9 Facts About Payment Gateway Solutions

It might seem like a complicated matter to get your head around, you might not think of yourself as a tech boffin, or you might even feel out of your depth, but don't worry, we're going to hold your hand through the process.

If you're an online company start-up or a brick and mortar shop looking to leap online, check out our nine must-know facts about online payments to get on the right track.

Modern or classic

Next, you'll need to determine whether to set up a "classic" payment gateway or a new one. Classic payment gateway solutions in India demand that you register for a direct merchant account. Modern payment gateways, however, encourage you to use their services without one. In general, new payment gateways are easier to set up, but they have higher costs and will take the consumers off-site to make a payment that has the potential to minimise conversions.

Encryption standards

Next, you'll need to note the encryption criteria of your payment gateway. This firm will handle the private payment information of the customers and, if there is even a small breach, the reputation of the company will not be properly served. Payment gateways are also used to advertise their safety levels. Each of these ideas, tokenization, totally removes card data and offers a separate degree of authentication.

Compatibility

Few payment gateways are easier to implement than others, but most payment gateway solutions in India pursue convergence with as many technical frameworks as possible to increase their user base. However, you may have particular requirements or queries, such as connecting your payment portal to your billing programme or to any financial data processing tool that you use.

Speed

Different payment gateway solutions in India provide different rates, too. If you're trying to optimise your average customer experience and complete purchases as soon as possible, you'll want a processor that can protect your credit card authorization in a matter of seconds. You can often understand how easily these payment services can secure funds for your account, as transfers sometimes take two or three days to complete—and having the payment a day early may be essential for your start-up.

Reporting features

Depending on your company, you may need a portal with robust reporting features. For example, you may want to check all purchase activities, or explicitly review any charges you may have received. You will like a thorough overview of any fees you paid while using the site, or you may need to check your commissions (if you are a reseller). Different gateways provide various formats and types of files, so try them out before you commit.

Fraud detection and other security features

Any payment gateway solutions in India excel in the detection of fraud. They're going to help you proactively detect illegal activities before you get any deeper through the payment process. If you're planning to manage huge quantities, this is highly important to you.

Invoicing capabilities

Depending on what systems you are currently using, it may be in your best interest to secure a payment portal with built-in billing capability. This will help you streamline your payment process and reduce your reliance on other channels.

UI and usability

Your finance staff will need to log into your payment gateway solutions in India at least periodically to check rates, costs, purchases and other high-level details. When they do, you'll want them to have the best user experience possible. Such platforms are more developed than others and more intuitive to understand. However, since different people have different interests, the best way to test this is to explore the sites for yourself.

Costs and fees

Finally, you will need to understand the costs and fees involved with each payment gateway. Some will have improved functionality, but they may still come at a higher cost. Other sites offer zero startup costs and zero subscription charges, but could have higher rates for items. Others would pay a fixed monthly rate, with no extra payments on other forms of purchases. Your decision depends on your budget and how you plan your company to run.