5 Things to Look for in a Payment Gateway

With an increasing demand for online shopping, every business wants to invest in e-commerce store. And for e-commerce store, it is mandatory to have payment gateway. The problems arise when we have to choose the best payment gateway. With the market flooding with payment gateways, it is important for any business to consider the following points before choosing one.

1. Encryption Standards 

A financial ecosystem demands a safe and secure environment. So, our first priority while choosing a payment gateway is to look at its encryption standards. As the merchant will be dealing with the customers’ sensitive bank details, we have to ensure that there’s no breach otherwise it will affect the company’s reputation at large. There are many companies which have incorporated good encryption methods in their payment gateways and one such example is atom tech . It has incorporated PCI DSS 3.2 (Payment Card Industry Data Security Standard) which facilitates safe and secure banking.

2. Costs and fees

Cost and fees become an important factor to consider while choosing a payment gateway. It is important to understand that some payment gateways have zero set-up costs while many others have minimal set-up costs. We have to compare both the prices and its features before selecting one.

3. Compatibility

Some payment gateways are easier to integrate while many others require much of our effort. And with the world moving fast, every business is in a hurry to speed up with the world. So, a payment gateway which is easily integrated is always preferred to boost the business. atom tech offers a simple integration kit along with proper documentation which helps the business to  integrate payment gateway easily. atom’s easy Integration makes way for hassle free payments enabling clients to accept money in minutes with success rates that are best in the industry.

4. Invoicing capabilities

Invoice feature helps its merchants to receive payments by raising secure & instant invoice on the platform. It allows merchants to create bulk invoices which helps them to manage their transactions. For multiple customers, atom’s Paynetz provides the merchant an option where he can upload an excel file to generate multiple invoices.

5. Fraud detection and other security features

Some payment gateways like atomtech specialize in fraud detection. They’ll help you proactively identify suspicious activity before it gets any further in the payment process. If you plan on handling large volumes, this is especially important for you.

There’s no payment gateway which you can call as perfect. Every payment gateway will have its pros and cons. So, you have to compare and decide what’s best for your business. 

Tips to follow while adding a payment gateway to your E-Commerce

Every business or online store needs to integrate a good payment system which facilitates seamless online transaction. It allows your customers to choose whichever mode of payment fascinates them. Using cheques and cash is often time consuming and a lengthy process and with digitization coming into picture, every customer is encouraging cashless transaction. People are more comfortable in paying via debit/ credit cards etc.

If your business is not equipped with a featured payment gateway then, you are certainly diverting the customer flow towards your competitor’s business website. Hence, its time you should start the process of getting a modern payment gateway. 

For choosing the best amongst them, follow the below mentioned tips:

Choose on the basis of your needs

The efficacy of payment gateway integration should well satisfy all your business needs. Some payment gateways charge on the number of financial transaction your business make while others have a fixed monthly fee. You should choose the one which best suit your business.

If your business is global then, your payment gateway must accept international card like Visa and Master Card along with debit and credit cards.

A good payment gateway provides numerous payment options. It gives its customers uttermost flexibility to choose the mode of payment thereby, increasing your sales.

Research

In order to benefit your business, you have to ensure you choose the right payment gateway. A good payment gateway will give you all fee details and have a fully transparent operating mode. It will not have any hidden charges. Some payment gateways have hidden charges and would aim at drawing the most money out of your wallet. Hence, you should compare the fee structure of some major payment gateways and then, choose wisely.

Look for Payment and Customer-Friendly Features

The best payment gateways provide great set of features that contribute towards higher success rates of transactions and also provide for greater customer satisfaction. In order to maintain the highest payment success rates, they offer you ‘Smart Routing’ and ‘Auto Retry’ features. The payment gateway should also provide you SSL security and should comply with the PCI: DSS standards.

What is Payment Gateway | Evolution and Benefits of Payment Gateway

The concept of payment gateway refers to the technology that contributes to the management tasks of a commercial establishment for sale to the public. In reality it is a service that automates the payment operation between the client and the seller, through a system of computer processes that verifies or rejects online payment operations on behalf of the merchant through secure Internet connections.

What is payment gateway? 

A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes online payments for e-businesses, online retailers etc. It facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.

Origin and Evolution of Online Payment Gateway

In 1991, Sir Tim Berners Lee, an English computer guru and scientist, opened up the first World Wide Web server used for commercial purposes.

The creation of the web, plus the creation of different technological innovations, led to the opening of Pizza Hut’s online shop in 1994. As a result, it claims to hold the title of the company providing the ‘first-ever online purchase’.

Seeing that people would be using the internet to regularly make online financial transactions, Netscape Communications created a way to ensure that shopping systems, online banking and online retailers were able to offer their clients encryption through their internet browser’s Secure Sockets Layer (SSL) to ensure secure data transfers.

The most common payment methods for online transactions, which are all protected by SSL, are made through cash-on-delivery (COD), cheque or check payments, wire transfers, gift cards billing charged to landlines or mobile phones, debit card, postal money order, electronic money, credit card or PayPal. 

Over the years, the industry leaders in internet business transactions have worked together to create a complex system for ensuring online payment gateway security. This system guarantees that consumers receive the goods for which they pay, and ensures that confidential information, such as transactions and account numbers, remain safe and secure.

E-commerce, with the integration of the internet, supports technologies that improve electronic data interchanges, mobile technology, online transaction processing, automated data collection, electronic funds transfers, internet marketing, inventory management systems, and supply chain management. These technologies have vastly changed the way that businesses run. One large way in which businesses have adapted is by improving and implementing online payment security systems.

Why Business should start accepting Online Payments?

Whether your business is just starting out or you’ve been around for a while, you should be accepting online payment in today’s digital world. If you are still on the fence, here are 9 important reasons why you should accept online payments, a fast, convenient, and popular form of payment.

1. Accepting payments from anywhere means more sales.

2. Payment convenience delights customers

3. Online payment acceptance decreases the time spent on billing.

4. It is the most universal system, used all over the world and to which Internet users have become accustomed.

5. Today we buy more and more online because we rely more on the system, which has been favorably evolving, making it efficient, safe, simple and reliable.

6. It prevents bounced checks

7. It reduces employee theft

8. You’ll Increase your cash flow

9. It’s easier and cheaper than ever before

Read more- How Online Payment Gateway Works