You’ve heard the saying there are 100 ways to accomplish one thing and the same is true when it comes to payment gateways. If you are an entrepreneur or have considered opening your own business, then more than likely you have come across payment gateways. Let’s take a deeper look into the world of payment gateways. Read more about What is the payment gateway and how does it work?
What is a Payment Gateway?
It’s important to understand what a payment gateway is. A payment gateway facilitates a payment transaction by the transfer of information between a payment portal via website or mobile device and the front-end processor or acquiring bank.
The payment gateway can provide a little more flexibility especially when and if a bank change is needed. Essentially, you can think of the payment gateway as an all-in-one solution. There are many popular payment gateways such as Square, Stripe, and PayPal to name a few.
Also read Merchant Services 101-Why Do You Need a Merchant Account
What Features to look for in a payment gateway
When choosing a gateway there are a few key features to look out for:
Security- Security is first and foremost one of the more important items to consider. You want to make sure your business and consumer are protected from any fraud, chargebacks, etc. You want to make sure most importantly that your payment gateway is PCI Compliant.
Customer Experience- Any company you go with you want to make sure that the customer service is up to par. This is extremely important in case you have issues that need to be resolved quickly. You can always look at customer reviews to help base your decision on which company might be a better fit for you.
International Features- Now with the digital marketplace at our fingertips, finding a good gateway to help process international payments is crucial. In the eCommerce world you will more than likely have customers coming to you from overseas, so finding a platform that will help give low rates and currency choices will help your business grow.
Rates- It is important to understand the rates impacting your bottom line every day. Payment gateways will usually have information regarding rates on their website. At the end of the day, your bottom-line matter and so should your rates.
Additional options- Some payment gateway platforms may offer additional features to help business owners grow and scale their business.
Also, read Merchant Services 101: All You Need to Know!
Which Platform works for me?
All platforms are not created equal, so it is imperative that you do your research and make sure that the payment gateway you move forward with checks off all the boxes for what you are looking for. While there are many Gateways to choose from such as PayPal, Stripe, or Squareasking the providers regarding the features above can help you determine which gateway will be most suitable for you and your business.
If you are still undecided if a Merchant Account or Payment Gateway would be of more benefit, please reach out to one of 5 Star Processing amazing team members at 888-253-9692 or [email protected] to help you walk through the best options.