While payment gateways are a seamless and secure way to go ahead and make all kinds of transactions without worrying about online fraud, it is as important to go in for the right one. Only in this way, you are going to take advantage of all of the benefits it has to offer. So how can you know when exactly you are investing in the right payment gateway providers? It’s easy, you need to tick yes on these below- mentioned elements.
A seamless authorization process
The platform needs to be such that it conducts all types of transactions seamlessly. The payment gateway needs to execute the transaction by examining whether the customer has enough funds to pay. This does not encompass the actual money transfer. At the time of authorization, the merchant makes sure the cardholder has the potential to pay for an ordered item. An authorization transaction is generally used for orders that take time to manufacture or ship.
Having PCI DSS compliance
Payment gateway providers, especially for small and medium businesses, are a prerequisite for processing card payments. It is imperative for you to become PCI DSS compliant if you want to store the banking data of clients on your own server or if you wish to perform credit card processing. To become PCI compliant, define your level of compliance, study the PCI self-assessment questionnaire, complete the attestation of compliance, perform an external vulnerability scan and offer your documents to the acquirer bank as well as card associations.
You have the right method to integrate a payment gateway
Usually, there are four main kinds of payment gateways. A hosted payment gateway acts as a third party. This is because the customer needs to leave your website to perform a purchase. Then, there is also the direct post method that permits a customer to shop without leaving your website. An integrated payment gateway ensures the user stays on your website during the entire purchase.
The payment processing infrastructure needs to be top-notch
For the customer, the payment processing infrastructure is represented by a small window. Alternatively, this can also be shown as a separate website where they have to pass through the checkout. Other than this, processing also involves a variety of financial institutions or tools that confirm the transaction data on both ends. This offers customers the opportunity to complete the purchase in just a few seconds. At the time of checkout, the gateway needs to carry out various tasks such as passing the card number, CVV, and expiration date. This generally takes about 3-4 seconds.
So there you go. As long as you pay attention to these aspects and are prepared to incorporate them in your payment gateway plans, you can safely say that you are in the hands of the right provider who can make it safe and secure for you to perform a wide variety of online purchases and transactions seamlessly.
So what are you waiting for? Go ahead and find the right one for you from the wide variety of payment gateway providers today.
