For many business builders, the fun part of running a company is coming up with creative ideas, working on products/services, and experiencing customer satisfaction. The more technical aspects of the business, like the e-commerce setup and security, might feel less exciting - possibly even a bit daunting.
But to keep customers happy and improve your bottom line, it’s crucial that you can provide secure and flexible payment gateway solutions. Besides, it doesn’t have to be complicated.
What is a payment gateway?
A payment gateway is an e-commerce service that processes card payments by transferring key information between payment portals. These portals might be a website or an in-store payment terminal on the one hand, and a bank on the other. Payment gateways are used both for online and bricks-and-mortar transactions.
Why a secure payment gateway is important
Nearly 80% of consumers have concerns about fraud when paying for products and services online. As well as that, 65% of businesses are worried about cyber security (Sage US 2017 Payments Landscape Report), so this is an area worth investing in. Some payment gateways offer fraud detection tools as standard features, or you may be able to buy them as add-ons.
Things to consider
- At the very least you’ll want your payment gateway provider to offer secure tokenisation of transactions at no extra cost.
- If buying anti-fraud tools as add-ons, compare a range of gateway providers’ fees to see if the extra costs make sense.
- It’s important to make sure that you (and your staff) understand and use the fraud tools that a gateway provider offers.
At Sage, our payment gateway solutions come with a range of built-in security features, including tokenisation, that help make sure both the buyer and the seller are protected.