Stuck on how to choose a payment gateway for your company? In this article, we’ll eliminate the confusion and help you find the payment gateway of your dreams.
Let’s start by defining what a payment gateway is. A payment gateway is cloud-based credit card processing software. Your gateway runs each credit card and informs you if the card was accepted or declined.
You might use your payment gateway as a virtual terminal and plug credit card information directly into it, or you might use it in the backend of a more sophisticated system that integrates with your online store or accounting software. Either way, you want a gateway that provides a smooth and secure experience for all who use it.
Now let’s dive into the details.
Features can make or break a company’s relationship with its payment gateway. Here are three of the most important to look for.
Versatile search functionality that includes custom reporting will make searching for past transactions a breeze. The next time you need to look up a transaction and can only remember some of the details, you’ll be grateful for your search features. Integration capabilities will allow you to sync your payment gateway with your accounting software or your online store. You’ll be able to process credit cards faster by eliminating extra steps and double data entry. Unlimited batch history is a handy yet surprisingly rare gateway feature that allows you to search your entire transaction history. Like versatile search functionality, it’ll be there for you when you need it most.
According to the 2017 Identity Fraud Study by Javelin Strategy & Research, credit card fraud in card-not-present transactions grew a whopping 40% in 2016. What measures are you taking to secure your transactions?
Here are the three most important security features to look for in a payment gateway.
Tokenization replaces sensitive card information with unique, random “tokens” of information. Unlike encrypted data, tokenized data cannot be decoded or unscrambled by hackers. A PCI compliant gateway will help your business stay compliant with the mandatory regulations set by the Payment Card Industry Security Standards Council. Off-site data storage means that credit card data is stored on your payment gateway’s system, not yours. This eliminates liability on your part in the event of a data breach.
Look for customer support that’s in-house and available 24/7. If an issue comes up, you want to know you can depend on your payment gateway’s support team to help you resolve it ASAP.
We hope this information prepares you to choose a payment gateway that works for your business. Don’t hesitate to contact us if you have any more questions.