Generally speaking, a “payment gateway” is an e-service offered by a credit card processing company, allowing consumers to electronically pay for goods and services. It’s commonly used in reference to online payments, but can be applicable to brick and mortar operations as well. It’s a very handy merchant service for companies both big and small, allowing their consumers easy payment options and the ability to shop and pay online. Payment gateways can be obtained in a number of different ways, either through a major bank or through a private company. Here are a few guidelines to help you figure out what to look for in a credit card payment gateway.
Multiple Payment Options
While most payment gateways are set up to accept a wide variety of payment methods, others are not. When you are in the market for a payment gateway provider, be sure that you find one that can accept a number of different payment options. This ensures that you customers are able to pay for their goods or services using their preferred payment method, reducing frustration or the risk that they will seek out an alternate provider.
Security and Fraud Detection
When you are looking around, pay close attention to any security features or fraud detection services that the gateway company offers. At a bare minimum, the information should be sent to them through Secure Socket Layer encryption (SSL). This reduces the risk that the information will be intercepted.
Easy Batch Settlement
The funds acquired from using a payment gateway won’t automatically show up in your account until you send all the information to the processing company. Typically speaking, this is done at the end of each business day. Using a series of instructions either through the software or on the machine itself, you and your staff will send the processing company the details from each transaction all at once, in a batch, in a process that is commonly referred to as “batch settlement”. When you are looking for a company who can offer a payment gateway, be sure that settling each batch is a relatively easy process. Visit Merchantsbancard.com for details about credit card payment gateway.
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