Payment Gateways are gradually making their way into the online business. Many eCommerce platforms are resorting to them for the convenience and security they provide. But not everything is as transparent as it might seem. There are many things related to the payment gateway which you might not be aware of. Hence, it is important to get some insider information about the gateway you are using to make sure you have hold of the right one. Also, as a retailer getting the inner mechanism of the payment gateway might give you the strategy to collaborate with the gateways in the most effective manner.
So, without further ado, here is some of the most relevant insider information on payment gateways:
There is No Ideal Payment Gateway
This is the first most important thing to keep in mind about the payment gateway. You might be looking for a payment gateway that fulfills all your needs. But this is not how it is. There is always something that a payment gateway can do while others cannot. For instance, the gateway you are working with might not accept a few currencies or might not be used for the international payment. Even in charging service fees, the gateways might differ due to numerous reasons. This suggests that you will not find everything in a single payment gateway. That’s why even giant companies like Netflix and Amazon work in collaboration with multiple platforms. Hence, to make things convenient you will have to work with multiple payment gateways or you simply have to adjust to the shortcomings of a particular gateway.
The businesses that work with multiple payment providers often opt for payment routing. But did you know that you can use your payment gateway for different routing? There are several parameters on the basis of which you can route your payment. For instance, you can route your payment on the basis of currency. If you are accepting and making payments in a particular currency, you can route your payment accordingly with the help of your gateway. The other options you can go for is on the basis of who you are dealing with, the transaction amount limit you are heading for, frequency of the payment and type of payment. In other words, routing is a great feature in payment gateways with the help of which you can classify your payment smartly and in an organized manner.
With the help of a payment gateway, you will be able to route money as per your choice.
Recurring Payment is Still Not Prevalent
The recurring payment is one of the latest features that have shown up in the eCommerce business. The benefit of using this feature is that you do not have to enter your card details or other such information for making payment at every regular interval. OTT platforms like Netflix use this feature but there are payment gateways that still do not support these services. If your business is related to a field where you will have to make recurring payments for scheduled billing then getting this service will be quite helpful. It will save a lot of your time and this can work wonders for you. Hence, you will have to make sure to pick a payment gateway that supports recurring payments.
Security Features are Not to Miss Out on
Payment gateways authenticate the data of the payment provider and connect it with the payment processor. As monetary transactions are involved in it, having a strong security feature is of utmost importance. There are many latest security features like biometric and two-factor authentication that work flawlessly with the mobile phone. But, at the same time, there are payment gateways that still use outdated security features. Therefore, make sure to go for the payment gateway that supports the latest features so as to keep the banking information and other data safe.
International Payment Gateways are Popping Out
Many merchants have their business offshore and for them having a payment gateway that supports international payments is quite necessary. But if you are tied up with a payment gateway that can only process payment in a given region this can act as a hindrance. Fortunately, many payment gateways are coming up that accept international payments and currencies. However, you must be aware of the gateway regarding their geographical region. Also, it is also advisable to accept a payment gateway that accepts payment from different countries as you might never know when your business might go international.
Payment Gateways, as it turns out, does not hold that many secrets. With proper research and analysis, you will be able to figure out what the are the benefits and drawbacks of payment gateways. As a retailer, this will be extremely important as a major part of your business pertains to accepting and making payments. With the wrong payment gateway in support, you might face difficulties that can directly impact your business growth.