The world is becoming increasingly digitized, which has the unintended consequence of accelerating the transition to a cashless society. This implies that every business needs a safe mechanism to accept electronic payments.
A payment gateway functions similarly to an online cash register in that it enables businesses to take credit and debit cards, as well as other forms of online payment.
Features Of A Payment Gateway
Here’s what you should think about when it comes to security standards, integration features, payment alternatives, and quality of customer support:
The most important question to ask about security is PCI DSS compliance
PCI DSS, or Payment Card Industry Data Security Standard, is an international standard drafted by the PCI Security Standards Council. It provides a consistent set of standards for the security of credit and debit card transactions. As long as the payment gateway is PCI DSS level 1 compliant, you are assured that the highest encryption level is being used.
Payment gateways typically want as many users as possible, so they try to be compatible with a wide variety of technology. If you are looking for a payment gateway, find one that already has the features you require or works seamlessly with your existing software and platform.
Retailers often use payment gateways to act as virtual points of sale. Paying gateways that are of the highest standard include a variety of features, including transaction reporting, refunds that are simplified and custom reporting capabilities.
A Variety Of Online Payment Options
Digital payment methods are on the increase and are quickly becoming the most popular payment option for customers. The use of alternative payment methods instead of debit and credit cards, such as eWallets and mobile pay, as well as crypto, are gaining popularity. Payment gateways provide different options to receive payments, so that’s why you need one.
Ease Of Scaling
Business owners want to see their business grow. With the expansion of your business and customer base, you may require different payment options.
The goal is to avoid having to upgrade payment gateways and having to develop a completely new system down the road. Choose one that offers pricing, tools, and features that are as useful and appealing to small businesses as they are to large ones.