Processing Electronic Transactions with a Payment Gateway
How to process credit cards securely and effortlessly!
A payment gateway makes it possible for your business to accept credit cards. In a nutshell, the gateway provides the tools and technology to securely process electronic payments between customers, merchants, and banks.
This option is attractive to merchants because it ensures that credit card details have been encrypted and are passed on securely from the customer to the merchant and then to the payment processor.
What key services can you expect from a well-established, trusted payment gateway?
Which Payment Gateway Does My Business Need?
Find out which solutions are a perfect fit for your business.
Call BankCard USA at 1-800-589-8200 to request a free quote for your own offline or online gateway.
- A virtual terminal – software that allows the customer to input their credit card information
- ACH/Electronic checks feature – the ability to transfer funds from customer’s checking account directly to merchant’s bank account
- Authentication of credit card or electronic check transactions
- SSL Security (Secure Socket Layer) – an industry standard in sending and receiving electronic transactions securely
- Encryption of credit card payment and personal data
- Payment authorization
- Reporting capabilities accessible via the Internet
- Experienced technical and administrative support
You’ll want to select a reputable company with significant experience. Also, ask if there’s a partnership with the most trusted companies in the credit card processing business when selecting the provider.
How a Payment Gateway is a “Win-Win” for Merchants and Customers
Customer experience is critical to your success. We all know that one bad circumstance can lead to negative reviews and loss of business. A benefit of using a payment gateway that many merchants don’t always consider is that it’s a simple way to improve a customer’s experience.
Accepting credit card payments securely gives customers more options, obtains their trust and builds your positive reputation. Here are the benefits for both parties:
Accept payments from anywhere:
Customer benefit: The ability to make purchases regardless of where they live gives customers more choice when it comes to spending their money.
Merchant benefit: Accepting credit card payments from all over the world means more opportunities for sales.
- Merchant Tip: Could you benefit from accepting payments on site in your local area or even around the world? Some companies also have a wide variety of options for credit card processing, including wireless and mobile for businesses on the go.
Customer benefit: It’s quick and hassle-free to pay with a credit card, especially if it’s an online payment.
Merchant benefit: Saves time waiting for a payment to arrive and then to clear. And, because the order and payment processing is very fast, merchants get their money sooner.
- Merchant Tip: Do you have customers who make regular payments? Then you’ll want a gateway that can be set up to handle recurring payments from credit cards or checking accounts.
Customer benefit: They feel confident buying from you, and this encourages them to become repeat customers and refer more business to you.
Merchant benefit: Protection against chargebacks, assurance that all data is securely transmitted and prevention of inventory loss from fraudulent transactions.
- Merchant Tip: Nothing is more important in a gateway than top-notch security measures. Look for a company that guarantees 100% safe and secured online payment transaction.
2 of the biggest risks of processing credit cards manually instead of using a payment gateway.
Some businesses owners choose to process payments manually rather than electronically. This is often a cost-saving measure, but unless those merchants are diligent, they could be opening themselves up to increased risk and a less efficient business.
Monitoring that risk can be time-consuming which adds cost to the business. Without a gateway, merchants face serious challenges:
- Uncertain security protection. There are many security issues to monitor when accepting credit cards. One of the costliest comes when you unknowingly process a credit card that has been reported lost or stolen—your business will inevitably incur chargebacks.
- More overhead, less profits. Having more transactions is a good thing for businesses but without the automatic processing of credit cards, more manpower is needed to do the work. That eats into your profits. And if you’re a business that ships products, it could also cause delays leading to inefficiency.
Protect yourself, your business and your customers with the added security and improved efficiency in processing payments electronically with a reputable payment gateway.
Questions to Ask When Reviewing
- What types of payment options will I be able to accept? Make sure you’re not limited to just credit cards.
- Do you have built-in fraud prevention and detection tools to identify suspicious activity?
- Are you PCI compliant? All sensitive data should be stored in a PCI-compliant data center, never on your computer.
- How quickly will payments be deposited into my account? This should happen within days.
- Is live merchant support available 24/7? Be certain they have both technical and administrative support.
- Is it easy to integrate and use?
Note: Businesses are not all the same, so make sure your gateway offers the specific features your business needs as well as options for customization.
Consumers are Spending Again
“Over all, we are seeing consumers spending again across all categories and including discretionary items like travel and entertainment.”
Joanna G. Lambert
Source: New York Times
Learn the simple process for getting more business with a payment gateway.
It’s being reported all over the news that consumers are spending again, after a significant slow-down in previous years.
Credit card use is also on the rise, so now is the right time to take a look at how BankCard USA can get your business set up to accept credit cards, debit cards, gift cards and a variety of other payments.
Call 1-800-589-8200 today to speak with a knowledgeable payment gateway specialist.