Most of the online businesses face losses because of faulty or insecure payment systems. It becomes important to incorporate a secure payment gateway. So, for all those in search of a perfect payment gateway, we provide the basic features that a secure payment gateway must have.
- Payment Gateway
- Before going any further, let us understand what a payment gateway means. A payment gateway, in simple words, is a medium through which customers are able to buy products or services online. It acts as an interface between the buyer and the seller.
- The merchants can either choose a secure order form or an application for processing payments on their websites. A secure order form directs a customer to a credit card processing company or a third-party payment service provider. In case of an application, a programming interface is integrated within the merchant's website and the customer is not redirected to a third party. The most popular method, however, is third party processing as the third-party players are well-known and trusted in the market.
- An effective payment gateway interface should have the following effective features in order to ensure that it is secure, quick and reliable.
- Server Should Be Secure
- Make sure the server that you use is reliable and secure. The server must use Secure Socket Layer encryption while it processes the payment of a customer. This SSL ensures that the information of a customer is not misused and is kept confidential. Information like credit or debit card details, addresses, contact details, etc. are critical information that should be kept secure at any cost and should not be sent to other servers, either deliberately by hackers or by accident.
- Compatible With Shopping Cart-
- Payment application system should be compatible with the shopping card interface that is available on the internet. The technical team or the web developer can be consulted to check the compatibility.
- Access Available 24x7-
- The greatest advantage of a payment application system is that it can be accessed 24x7. A customer can visit a website at any time without any time constraints. An online store is always open unlike a regular retail store that cannot remain open all day.
- User Friendly-
- The payment application system should be easy to use and should not offer any complexities to the customers. It should provide instant information so that the customer is acquainted with the fact that the transaction is processed or not.
- High Speed Advantage-
- A quick application payment system is highly effective. A page should not take too much time to load as the customer may get irritated and turn to some other site.
- Utility For Fraud Prevention-
- The payment application system should be equipped with the right tools to protect fake transactions online. Two major fraud prevention tools are Address Verification System and Card Verification Value.
It is very important to choose a payment gateway carefully so that you are not a victim of fraudulent transactions. The payment gateway system should have all the above mentioned features and if the application does not possess these features, then it is equivalent to not having payment gateway system. The quality of a payment gateway system can directly affect your business so it should be highly effective and secure.