3 Tips For Choosing A Payment Gateway Collecting Money Online

3 Tips For Choosing A Payment Gateway Collecting Money Online

3 Tips for​ Choosing a​ Payment Gateway: Collecting Money Online
As a​ consumer, when you check out of​ your local convenience store, you may swipe your credit card through a​ point-of-sale device and​ your gas, coffee, and​ donut are paid .​
But what if​ you are the​ retailer and​ your business is​ online? It’s not like you have a​ card-swiping device at​ every customer’s PC! There must be a​ way for​ you to​ process that information .​
Essentially, that is​ the​ job that a​ payment gateway does for​ online retailers .​
Roy Banks, president of​ Authorize.net, a​ leader in​ the​ payment gateway industry, describes his company’s function as​ the​ digital version of​ a​ hardware point of​ sale terminal.
What is​ a​ Payment Gateway?
Payment gateways allow online merchants such as​ eStore owners or​ auction sellers to​ accept credit card payments over the​ internet .​
They authorize the​ cardholder’s credit—that is, they check to​ ensure that the​ customer has enough money on their credit card to​ cover the​ charges .​
They then place a​ hold on that amount so the​ buyer can’t turn around and​ spend that same money elsewhere before it​ gets transferred to​ the​ retailer’s merchant account .​
Banks describes this as​ the​ technology…necessary to​ consummate a​ payment transaction.
A Payment Gateway is​ NOT a​ Merchant Account.
Many people confuse merchant accounts with payment gateways but they are not the​ same .​
Merchant account services act, for​ the​ most part, as​ a​ liaison between your business bank account and​ the​ payment gateway .​
When a​ customer orders a​ product from your online business their card is​ processed via the​ payment gateway .​
The money is​ then moved over to​ the​ merchant account service .​
The merchant account service then moves those newly captured funds to​ your business bank account.
3 Tips for​ choosing a​ Payment Gateway:
1 .​
is​ it​ PCI-compliant? That means that the​ company’s security has been audited by a​ third party and​ found to​ be up to​ industry standards .​
Since payment gateways store all your customers’ credit card information (sparing you the​ stress), it​ also means you can sleep better at​ night, knowing your customers’ valuable information is​ safe and​ sound.
2 .​
Good customer support .​
‘Nuf said.
3.Lastly, it​ is​ important that the​ payment gateway you choose be integrated to​ the​ third-party solutions you are planning to​ use .​
That means things like store front platforms and​ shopping carts—you want them to​ be compatible with your gateway.
Payment gateways will not only allow you to​ collect the​ monies from your sales, many also offer an​ array of​ security features, some of​ which will help you avoid becoming a​ victim of​ fraudulent orders! In the​ end, they will make your ecommerce business a​ less-stressful, more pleasant experience—for both you and​ your customers.

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