4 solid tips to help choose the best online payment gateway
A payment gateway is one of the most important components of an ecommerce venture. With a secure payment gateway, you can ensure the safety of your business as well as of your clients’. In these tough times, payment gateways have become a soft target for scammers and hackers. If your business is dependent upon online payments, then it is necessary to take proper steps to ensure the robustness of these online payment systems. There are several criteria which should be kept in mind when choosing a secure online payment gateway. Listed below are some tips will help you find the right one.
Protection against Cyber Attacks:
A secure payment gateway is the one which can protect yours as well as your clients’ data. With the growing scope of online shopping, the segment come under phishing and spamming attacks. It is important that your payment gateway is able to provide protection against such attacks. This is generally ensured by employing latest technological tools to defend your data from being stolen. These cyber attacks may not only impact your data but also your reputation in the market. Therefore, it is essential to pick your online payment gateway after thorough consideration.
Pay Attention to Chargebacks:
Another metric which can help you gauge the impact of a secure payment gateway is the number of chargebacks. A company generally faces two types of chargebacks — distribution chargebacks and consumer chargebacks. Both are detrimental to the business in long run. Distribution chargebacks are generally more difficult to recoup. The ideal solution is to minimize the incidences. Consumer chargebacks, on the other hand, are generally caused by unscrupulous clients. If they are making payments through stolen or otherwise ill-gotten means then such payments are bound to fail, leading to chargebacks. You should choose an online payment gateway which is able to minimize chargeback related issues.
Incorporating an online payment gateway on your website is no longer a tedious task. However, you should still ensure that the integration of the payment gateway is seamless and secure. This is important to provide fast and reliable experience to your clients. You should also ensure that various software used by you such as online store software, shipping database and cart software are compatible with your online payment gateway system. Any technological loophole can make your system vulnerable to cyber attacks and threats. Your software should also be compatible with your website and hardware to provide smooth experience to your clients.
Secure Data Storage:
Another important feature to look for in an online payment gateway is the data storage process. However, data storage is an expensive proposition. You may have to limit the amount of data that may be stored. You should properly carry out the cost benefit analysis of data storage facility provided by your online payment gateway system. Payment gateways like PayTabs provide optimum solutions in this regard. Furthermore, the system should also have proper checks and balances in place to weed out dubious transactions. These solutions should use technologies such as fraud scrubbing and anti-theft software to enhance their credentials and provide the best possible services.