How To Avoid Risk When Choosing A Payment Gateway
The world of payment gateways is a confusing one, and it’s easy to feel overwhelmed by all the options. There are a lot of things to consider when choosing a gateway, but you can make the process easier by keeping these four tips in mind:
Don’t be tricked by marketing language.
- Don’t be fooled by fancy marketing language.
- Don’t be fooled by low fees.
- Don’t be fooled by the name of the payment gateway. For example, “PayPal” sounds like an established company with a good reputation, but it’s just a payment service that has been around for over 20 years and is now owned by eBay (which isn’t exactly known for its customer service).
- And finally: don’t let yourself get caught up in the hype surrounding new payment gateways! Many people will tell you how great they are because they want to sell their product or service–but this doesn’t mean that every word out of their mouth is true (or even remotely accurate).
Understand the way your gateway works.
- Payments are made through the gateway. A payment gateway is an online service that sends your customer’s information to us, processes their payment and then passes on to us the amount paid by them.
- Gateways can be used for different types of payments, such as credit cards or bank transfers (ACH).
- In addition to processing credit card payments, some gateways also support other forms of payment like eChecks (electronic checks) and PayPal. Some gateways only support one type of payment method whereas others support several methods at once!
- Some gateways act as middlemen between merchants and banks/credit card companies; others have direct connections with these organizations so there aren’t any additional fees involved when using their services!
Know who you’re dealing with.
When choosing a payment gateway, you need to know …