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7 things to consider whilst choosing a payment gateway

Posted: Fri Jun 26, 2020 4:48 pm
by Simon-TP
7 things to consider whilst choosing a payment gateway

Cost
Fees will vary – businesses in high risk industries will usually have to pay more due to the increased risk of chargebacks & fraud.

Security
Payment gateways must comply with the PCI DSS, which stipulates that all card data must be stored & processed in a secure environment.
If you aren't PCI compliant, not only could you face huge fines, but your business reputation could also be at stake.

Fraud Prevention
There are many features to look for in a gateway which help to prevent fraud including Email Hotlisting, IP Hotlist, BIN Country Hotlist, Device ID Hotlist, Address hotlist, Card Security Code Checking & Address verification.

International Payments
If you want to expand internationally, you’ll need to be able to accept various currencies & offer multi-language support.

Payment Types
It is vital to offer as many payment options as you can, making sure you include options like Paypal, Apple Pay, & Google Pay.

Reporting
Ideally, you’ll want a payment gateway that lets you view your reports on the go, with a mobile-ready interface.

Customer Support
Issues with your payment gateway can jeopardise revenue, so you’ll want to be sure that your provider will be responsive & solve any issues promptly.

Re: 7 things to consider whilst choosing a payment gateway

Posted: Wed Jul 08, 2020 5:29 pm
by osirix58
Could you please explain the PCI DSS issue a bit more clearly?

Re: 7 things to consider whilst choosing a payment gateway

Posted: Tue Sep 01, 2020 3:37 pm
by businessfan
Great checklist :) thank you for sharing

I think what would also be important especially nowadays since so many transactions or made with our smartphone - that the payment gateway can be used on mobile phones and that that experience is seamless and enjoyable for the customers. And maybe a certain flexibility & customization might be also advisable.

Re: 7 things to consider whilst choosing a payment gateway

Posted: Fri Sep 18, 2020 2:26 am
by Mandis
Thanks for sharing

Re: 7 things to consider whilst choosing a payment gateway

Posted: Wed Sep 23, 2020 11:23 pm
by Naheed
Thank you for sharing such a piece of great information. I will add a few more points to it. While selecting a payment channel, you should know if the payment provider accepts recurring payments or subscription payment models or not.
Besides, check that it has only transaction fees and no hidden fees.