All You Need to Know About Secure Payment Gateway

Having a secure payment gateway is the only way to build a reliable online brand. Not only will it allow you to accept multiple digital modes of payments, but it will also allow you to reach a broader consumer base by letting you sell your goods and services worldwide.

So, you must have a payment gateway system integrated into your online store or website. Let’s look at how you can go about integrating a secure payment gateway to do business better!

Types of Payment Gateways

There are three types of payment gateways commonly in use; choose one depending on your business case.

• Hosted Payment Gateway

It’s a third-party gateway system where the entire checkout and payment processing happens outside your website. Everything is taken care of by the service provider requiring little to no input from you as a seller. However, since everything happens online, you have no control over the end-user experience. This also means that you don’t have to comply with industry standards in security such as PCI DSS, 3D Secure, etc.

1. Self-hosted Payment Gateway

A non-hosted payment gateway gives you more control over the checkout experience since the processing happens within the website. This provides users with a faster checkout process as there is no redirection, which puts you in charge of the entire experience. However, on the downside, you are solely responsible for ensuring everything is taken care of in the event of a glitch since you would need to hire technical support.

2. API Hosted Payment Gateway

These are best for merchants who want absolute control over everything. The payment details and processing are handled on the merchant site using an API. They can be fully customized and the checkout experience can be integrated across various setups.

What are the Benefits of Having a Payment Gateway System? 

No matter what setup you choose, there are countless benefits attached to a payment gateway system. Let’s look at a few of the most crucial benefits of integrating a payment system.

• Secure and convenient: It offers your users a more secure and convenient experience by encrypting their valuable personal and financial data before sharing it with the card networks, banks, etc.
• Accept Multiple Currencies: Payment Gateways allows you to accept payments across multiple currencies, leaving you free to do business beyond your borders. So, if you are thinking of going global, you would need to invest in a payment gateway.
• Customized Experience: It allows you to give a customised experience to your customers by redesigning the checkout page with your brand’s colors, logo and fonts to stand out from the competition and ensure more brand recall among your customers.
• Promotes Impulse Buying: Customers are more likely to indulge in impulse buying if you have a seamless checkout experience on your website. Impulse buying results in more sales and revenue for your business.
• Allows for Recurring Billing: if you are into a subscription-based business, it’s imperative to have a payment gateway to enable recurring billing. Automatic payments result in more customer retention and reduce the number of subscription dropouts, as there is no need to manually remind customers about due dates.

Apart from these, secure payment gateways also provide you with additional benefits such as shopping cart integration, faster payment processing, chargeback prevention, fraud management, among other benefits. 

Payment gateways are crucial to maintaining a successful business in today’s dynamic world. Gateway plural offers extensive benefits to business owners and is a powerful tool to help you expand beyond your horizons. 

If you are a business owner and still relying on traditional modes of payments for the goods and services you sell online, you need to invest in a payment gateway that can make future proof of your business. So, in case you still haven’t invested in a secure payment gateway, it’s high time to invest in one!