6 Things to Keep in Mind before Choosing a Payment Gateway
The topmost priority while choosing the payment gateway should be the payment security. With the advent of online transactions, there is also a significant increase in numbers of credit card frauds and dummy transactions. The Payment Card Industry Data Security ensures that customers’ virtual money data is collected and stored securely, thereby reducing the security risks associated with the online trades.
It is always better not to assume that the payment gateway is a PCI compliant. Because complying with these standards are not only merchant’s responsibility as your business is also involved with the same. It is always advisable to ensure that your security requirements are possible to meet, and best is to inquire about the compliance surrounding them.
One of the most important aspects to consider is the method of capturing credit card data which involves choosing from the iframe, hosted, or API. Also, it is best to know about the information safe-keeping protocols followed by the selected methodologies.
The online payment industry has witnessed some significant change in the trading since past 5 years. Nevertheless, historically speaking, the industry is full of companies hiding the fees and locking you on long term basis.
Off late, there is one thing which everyone in this business is looking for – transparency. Transparency is now the primary concern for the businesses dealing with the virtual money and online transactions.
The best way to gauge the service provider is by it is clear and simple pricing plan. It is of utmost importance that the transparency is maintained throughout the business deal, allowing you to leave or opt out for a different provider at any point of time by letting you take the credit card data with you. There are few of the vendors who give the services of data portability.
When choosing a gateway, you will generally encounter three different fees that vary by company: monthly fees, transaction fees, and setup fees. Some tools will require a membership fee, billed monthly, for letting you use their service, while others will simply charge a flat cut or a percentage of every transaction. Setup fees, while usually small, are a one-time expense you will encounter when initially setting up a payment gateway.
It’s important to plan your budget and company vision before researching fees and charges. Many of the smaller payment gateways do not charge monthly fees, but a more robust system might be better for your business if you expect rapid growth
According to Localities, over 60 percent of consumers believe mobile payments will replace credit card purchases, even in point-of-sale environments. Payment gateways with this functionality allow consumers to transfer money using their mobile device, either with a branded app or a mobile-optimized site. Because this feature is provided through the designated payment gateway, it still holds the same compliance and security standards.
As a startup owner, it might be easy to dismiss this feature as unnecessary when building your company. However, the inclusion of mobile payments might expose you to a powerful demographic of early adopters in technology. If you choose not to include mobile payments when initially launching your company, consider incorporating this functionality in a future iteration.
You’ve got enough to worry about running your business. The last thing you need is a complex solution that takes weeks to integrate. You want to find a payment gateway with an easy technical integration that is customization to your website, no matter what language you use. Other things to consider are mobile capabilities, the ease of the signup process, and making sure there’s a solution that limits your PCI compliance scope
6. Help when you need it
Integration to a payments provider is typically the time when a business needs the most help. When you’re vetting out a provider, ask your sales rep if their company provides integration support. Is there a fee for this type of support? Can you talk to a developer if you’re having trouble with the code? What about after you’ve been setup? You want a provider who doesn’t put you through a call tree to get to someone who knows what they are talking about. Choose the one who monitors your account and proactively looks for ways they can help you out.