The solution is indeed a highly secured Payment Gateway.
What is a payment gateway?
A payment gateway is an online payment service that contrives all the payment transactions on an E-commerce Platform. Popular payment gateways include PayStudio, PayPal, Braintree, Stripe, and Square. The main function of a payment gateway is to approve the transaction between the merchant and the customer. A payment gateway leads to the e-commerce platform gaining affinity as it is not just convenient and quick but also secure and contributes to success at the same time.
Payment Gateways vs. Payment Processors:
- A payment processor basically brings off the transaction by transmitting data between the customer, the merchant; the issuing bank; and the acquiring bank, whereas A payment gateway securely transmits the online payment data to the processor to continue the lifecycle of the transaction.
- The payment processor provides the credit card machines and other equipment you use to accept credit card payments, on the other hand a payment gateway authorizes payments for online transactions, mostly for e-commerce websites.
- Basically a payment processor facilitates the transaction and a payment gateway is a tool that communicates the approval or decline of transactions between the merchant and its customers.
Things to be considered while choosing a Secure Payment Gateway:
Once you get to know the exact meaning of a payment gateway, you should focus on how to select the desired payment gateway. A payment gateway should be considerably convenient for the customer as well as the merchant but security or safety of transaction still remain the priority while choosing a secure payment gateway. There are a few questions that one must ensure while working with a secure payment gateway:
1. What payments do your customers use?
The most fundamental question that needs to be answered is- how and what your customers are using to handle their payments?
If you hoard your payment gateway and facilitate a payment type that they can use, it may lead to problems and run into security risks as well.
2. What is the fee from the payment gateway?
if a payment gateway’s costs are outweighed by the money you spend on additional security concerns and fraud detection, it might not be worth the investment. So, one must always consider the fee of the payment gateway and how it relates to security costs.
3. How secure is their encryption?
To measure the Legitness of a payment gateway, you’ll want to work with PCI adhered companies. The Payment Card Industry Data Security Standard (PCI DSS) is a system of standards put in place to uphold security provisions for online payment service providers. Before you pull the trigger on the anyone payment gateway, one must double-check that they maintain PCI compliance. These are standards put in place to protect customer data and payment information.
4. What is their reputation?
Nowadays customers have become really intellectual and wise, over a quarter of customers would want to see security marks at the point of checkout. One should use a payment gateway that their customers can trust to eventually prevent customers from abandoning their shopping carts or losing their interest in the brand. Brand recognition always works in your favor by Enlightening the security standards and encouraging a customer to continue shopping. Some high-risk merchant payment gateway providers like PayStudio is one of the best payment gateway solutions with highly secured infrastructure.
Opening Your Payment Gateway for Business:
After understanding the importance of a payment gateway and its impact on sales, security, and brand image. One should learn the following steps:
- Always research with key priorities in your mind. Must Check the PCI DSS compliance of your potential payment solution to ensure its security standards and always look for per-transaction prices to get a sense of how a gateway will impact your bottom line.
- Always prioritise your customer and try to understand what your customers want. For example, Which payment services do your customers prefer, and what’s the most convenient way to facilitate these preferences?
- Heap multiple gateways to fill gaps. One does not have to commit to one gateway only. You can even hoard multiple gateways at once to ensure maximum coverage for most customer needs.
BEST PAYMENT GATEWAY SOLUTION
PayStudio provides you with the invaluable support of a high-powered white label solution and excellent customer service. We combine high-level Services, pricing, and quality for you to take your venture to the next level.
PayStudio Payment Solutions offers a way to expand and accelerate businesses to their fullest potential, no matter whatever the industry is. So, all the mogul folks, what are you waiting for?
Get in touch with us for more information or take a look at our website https://paystudio.vip/ You can also connect with our support team at sales@paystudio.vip or call us at (+44) 0 (800) 887 0291
