Communication between e-commerce websites and banks is made via payment gateways. The biggest challenge is to keep transactions safe and secure. Today, there are a number of payment gateways available to choose from. So, it is important to carefully choose the right one as sensitive information like bank details will have to be shared.
Here 4 important factors to consider while choosing your payment gateway.
1) Standard of Encryption:
As sensitive information is being dealt with, you have to understand the level of encryption of the payment gateway you choose. You can’t afford any breaching of such data. This will reflect very poorly on your e-store’s reputation. So, be sure to go through all details of encryption and check-out as many reviews as possible before you make your choice.
2) Detection of Fraudulence and Other Security Threats:
You also have to check if payment gateways are continuously looking out for security threats. When dealing with big transactions, you can’t give chance to any kind of fraudulence to happen. Any suspicious activity detected must be addressed and the payment process should be withheld until it is secure again.
3) Detailed Invoice and Reports of Transactions:
It is vital for businesses to keep a detailed record of all transactions with customers and vice-versa. You may need to get back to some of the transactions to check on charge-backs or commissions at some point. In such a scenario, having a fully furnished report will be handy and it will eliminate unnecessary confusion.
4) Speed of Transactions:
Some gateways offer quicker transactions while others offer slower ones. Depending on the need, you should choose one that satisfies it. MyGate is known for its speed if you are looking for a secured yet quick transaction. Always keep an eye for the level and quality of security offered. It’s more important to stay safe and choose a portal with a reasonable transaction speed than one which is fast yet vulnerable to security attacks.
There are so many variations of payment gateways that you can’t really rank them. Its best you study each individually and pick whatever suits you best. However, if you are looking to develop one, get in touch with Openwave to hire the Best Payment Gateway Developers, today!