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Payment gateway is a medium through which customers can buy products or services online. It is an interface between buyer and seller. Merchants can choose either a secure order form or a merchant-side application to process payments on their websites. The former application redirects customers to a third-party payment service provider or credit card processing company. The latter uses a programming interface that is integrated within the merchant’s website. It does not redirect customers to any third parties. Nevertheless, the most popular method is third-party processing as customers can trust well-known players in the market.
It must have certain features to ensure that the customer experience is pleasant and convenient. If the application is slow and the processing time is long, this can be a turnoff for customers. Typically, a customer will not stay on the site for more than 20 seconds if the application does not load quickly. Also, if the payment gateway is not available for a few hours, shows run time errors, or has downtime issues, it can act as a deterrent. Here are some of the features that a payment gateway must have. Look at these factors before choosing a service provider.
Features of Payment Gateway Interface
Secure Server: It must be reliable. It must use SSL (Secure Sockets Layer) encryption when processing customer payments. This ensures that the personal information of the customers is kept confidential and is not misused. For example, credit or debit card details, name, address, contact details etc. are important information and should not be sent to other servers. The information should not be accessed by hackers.
Shopping Cart Compatibility: It must be compatible with the shopping cart interface used on the website. It is advised to consult technical team or web developer to check compatibility.
24 X 7 Access: Customers can visit any website at any time of the day or night. Unlike a retail store, an online store neither opens nor closes. Shoppers can shop anytime. Hence, it is important that the payment gateway is available 24 X 7 for payment processing.
Fraud Prevention Utility: It must have the right tools in place to protect against fraudulent transactions online. Two of the basic fraud prevention tools include the Address Verification System (AVS) and the CVV2.
user friendly:It is important that the payment application is easy to use. It doesn’t have to be complicated or complicated. Simple and easy-to-understand signs work best. It should give instant real time information so that the customer can know whether the transaction has been processed or not.
pace:Applying for payments should be quick and fast. If the page takes too long to load, the customer may switch to another site and never come back. Means loss in business.
It is important to choose the payment gateway carefully. It should be loaded with the above mentioned features. An application that does not have these features is no good. Do not compromise on the quality of payment gateway. This can directly affect the business.
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