Choosing the Right Payment Gateway
In order for your business to have the capability to process transactions online, you’ll need to work with a payment gateway to handle these payments. Choosing a payment gateway can seem a bit overwhelming at first, so here we’ll break it down into some of the most important considerations you’ll need to take into account to make this critical decision.
If there is ever an issue with your payment processing, you’ll have peace of mind in knowing that the payment gateway will respond quickly to any requests. Aim to find out what their typical response time is to ensure that any problems will be resolved in an expedient manner. The last thing you want is to be stuck on hold or sitting around waiting for an email response when you are trying to accept payments from your customers.
A particular payment gateway might seem like the perfect match for where your business currently stands, but what about in the future? Make sure that you find a payment gateway that has the capability to accommodate changes to your business, like a rapid increase in your number of customers, expansion into foreign markets, or the addition of new payment methods. The payment gateway should contribute to the growth of your business as well. For example, Reliance Star works with businesses to ensure that they are maximizing the profits from their credit card transactions, not wasting it on service charges and fees.
Security and Fraud Management
What does the payment gateway do to ensure the safety of your customers’ financial data? How does it handle issues relating to fraud management? You’ll want to make sure that the payment gateway stays at the forefront of technological advances in financial security to protect your business and your customers from fraud and identity theft.
In addition to complying with the PCI Data Security Standards to protect customers from fraud and identity theft, find out what other policies and regulations the payment gateway actively follows. Two key compliances to look for are the Office of Foreign Assets Control (OFAC) and tax compliance. OFAC deals with avoiding conducting business transactions with customers in countries that have economic and trade sanctions against them. Tax compliance is critical to ensure that your business accounts for all income properly when you file your business taxes each year.
Find out if the payment gateway embraces emerging technology or sticks with just the basics. For example, Payeezy incorporates both Apple Pay and Android Pay into its technology offerings. As technology continues to evolve, customers will increasingly begin to demand that these new forms of payment be accepted by your business, so it is in your best interest to contract with a payment gateway that is forward-thinking when it comes to technology.
Choosing a payment gateway is one of the most important decisions your business will have to make, so it is crucial that you do diligent research before selecting one. Aim to gather as much information as possible so that you can weigh the pros and cons of each organization in order to make an educated decision.