A payment gateway is a must-have for online stores. 80% of US internet users are expected to make an online purchase in 2019 alone. And the best way for online stores to take payments is with a payment gateway.
Payment gateways facilitate online transactions while protecting sensitive cardholder data. This means customers can securely buy items from your store without the risk of identity theft. You can think of payment gateways as a middleman between your store and your customer’s credit card.
How Does a Payment Gateway Work?
Payment gateways are the intermediary between your store and your customer. The gateways authorize the customer’s payment and encrypts the cardholder information. It then confirms the payment with the issuing bank and deposits the money into the merchant account. The payment gateway itself, besides being secure, is an easy way to facilitate online transactions for your store.
Why Should I Use a Payment Gateway?
Payment gateways secure your transactions so you can stay PCI compliant. Any business that handles cardholder data needs to be compliant with PCI Data Security Standards. Using a payment gateway is the best way to do this for your online store. The gateway encrypts the cardholder’s data so the information stays safe and secure.
Payment gateways also give your customers a quick checkout experience. Adding too many steps, like creating an account to check out, can bring down a customer’s experience. This can make them less likely to want to shop at your store again – and less likely to finish their transaction. But payment gateways don’t disrupt the checkout process. Instead, they allow you to seamlessly accept payments and encrypts the information so checkout is easy and secure.
What Should I Look For in a Payment Gateway?
When it comes to choosing a payment gateway, security is a huge concern. You need to be PCI compliant as a business owner, so ensuring your payment gateway encrypts cardholder data is a must. You should also make sure your payment gateway integrates with your shopping cart. Many online shopping carts allow for customization so you can create a branded experience from end to end.
Fattmerchant’s payment gateway easily integrates with major eCommerce platforms like Vend, WooCommerce and Shopify.
Your payment gateway and payment processor should allow for easy integration when it comes to using their technology. Some merchant service providers charge a fee for setting up or providing you with a payment gateway, with a recurring charge every month. Be on the lookout for this extra fee.
Payment gateways are absolutely necessary for online stores and eCommerce. And the right processor can help you save money on credit card processing without adding on extra fees. Fattmerchant’s payment gateway and online shopping cart are easy to implement, with no setup fees or contracts.
Whether you’re starting up an online store or looking for a new merchant services provider, the right payment gateway will make checking out convenient for customers. Learn more about our retail payment processing solutions.
Interested in getting more retail sales? Check out our blog on omnichannel shopping!