One of the first thing’s you’ll need to consider when developing an ecommerce website is how you’re going to handle payments. To do this you’ll need the best payment processor and payment gateway to hand. But how does anybody go about picking the best system out there?
Today we’re going to be discussing the importance of payment gateway and processor selection for ecommerce success and selecting some of the best on the market right now.
What is a payment processor versus payment gateway?
Payment gateways such as Square, Stripe, Authorize.net, and CardPointe are essentially virtual point of sale terminals. It’s just like a physical terminal used for in-person transactions, except it facilitates card-not-present (CNP) transactions online. This is what we all use when making online purchases. Shoppers enter their credit card information into the website payment gateway as part of an integrated shopping checkout form.
Payment gateways capture and send credit card information to the relevant payment processor, which then shares this information with the relevant parties.
A payment processor transmits payment data from an ecommerce site to all relevant parties. Typically, this data is shared with you, your bank, the customer, and the customers’ bank. When you sign up with a particular merchant service provider, you’ll also be given all the physical equipment you need to accept credit and debit card transactions.
Why you need the right payment gateway and processor to succeed in ecommerce?
Selecting the right payment gateway and processor is imperative for ecommerce success. This choice will impact the efficiency and security of all your payment operations to come and the right choice could even save you money (payment processing rates vary so you’ll need to pick wisely).
The best gateways and payment processors will…
Aid compliance
Payment gateways store client credit card information temporarily whilst it’s being processed. Needless to say, that comes with a lot of regulation and compliance requirements. If you’re taking payments via a payment gateway you must be using an accredited processor.
Prevent fraud
Make sure that you pick a payment processor that prevents fraud. Ecommerce stores are big targets for data breaches and digital fraud. Ensure that your setup offers customers maximum security. The best payment gateways come equipped with automated security features that intercept any suspicious transactions before they occur.
Integrate with other software
Your payment processor and gateway should integrate with your existing ecommerce software (e.g., your CRM) so that all of your operations can function together in a streamlined and efficient way.
Save you money
Picking the right payment gateway and processor could actually save you money. Many businesses are being overcharged by their gateway and payment processing providers, without even knowing. But luckily, there are ways to avoid this.
To help you save as much money as possible come holiday season, Valux has formed a strategic alliance with leading merchant services providers to offer our clients preferred wholesale credit card processing rates. You should expect to save 10% to a whopping 50% off your existing pricing.
Plus, you can rest assured that our partner providers will work in conjunction with the Valux team to ensure seamless payment processing and hands-on merchant support.
Credit card processing rates vary dramatically. With sales about to spike during the holiday season, now it the time to make sure that you’re not wasting money unnecessarily! So, whatever you do before the holiday rush, make sure you’re checking your processing rates and switching to a competitive pricing plan!
With all those orders flying in, you’ll bet set up for some serious financial savings.
Make the perfect choice
Picking the right Merchant Services is so important for the success of your ecommerce site. When making your selection, remember to consider factors such as compliance, fraud-prevention, ease of integration, and cost savings. For a free audit on your current processing rate and help selecting your ideal gateway, contact us today.
Valux Digital is a nationally recognized digital marketing & PR agency in New York. Businesses and projects of all shapes and sizes are welcome here. We have extensive experience in both B2B and B2C marketing. We specialize in building out customized marketing packages that take real data into account. See some of our other articles on Forbes or Entrepreneur.
