15 THINGS TO KNOW ABOUT ONLINE PAYMENT

GATEWAYS

ONLINE PAYMENT GATEWAY• Believe it or not if you buy or sell

something over the internet, online payment gateways have become an important part of your lives, without you even realizing it.

• A couple of years ago when e-commerce boomed, payment gateways became that much more important to the functioning of all your popular e-commerce websites.

• Be it Ebay, Amazon, or Walmart. Almost all businesses now rely on e-commerce to grow, and when they rely on e-commerce, they rely on online payment gateways.

1. IT TAKES CARE OF AUTHORIZATION:

• An online payment gateway authorizes your credit/debit card in order to make transactions online. Just as how you go to the checkout counter at a retail store, in the same way, online payment gateways act as checkout counters for your purchase.

2. IT IS AVAILABLE EVERYWHERE:

• Payment Gateways are used by everybody be it brick and mortar stores, online stores, or stores that have online versions to shop from. Even you can set up an online payment gateway for your website!

3. IT SAVES YOUR TIME:

• An online payment gateway authorizes your credit/debit card in order to make transactions online. Just as how you go to the checkout counter at a retail store, in the same way, online payment gateways act as checkout counters for your purchase.

4. MULTIPLE OPTIONS:

• You can use both your credit and debit cards at online payment gateways along with another option of net banking. Most major credit cards are accepted on online payment gateways, so you don’t have to worry about having the right credit card while shopping online.

• Payment Gateways are heavily protected against fraud. Businesses lose millions of dollars to online fraud and the liabilities that arise from these frauds.

• Thus, payment gateways have strict anti-fraud measures in place such as CVV checks (the three digit number at the back of your card), address verification, IP, GEO location, velocity rules (number of transactions per hour), blacklists (these lists block suspicious websites) and 3D secure programs by major credit card companies.

• Payment Gateways encrypts your credit card information to protect it thus actively playing their part in fraud prevention.

5. SECURITY IS THE PRIME OBJECTIVE:

• Online payment gateways allow you to get immediate confirmation of transactions, much better than waiting weeks for cheques to clear or waiting in line to pay for something that can now be bought online.

• If you are a merchant who is using online payment gateways on a website, most services, including TransactWorld, provides hourly reporting on transaction summaries, modes of payments etc.

• Real time reporting will allow you as a merchant to keep track of sales, risk alerts etc. in real time.

6. ADVANTAGE OF REAL TIME REPORTING:

7. MULTI-CURRENCY PROCESSING:

• Payment Gateways accept money in a multitude of different currencies, and can conduct transactions in all those currencies.

8. COMPLIANCE WITH PCI:

• All stores whether online or physical, large or small have to have PCI compliance if they accept payment in the form of credit cards.

• PCI compliance and the extent of it depend on the size of the business. This compliance ensures the security of the data collected using said credit cards.

9. CURTAILS RISK TO THE MINIMUM:• Online payment gateways are inbuilt with risk assessment engines that save merchants from chargeback losses and frauds.

• The Fraud Detection Engine examines various variables that include data such as spending behavior of a specific credit card, card holder’s information, location, IP addresses, BIN number mapping, time, product category, Keystroke speed recording etc. and assigns a risk score to every transaction.

• When a suspicious activity is registered as a high-risk transaction, the client is alerted with a detailed documentation and recommended action.

10. REPORTING:

• Most online payment gateways, including TransactWorld provide daily reports with risk scores of low, medium, high

11. USER-FRIENDLY API:

• Online payment gateways have user-friendly -systems- API kits that developers can use to seamlessly integrate any E-Commerce platforms like Magento, Prestashop, OpenCart etc with the payment gateway.

12. SEND AND RECEIVE MONEY WITH E- WALLETS:

• E-Wallets are secure ways to send money to your friends or family but also great ways to shop online without any worry and at the click of a button. Online payment gateways also accept E- Wallet payments.

13. IVR COMPATIBLE:

• IVR is an interactive voice response system that allows you to collect payments securely via phones. All that is needed now by the merchant is a call center to handle the customer traffic!

14. GET A DIRECT MERCHANT ACCOUNT:

• These merchant accounts allow you full control of your account, including handling purchases, refunds and disputes.

• It also allows for faster receipt of payment and lower transaction fees. And, the best part again, is that it gives you the choice to accept all major credit cards and a pick of the best banks.

15. PERSONALLY CUSTOMIZED PAYMENT GATEWAY:

• One can design and change the look and feel of the payment gateway to suit their merchant website without any hassle payment gateway service providers like TransactWorld provides this features which helps you clone your website's design with your payment gateway giving you uniform design.

TransactWorld - Online Payment Gateway

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