Features to look for in an online payment gateway

The world is transitioning wards a cashless economy, and online payment options are becoming more and more common. Customers are reducing their use of cash and actively choosing digital payments as a result of the recent pandemic situation. Customers have a variety of payment options; therefore, businesses must have the appropriate payment gateway. When choosing one, they should search for a payment gateway that offers convenience in addition to security. Consider the following features when choosing a payment gateway for your requirements:

Features to look for in an online payment gateway

The distinction between a full payment solution and a simple low-level connector is the availability of different payment gateway functionalities. There are many more levels to an enterprise-scale payment system than simply transactions, which a payment gateway must perform on a basic level. Here are some features you must have in your payment gateway.

Modern or classic payment gateway

You must first choose between a classic and a modern payment gateway setup. For traditional payment channels, a direct merchant account application is necessary. Nonetheless, modern payment gateways enable you to use their multiple devoid of one. These tend to be simpler to set up but the charge is higher and may re your clients to make a payment offsite, which may result in lower conversion rates.

Easy integration

Look for a payment processor that enables smooth integration of plugins with your existing platform. By eliminating the need manually your records when payment integration is enabled, the likelihood of errors is decreased. It will start to have an impact on the tool you are already using every time there is a new transaction and the payment is made online. Although most payment gateways aim for connectivity with as many technical systems as possible to maximize their user bases, some payment gateways are simpler to integrate than others. However, you might have certain requirements, like tying your payment gateway to your invoicing program or another platform you use for managing financial data.

Security

You must take into account the payment gateway’s encryption requirements. Your clients’ private financial information will be handled by this business, thus even a small breach could harm your brand’s reputation. Security is among the most crucial characteristics to take into account in a payment gateway. This is significant not only for you but also for your clients. If the payment gateway is PCI DSS Level 1 compliant, this issue is addressed. When choosing a payment gateway, you must make sure the platform offers strong security. SSLCOMMERZ helps you achieve the maximum level of security while processing online payment with their platform.

Multiple payment options

Your payment gateway should be able to take a wide range of payment choices, including debit/credit cards, wallets, and incentives, as more and more customers choose digital payments. Giving athe option to pay with their preferred method of payment makes them feel more confident, which encourages return business and increases sales.

Detailed reporting

A payment gateway isn’t much more than a virtual terminal for many retailers; yet, if set up properly, it can provide you with much more. Making informed business decisions may be made easier with the support of a reputable payment gateway, which can provide thorough information and quicker reconciliation. For instance, you wwant to look into every transaction you’ve made or, more precisely, any chargebacks you’ve received. You might need to analyze your commissions (if you’re a reseller) or a thorough breakdown of any fees you paid while utilizing the platform. Try them out before committing as different gateways offer various report formats.

Invoicing options

Any retailer can benefit from having a safe payment gateway with a built-in invoice feature. This facilitates the payment process and can provide a practical means of accepting money. It can be in your best interest to acquire a payment gateway service with an integrated invoicing feature, depending on the you’re presently . As a result, you an lessen your dependency on other platforms and expedite your payment procedure

Fast processing speed

It is crucial to consider how quickly funds are transferred from a customer account to a retailer account. Customers benefit from a hassle-free user experience because of improved processing . Different payment gateways provide various speeds. For maximizing the average user experience and execute faster transactions, you would need a processor that can ensure a proper credit/debit authorization in a moment. SSLCOMMERZ processes payment faster than any otherout there, and the latency rate is very low, which helps the customer get the best results.

Costs and fees

Finally, keep in mind the prices and charges connected with each payment gateway. Some products might cost more, but they have crucial features like security. While some systems have no setup fees and charges, they could have greater costs for things like chargebacks. Others generally set a monthly charge and no additional charge on transactions.

UI and Usability

At least once a month, your financial team will need to access your payment gateway to evaluate fees, chargebacks, transactions, and other important information. You’ll want them to have the finest user experience possible when they do. Some platforms are easier to use and aesthetically pleasing than others. Everyone has a different set of preferences, the only way to judge this is to use the platforms yourself.

Final words

You must choose the payment gateway that is suitable for your particular business. Security may be the top issue for some business owners. Others could blame the price. If you’re lost, seek assistance from your peers and mentors (as well as information on any prior experiences they may have had), and be sure to explore several possibilities before settling on a final contender. SSLCOMMERZ can be your ultimate solution to meet all the factors mentioned above, so you can easily trust SSLCOMMERZ to be your trusted payment gateway service.