Keep these points in mind when Dealing with Payment Gateway Providers

Payment gateways are convenient, prompt and do not require customers to wait in long queues to make their payments for a specific service or product. However, when dealing with payment gateway providers, you need to be careful and pick the one that understands your needs and offers solutions that provide the best financing savings and time.

Understand the various types of payment gateways that exist

Usually, there are two types of payment gateways. One is the integrated payment gateway and the other is the hosted payment gateway. While the integrated payment gateway connects your eCommerce store to the gateway services via an API, a hosted payment gateway redirects the customer to the platform of the payment service provider to put in the payment information.

Know the various steps in a payment gateway transaction

A majority of payment gateways perform the following steps in a few seconds.

The first is encryption. Here, the payment gateway encrypts data that can only be sued by the buyer and seller between the user’s browser and the retailer’s server. Then comes the authorization request, where the process obtains an approval from the financial institution to move ahead with the transaction. Lastly, the payment processor obtains the authorization to carry on with the next action.

Understand the limitations the platform comes with

When you are checking out various payment gateway providers along with the steps involved in processing a payment, you also need to get acquainted with any kind of drawbacks that exist. For instance:

• Sometimes international shoppers do not have the benefit of a payment option: If you want to reach a wide international audience, you have to ensure your payment gateway can handle it.
• Gateways do not always accept all kinds of payments/cards: Not all payment gateways possess the ability to accept payments from all processing portals and card issuers. So prior to selecting a gateway, you should keep in mind your customers and their need to use as well as limitations.
• Examine if there are security flaws: Customers are afraid to place an online order largely because of security issues. So make sure you look into mobile payment issues, data breaches, and malware. See that these issues do not cause any major impact on your payment processing abilities.

A superior quality payment gateway needs to be secure enough to handle all kinds of transactions flawlessly.