The world is becoming steadily more digital, with one of the side effects being that it is also heading towards an ever more cashless economy. What this means is that every business needs a secure way to take digital payments.
A payment gateway is like an online cash register that helps businesses accept credit cards, debit cards, and other forms of digital payment methods. Whether you sell in-store and online, or exclusively online — a payment gateway facilitates secure payments for both scenarios.
But with so many payment gateways for ecommerce businesses available today, it can be an intimidating decision for a business owner to make.
Choosing the right payment gateway can make or break the success of your online retail efforts, so you shouldn’t go with the first payment gateway you stumble across. Instead, take your time, do some research and keep the following factors in mind.
Payment Gateway Features List
Between the security standards, integration capabilities, payment options and the level of support; here’s what you need to consider.
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.
The biggest security question you need to ask is: 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 to facilitate a consistent set of standards for the processing, handling and storing of sensitive credit card information.
If the payment gateway is certified with level 1 PCI DSS compliance, you can be assured they are using the highest level of encryption available. This means all payment data is safeguarded to the highest measures of online security.
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.
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.
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.
Every business wants to grow over time. As your services improve and your customer base increases, what you need from your payment provider will likely change as well.
When just getting into the ecommerce environment, many business owners aren’t thinking about whether their payment platform will still meet their future business needs.
But you don’t want to have to change payment gateways and implement a whole new system in the future. So look for one with fees, features and tools that are as effective and attractive on a small scale as they are on a large scale.
With Eway as your payment gateway, you are getting all of these features. We are a leading online payment provider that prides itself on making it as easy as possible for you to control how, when, and where you take online payments. With award-winning built-in fraud protection, simple pricing, and a passionate support team on hand 24/7, accepting payments has never been easier.
Find out more about Eway payments and how we tailor our services to suit your needs. Get in touch with our team.
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