Why Are Payment Gateways Important for Your Business?

Richard Raw

25 November 2020

What is a Payment Gateway?

A payment gateway refers to an e-commerce service, which processes, verifies and either accepts or declines direct payments or credit card processing for merchants using secure internet connections.

It helps facilitate online transactions, as well as receiving approval from a bank. This is important in helping transfer information regarding transactions between payment portals and either processors or banks.

Which essentially means that it acts as a middleman between customers and merchants to process payments, as well as carry out a check for fraud.

How would it benefit my business?

1. It can help lessen frequency and severity of credit card fraud.
2. They acts as a go-between to ensure customer data is encrypted and secured.
3. Its very easy to implement into companies who have existing websites.
4. The majority of online retailers are currently using such payment gateways, therefore, to implement it into your online service, it would make shopping much easier for your customers.
5. Also, they allow customers to view your sites without the annoyance of new pop up pages. You, as the merchant, can control and customize their checkout pages!

Getting the Right Payment Gateway for Your Business

There are key features to look for when choosing the right payment gateway, some of which are;

Security – to ensure your customers, especially new customers, safety and security when purchasing items from your website.

Speed of payment – You want to make sure you are being paid promptly to avoid cashflow issues.

Customer Support – It is important to0 ensure you offer customer service which is efficient with quick resolution times, to maintain and exceed your reputation, ensure recurring customers and purchases.

Integration – Choose a gateway which is easy to implement, saving you time and money.

International payments and support – If your services are offered worldwide, it is important to ensure your gateway accepts payments from your specified countries.

Now that you know the advantages and the importance of implementing a payment gateway, it’s important to find a reliable source to support you through the process.

EPAY247 can provide you with the best support throughout the process. With our amazing team of specialists, we can advise you and the perfect payment gateway for your individual business, to support you in increasing sales.