ECommerce has changed the face of business to consumer sales. More and more brick and mortar stores are shifting their business processes online. The first step to building your eCommerce empire is to sign up with a strong payment gateway. There are a lot of choices out there but how do you make the right decision? What makes a payment gateway constant, contemporary and credible? Before we answer that question, let’s take a look at some of the things that can help with the decision-making process:
Important factors to take into consideration when choosing a payment gateway
1- Easy integration: A compatible software is an absolute priority for your website. Having an easy and seamless integration process prevents any interruptions on your transactions. It also shields you from facing any technical issues in the future, especially during regular update processes.
2- Monthly fees: Some companies base their decision on the amount of money they have to pay to their payment gateway every month. While this is important, don’t let it be the sole decision breaker. As a cheap choice may not offer you all the services your business needs.
3- Technical support: Being able to contact your payment gateway at any time and fix any errors that may occur instantly is definitely a plus.
Those were some of the factors that could affect your payment gateway choice. But one factor remains the most important one of them all. Going back to our earlier question: What makes a payment gateway constant, contemporary and credible? The answer to this question has always been and always will be: Security, security, security.
Why security remains the most important feature in a payment gateway
To this day, people are still hesitant to share their credit card details online in fear of hacking or fraud. Especially, if they’ve never shopped at your store before. Or if they’ve had a previous bad online experience. No matter how high the quality of your products is or how great your service is or even how low your prices are. If there’s only the slightest possibility of identity theft, people won’t make a purchase. That’s how important security is. And that’s why you need to take the highest safety measures on your website.
How do you make sure your website is secure?
1 – Comply to all standard security measures: Including The Payment Card Industry Data Security Standard (PCI DSS). It’s a set of standards designed to ensure all companies that accept, process, store or transmit credit card information maintain a secure environment. Major payment card brands have created a council to manage the PCI DSS. The PCI SSC includes Visa, MasterCard, American Express, Discover and JCB.
2 – Employ the latest security protocols: Staying up-to-date is highly important. Make sure your store’s free of any risks. Get the latest trends and the best security standards instead of out-dated methods.
3 – Use multiple firewalls and internal risk tools.
4 – Use safe hypertext transfer protocols: Your customers will feel safer and more confident seeing the “https” prefix on your URL instead of “http”.
5 – Use standard fraud prevention tools: Every online business is exposed to losing money. But fraud prevention tools help you reduce your losses. Such as:
– Card Verification Value (CVV): The 3 or 4 digit security number located on the credit card.
– Address Verification System (AVS): Verifies the address of the person claiming to own the card.
– Hourly Velocity Filter: Limits the total number of transactions received per hour, preventing high-volume attacks.
– Transaction IP Velocity Filter: Isolates suspicious activity from a single source by identifying excessive transactions received from the same IP address.
Payment gateways are the backbone of your eCommerce, they can make or break your business. Associating with a strong and secure payment gateway is the key to having a successful story. In your industry, security is a huge issue so don’t take it for granted. HyperPay provides top of the notch online security with over 120 internal risk tools, check out our Service Features for yourself.