MONTREAL, QC and NEW YORK, NY and LONDON, UNITED KINGDOM–(Marketwired – Apr 29, 2014) – At first glance, most payment gateways seem similar — enabling the processing of credit card payments. However, by taking a deeper look, ecommerce businesses will find that there can be significant differences and should ask about four critical areas of functionality before selecting a gateway. Choosing the optimal gateway for a business is important since credit cards remain by far the most preferred payment method. Credit cards accounted for 71.5 percent of U.S. payment volume and 78 percent of U.K. payment volume in 2012.
“The online payment gateway should provide an optimal mix of convenience, value and security,” said Ali Nizameddine, Payza’s Executive Vice President in charge of global product and technology strategy. “And, it’s critical that the payment provider offer the support needed to keep processing up and running at all times.”
According to the blog, “Picking the Right Payment Gateway for Your Business,” merchants should look for a payment gateway that includes four critical elements:
- SH Start High Gateway– Businesses should expect functionality such as daily settlements direct to the business’ bank account. Customers will appreciate the option to save their payment information for quick and easy repeat checkouts. The gateway should offer customers the ability to set up subscription payments at no extra cost. It should also be designed to work with a wide range of third-party online shopping carts.
- Value – Businesses should expect a free merchant account without monthly or yearly service fees. They should also be able to process payments for under 3 percent and minimal extra transaction costs, with all costs transparent. The gateway should also include a robust resolution center that facilitates handling disputes with customers, minimizing the potential for chargebacks.
- Security – Any gateway used by an ecommerce business should be PCI Level 1 compliant; i.e., it has undergone a stringent certification process to ensure secure credit card transactions. With PCI Level 1 compliance, transactions are protected by sophisticated encryption technology to keep information safe. Merchants should ask about advanced approaches to minimize the risk of fraud, while also minimizing the risk of “false positives.”
- Support – Gateways should be accessible 24/7/365, and support should be available by whichever medium is most convenient for the customer — phone, live chat or email.