What is a payment gateway?
Payment gateways can be described as the digital equivalents of physical point-of-sale terminals. When a customer decides to shop online instead of physically tapping, inserting, or swiping their debit or credit cards on a machine, they are expected to submit their card details on an app or a website. It is the payment gateway that validates their card details before processing the payment and confirming the final transaction to both the business and the customer.
How to choose credit card payment gateway providers?
Choosing the best among top credit card gateway providers is a critical business decision as it can directly impact the operational efficiency of your business operations and transactions, while also impacting the customer experience you provide. Therefore, it does make great sense for you to consider certain aspects before you sign up for a merchant processing account from credit card payment gateway providers.
Levied Fees: Credit card payment gateway providers charge different fees for their services. For instance, you may have to pay application fees for them to approve your merchant processing account application. Similarly, you may have to pay setup fees for credit card gateway providers to set up their equipment. There could also be a monthly payment fee as a charge for the merchant processor to render their services every month. Some credit card payment gateway providers may even offer tiered or volume-based pricing that can considerably minimize costs for businesses with high transaction volumes.
Payment Methods: The credit card payment gateway providers offering a merchant processing account should support multiple payment options and currencies. This will help you offer more payment options to your customers, creating a sense of trust and credibility.
Security: Undoubtedly, security is a primary concern when customers deal with financial transactions online. Therefore, credit card payment gateway providers should comply with stringent regulations such as the Payment Card Industry Data Security Standard (PCI DSS). They should also employ advanced security measures such as encryption and tokenization to protect sensitive data.
Integration: The payment gateway should seamlessly integrate with existing shopping carts, eCommerce platforms, accounting software, and other systems so that customer experiences can be optimized and enriched at every step of the buyer journey. Also, the payment gateway should have a straightforward, intuitive checkout process with minimal redirects to reduce the chance of cart abandonment.
Customer Support: You should always choose from a list of top credit card payment gateway providers that offer 24/7 customer support and enjoy an impeccable reputation for timely, effective service.
For more information on how your business can explore the reliable services of the best among top credit card payment gateway providers, please feel free to reach out to us.