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Things to Look for in a Payment Gateway

First, youu2019ll need to decide whether you want a u201cclassicu201d payment gateway setup or a modern one.

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Things to Look for in a Payment Gateway

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  1. Things to Look for in a Payment Gateway

  2. Modern Or Classic First, you’ll need to decide whether you want a “classic” payment gateway setup or a modern one. Classic payment gateways require you to apply for a direct merchant account. However, modern payment gateways allow you to use their services without one. In general, modern payment gateways are easier to set up, but have higher fees and may send your customers offsite to make a payment, which has the potential to reduce conversions.

  3. Encryption Standards Next, you’ll need to consider the encryption standards of the payment gateway you’re using. This company will be handling your customers’ sensitive payment data, and if there’s even a slight breach, it could reflect poorly on your company’s reputation.

  4. Compatibility Some payment gateways are easier to integrate than others, though most payment gateways strive for compatibility with as many technological systems as possible to maximize their user bases. However, you may have unique needs or requests, such as linking your payment gateway to your invoicing software or another financial data management platform you use.

  5. Reporting Features Depending on your business, you may require a gateway with thorough reporting features. For example, you may wish to review all transaction activity, or specifically review any chargebacks you may have gotten. You may want a detailed analysis of any fees you’ve incurred while using the platform, or need to review your commissions (if you’re a reseller). Different gateways offer different formats and types of reports, so try them out before committing.

  6. Fraud Detection And Other Security Features Some payment gateways, like CyberSource, specialize in fraud detection. They’ll help you proactively identify suspicious activity before it gets any further in the payment process. If you plan on handling large volumes, this is especially important for you.

  7. Invoicing Capabilities Depending on what systems you’re already using, it could be in your best interest to secure a payment gateway with built-in invoicing capabilities. This would help you streamline your payment process, and may reduce your reliance on other platforms.

  8. Thankyou…. Website: https://highriskpaymentpros.com/

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