What Is In A Payment Platform That You Need To Look Out For?

A payment platform or a payment gateway is an authorization checkpoint that scrutinizes the customer card details to validate payment either for an online or for an offline business. The payment portal serves two main purposes, namely:

  1. Secure validation of the credit card, debit card, or net banking details of the customer, and

  2. Complete verification of the account to ensure sufficient funds are available to proceed to payment to the merchant account

The payment gateway acts as a two-way key:

  1. The first path involves the step where customers submit their financial details to the merchant discreetly, while the

  2. The second stage involves the step where customer financial details are passed to the bank from the merchant side for processing payments.

Finally, the payment gateway announces whether or not the payment has been successfully carried out. Therefore, it is essential that you choose an excellent payment gateway to ensure great customer experiences during their payments and that your business receives timely payments maintaining high levels of security.

Here is a quick glance at what you should be looking at before you decide to go with a particular payment gateway option.

  1. Always choose a payment platform that is safe, secure, fast, and offers. In addition, it must also offer protection against fraud, and offer certain in-built screening tools such as filters against unsafe payment sources.

  2. The sooner you can start accepting payments, the more efficient your payment gateway is. Today, most portals let you sign in to their account and start your business straight away, thus eliminating the waiting period.

  3. In addition, check if your payment gateway lets you process transactions that are made from different sources of cards that is from a Visa, Master, Diners, American Express, Amex, Discover, etc…

  4. Additionally, the sooner the payment gateway makes your payment, the sooner you can enjoy the profits from the sales of your business.

  5. If in case you intend to go international with your business, then you need to check if the payment gateway accepts payments in international currencies.

  6. Ensure to choose a payment platform that offers excellent and free customer service.

  7. Check if the portal offers hosted or non-hosted payments based on your preference.

  8. Most important of all is the fee structure that is charged by different payment portals. You will need to analyze the overall cost incurred while choosing your payment gateway, namely set up costs, administration costs, onward & reverse transaction costs, and monthly & annual maintenance fees.