoicing software you are using. So look for a payment gateway that already has the add-ons you need or allows plugins to seamlessly integrate with your existing platforms and software.

BEFORE YOU CHOOSE

Does it connect with your existing systems?

A payment gateway should fit into the tools your business already uses, rather than create extra manual work. Check whether it connects with your eCommerce platform, invoicing software, accounting system or CRM. Pre-built integrations can make setup easier and help keep payment, sales and reporting data moving through the right systems.

3. Merchant tools

For many retailers, their payment gateway is nothing more than a virtual point of sale. However, with the right merchant tools, it can become so much more. Top-of-the-range payment gateways include a range of features, such as detailed reporting features that allow you to review all transactions, a simplified refunds system and the ability to create custom reports as well.

Other features to look for are the ability to set up recurring payments, invoicing capabilities, bank accounts reconciliation, batch payments, multiple payment options and 24/7 customer support.

BEFORE YOU CHOOSE

Can it make payment admin easier?

The right merchant tools should help you manage payments with less back-and-forth between systems. Look for features that give you clearer visibility over transactions, refunds, recurring payments, reconciliation and reporting. These tools can make it easier to track payments day to day and reduce the time spent handling payment admin manually.

4. Multiple online payment methods

Just over a decade ago, cash was the way most consumers paid for goods and services. However, digital payment methods are on the rise and are fast becoming the dominant payment choice for consumers of all ages. Apart from debit and credit cards, newer alternative payment methods such as e-wallets and mobile payments are increasing in popularity.

But e-wallets like PayPal and mobile wallets like Apple Pay and Google Pay aren’t the only thing gaining traction. According to Statista, 47% of online shoppers are using their smartphones to browse and pay for the products they want. So you need a payment gateway that provides multiple options to receive payments (whether on desktop or mobile) and allows your customers to choose the one most convenient to them.

BEFORE YOU CHOOSE

Does it support the payment methods your customers use?

A payment gateway should make checkout easier for the people buying from you. Check whether it supports common payment methods such as major credit cards, debit cards and digital wallets, where relevant to your business. It should also support a smooth payment experience across desktop and mobile, so customers can complete purchases with fewer unnecessary steps.

5. Long-term business fit

As your business changes, your payment needs may change too. You may start taking payments through new channels, introduce recurring payments, connect your payment system to new software or need clearer reporting to manage day-to-day admin.

When choosing a payment gateway, look for one that suits how your business operates now and can support the way you prefer to manage payments over time. The right provider should offer fees, features and tools that keep online payment processing practical, secure and easy to manage, so you do not have to replace your system later.

BEFORE YOU CHOOSE

Will it still fit the way you manage payments over time?

Your payment setup should suit how your business operates now, while giving you practical options as your needs change. Consider whether the provider can support different payment channels, recurring transactions, useful reporting and integrations with the tools you rely on. This can help you avoid replacing your payment system sooner than necessary.

Read more: What is the best online payment gateway in Australia?

Find the right payment gateway for your business with Eway

Eway gives Australian businesses a practical way to manage online payments without unnecessary complexity. You can choose a solution with a merchant facility included or connect your existing merchant account through Eway’s payment gateway. Either way, you get the must-have payment gateway features for eCommerce businesses, including secure transaction processing, simple pricing, fraud protection, 250+ integrations and local support from a team that understands Australian businesses.

Want to compare your options before deciding? Read our guide to the best payment gateways in Australia. To see how Eway supports businesses with simpler online payments, learn more about Eway or get in touch with our team to find the right payment setup for your business.