Payment Gateway Guide 101

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Payment Gateway Guide 101
Payment Gateway Guide 101

In 2018, it was reported that around 90% of the total login attempts registered to online retail websites were hacked attempts. In order to avoid such attacks in real-time, it is important to focus on the quality of eCommerce payment gateways you have embedded within your site.

They usually have offers that assist you in fighting off these attacks with the help of encryptions between buyers and sellers. As an added benefit, high-quality payment gateways reduce the overall load time per page.

At this point, if you’re new to the concept you may have many questions regarding what it is really, or how it can help you minimize the risk – here’s an all-you-need-to-know to get you right on track and fully prepared to add this incredible feature to your site.

First Off, Define ‘Payment Gateway’

Payment gateways are merchant services that provide the traditional brick-and-mortar stores and eCommerce sites with easy payment processing systems. For example, some popular payment gateways include PayPal, Stripe, Authorize.net, and Braintree, etc.

The point is for it to be both secure and convenient for everyone to use, by providing features that cater to each and every need.

This is done by adding in functions like:

  • Encryption – This is to ensure safe browsing for the customer. A good payment gateway service will add encryption for private use between seller and buyer.
  • Authorization Request – An authorization request is processed the minute a payment processor receives the green signal from the credit card company, which then grants them access to proceed with the transaction.
  • Fulfillment – Once the payment gateway has obtained the authorization, the website interface will successfully proceed towards the next action.

 

Possible Limitations You Might Come Across

While everything has its own pros and cons, payment gateways are no different. No payment gateway is made the same, they all are different in their own way. The whole game is hidden in understanding what your limitations are and how you can accept them into creating a better infrastructure.

A few limitations to consider are:

  • Not all types of cards/payments are accepted by every payment gateway. Some gateways may not highlight the limitations in their acceptance of different card issuers, but that may be a major problem for your visitors should they come across such an error.
  • If a merchant seeks to lure in an international audience to their site, they may have to check if that feature is included in the package from the payment provider they opted for. With this, it’s important to keep in mind that the prices for international shoppers may be a bit higher than usual.
  • You may also come across a few security flaws as some consumers may be rather hesitant to place orders. For this, you have to keep a few vulnerabilities in mind. Such as; Data breaches, payment issues on mobile devices, and malware that reads and infiltrates user accounts for sensitive information.

Things to Consider While Securing the Ideal Payment Gateway for You

As soon as you’ve registered in your mind the possible things to come your way; this helps in narrowing down your priorities to select the perfect payment gateway for your ecommerce or traditional store.

Listed below are all the things to keep in mind before making the final selection:

1.  Identify the type of payments your customers use

It’s essential to know what your customers are already familiar with, and which one they prefer to handle their payments regularly.

2.  How much does the payment gateway charge?

If they offer low services or features and charge you more – then you might be paying more than you need to. It’s not worth investing in a service that offers you fewer features, because then you’ll have to pay other sites to make sure you are fully up-to-date and are secure all the way.

3.  Level of security in their encryption

In order to be sure of this one, you might need to work with PCI-compliant companies. Their job is to uphold security provisions for every industry in the digital world.

In order to make the best choice for you and your company, be certain whether or not they maintain decent PCI compliance as this will act as the security barrier between hackers and your customer’s data and payment information.

4.  How good is their reputation in the market?

Lastly, you must be fully aware of their name in the market and how well they’ve maintained it over the years. Customers want to see things they trust in order to feel safe enough to place their information on your site.

So instead of choosing any payment gateway at random, opt for the ones that are renowned and have established reputations. Your choice of provider will act as a favor to your brand as it highlights the level of security embedded in your site, and in turn, it will encourage customers to feel assured that no problem will come their way during their time on your site!