Page 28 - GS240101_Flipbook

Education
ChapterTitle
StreetSmarts SM

What to look for in a payment gateway, and why

By Nick Cucci and features. Explore everything you will get when you
Fluid Pay LLC choose a particular gateway.

t any given point in time, between 12 and 24 When it comes to managing money and personal in-
million stores are online (see http://tinyurl. formation, reputation is a top consideration. Choose a
com/55yt29an). As more shoppers turn to payment gateway with a glowing public reputation that
A online options, the ability to process payments demonstrates how well it works. Look out for reviews
online is quickly becoming essential. that imply potential risks or show a history of poor expe-
riences. Ask how long company leaders have been in the
Payment gateways help companies offer secure transac- gateway business and what their prior business experi-
tions to their customers, empowering them to safely ac- ence is. Also, research the company's acquisition history
cept shoppers' payments. And between 2020 and 2030, and underwriting capabilities.
the payment gateway market is expected to increase by
19.7 percent (see http://tinyurl.com/4c8rkev8). Following are If your gateway underwrites or has a payfac, why, as an
insights to consider when choosing the right payment ISO, would you want your customer base there? If those
gateway for your business. merchants called the gateway directly, they would be
offered another merchant account without your knowl-
A payment gateway accepts payment information on a edge. Why compete with your partners? Select a payment
website and then processes the payment, which is then gateway that hasn't been sold 100 times to private equity
passed on to the website owner (or the correct adminis- funds, and doesn't have its own bin/payfac.
trative party). These secure systems make online shop-
ping possible—as long as you choose the right one. Look for proprietary technology that is built in-house
and not acquired through massive mergers. Make pro-
Choosing a payment gateway tecting your portfolio your top priority, and be certain
your gateway is aligned with that purpose.
Technology has evolved to a point where brands have
plenty of potential payment gateways to work with, and Essential integrations
many offer a great experience. However, that doesn't
mean all payment gateways offer a quality experience. Your payment gateway must work with the brand you use
to host your website, now and in the future. A payment
Your chosen payment gateway will define your experi- gateway might work with your current website, but what
ence and that of your customers. Work with one that of- if you move your website to a new location down the line?
fers exceptional security and an easy experience that sup- Choosing a gateway that integrates with top platforms,
ports how modern shoppers expect to interact with your like WooCommerce, which boasts over 4.4 million stores,
website. The right gateway can have a surprising impact can help ensure you'll retain that gateway even if your
on sales conversions. business changes.

Look for features that will ensure a great experience. Look for fully ingested APIs, too. This means your gate-
Every payment gateway will have custom experiences way ingests its own code, doesn't make different calls in-
28