Choosing A Payment Gateway-the next step to growing your business
Payment gateways allow online merchants to accept credit card payments over the internet
. They authorize the cardholder's credit. Payment Gateways make sure that the customer has enough money on their credit card to cover the purchases. A hold is then placed on the amount so the buyer can't turn around and spend that same money elsewhere before it gets transferred to the retailer's merchant account. Banks describes this as "the technologynecessary to consummate a payment transaction."
Choosing a payment gateway to use can be a frustrating, confusing task, but it doesn't have to be. I know, I've been there. As your business starts to grow, so do your credit card processing options. What should you know when choosing a payment gateway?
First check if it isPCI-compliant? PCI compliance is Payment Card Industry Standards. These standards regulate how you handle sensitive personal information. The goal is to protect the consumer. When a company is PCI compliant- it means that the company's security has been audited by a third party and found to pass credit card industry standards. Since a payment gateways store all of your customers' credit card information, this means you can sleep better at night, knowing your customers' valuable information is safe and sound. A PCI-compliant credit card processor is a must in today's world. You could get fined if you are not PCI complaint.
Great customer service-It's important that you are able to reach your credit card processor in the event of an emergency. Do they respond after the sale? You can do a search online to find other customer's feedback. Consider asking online colleagues and small business owners for referrals. You should ask what payment gateway they use, how much it costs them, and if they are happy with their service? Also consider asking them what they would do differently knowing what they know now.
It is very important that the payment gateway you choose integrate with third-party solutions you are planning to use. I use authorize.net and it integrates easily. Not much html knowledge is needed.
Payment gateways will not only allow you to collect the money from your website sales, but many also offer a large variety of security features to help you avoid becoming a victim of fraudulent orders! It's important to have address verification so you know the credit card matches up with the purchasers' information. The system will flag if someone is trying to use a credit card 2,000 miles away. This gives you the option to contact your customer and verify their order. Once the payment has been approved, you can expect your money to be deposited to your checking account within 1 to 5 business days.
Choosing A Payment Gateway-the next step to growing your business
By: Terra Williams
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