A payment gateway is a transaction processing system which links a website to the secured banking network. Payment gateways are vital to the success of any ecommerce payment processing solution.
It is wise to conduct a careful investigation before choosing your transaction processing gateway. Merchant account providers often advise you to use a certain payment gateway because they make the most money make selling it. They do not tell you that you can decide which gateway best suits the needs of your business.
Consider the following questions in choosing the right gateway payment processor for your business.
1.Is the payment gateway Payment Card Industry (PCI) certified? PCI is the standard used by all card associations to protect credit card information. Always use a PCI certified payment processing gateway.
2.What fraud screening is provided by the gateway? Ideally, the payment processor should allow the merchant to dynamically configure fraud settings to meet specific needs. You want to set security high enough to protect from fraud, but low enough that legitimate transactions are approved.
3. What reporting tools are included in the payment gateway? The correct reporting tools will enable you to successfully manage your payment processing transactions. Look for reporting that can be easily customized to meet the specific needs of your business.
4.Can more than one merchant account be managed through the gateway? High volume merchants or merchants in high risk industries often find it prudent to establish more than one merchant account to minimize risk. Managing all merchant accounts through a single payment processing gateway means easy account reconciliation and streamlines your business operations.
5.Does the payment gateway include programs offered by the card associations to shift liability? The ability to shift chargeback liabilities back to the card issuer is important, particularly to high risk merchants.
6.Are you involved in international ecommerce? If so, be sure to choose a gateway with international certification.
