9 Important Factors that You Should Look for in a Payment Gateway

Posted by Mohammad Hassan on February 7th, 2019

To run any business successfully, payment gateways play an important role. Therefore, to make these payments secure is the utmost choice for any business owners. The process does not only involve setting up a new gateway but also about providing convenience to the customers. Generally, Payment Gateway Integration is referred to as a third party that is used for authorizing any transactions. With this, you can easily track the details of any customer’s card. And then, these details are sent to the bank to process the payment. Besides this, the payment gateways also have other essential features like fraud detection and other added services. Now, to make it secure, there are a few things that you should be aware of. In case you are not aware, go through this article thoroughly. Here, we are going to discuss all the important factors that one should look for in a payment gateway.

Important Factors that You Should Consider for Choosing a Payment Gateway

In case you want to implement a payment gateway in your online business, do not go for it directly. Instead, go through all the main considerations that are important for a gateway and then incorporate it accordingly. In case you are unaware of these factors, go through the points that are stated below:

1. Modern or Classic

The first step is to decide which payment mode you want to choose, modern or classic. A direct merchant account is required to be applied in case of the Classic payment gateway. But in case of modern payment gateway, this is not required to use the services. So, generally, setting up a modern gateway for payment is much easier but includes higher fees. PayPal is one of the modern payment gateway examples.

2. Encryption Standards

Another important consideration is the payment gateway’s encryption standards. This generally handles the payment details of the customer and in case you encounter even a simple breach, it can badly impact the company’s reputation. EbizCharge is a payment gateway that often advertises the encryption standard. These standards then add another level of security to remove the card data entirely.

3. Compatibility

Although most of the gateway payments look for the compatibility, some of them are available that are easier to integrate. In case you have other requirements or requests, such as another financial data management platform, consider linking your payment gateway to your invoicing software.

4. Speed

As there are a number of payment gateways available, each one has a different speed. In case you are looking for ways to maximize the user experience which is average and complete the transactions as soon as possible, then obviously you will have to look for a processor that can easily secure your credit card authorizations.

5. Reporting Features

You might need a gateway with thorough reporting features which depends on your business. For instance, you want to review all the chargebacks that you have acquired or you want to receive all the activities of transactions. Any fees that you have incurred needs detailed analysis or a review of your commissions.

6. Fraud Detection and Other Security Features

There are certain payment gateways that have a specialization in fraud detection, for example Cybersource. Any suspicious activity is easily identified by them even before acquiring any payment details. And in case you plan to manage large volumes, this is probably the best choice for you.

7. Invoicing Capabilities

It is the primary function to secure your payment gateway with the invoicing capabilities that are inbuilt. This further depends on what systems you are using. Doing so will reduce your reliance on other platforms and streamline your payment process as well.

8. UI and Usability

In order to review chargebacks, fees, transactions and other high-level data, one has to log in to your payment gateway at least occasionally. While performing this, you will obviously want to provide the best possible user experience. But as every person has different preferences, the better way to evaluate is to try your own platform.

9. Costs and Fees

Another important factor that you need to consider is the cost and fees associated with the payment gateway. In case you find one with great features, it will ideally include higher costs. However, few offer zero setup and monthly costs. Therefore, choose the most appropriate one according to your budget and convenience.

So, after coming across all the possible considerations, you can implement the payment gateway process securely. However, opting for a professional’s help will always make your task easier. Therefore, look for the most reliable service provider you can guide you with the best Payment Gateway in UAE.

For Further Assistance, Talk to the Experts Today!

If you are looking for the best service provider who can guide you with faultless Payment Gateway Integration, then no one can beat us. UAE Technician is a team of extremely qualified professionals who are well acquainted with this process and hence can offer you the best possible solutions. Therefore, delay no more and contact us by dialing our helpline number. The experts of our team are always available to assist you at the hour of your need.

In case you are unable to reach us via phone calls, drop us a mail in our registered mail ID and we will revert you with the most effective solutions as soon as possible.