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Enterprise Security Magazine | Friday, November 30, 2018
E-commerce websites and mobile applications are gaining huge success, and with this, there is one more platform that is gaining prominence- online payment gateways. These gateways have shown remarkable growth, and therefore users are readily accepting the online medium to carry out their shopping and banking activities. Google pay, Paytm, Amazon payments, PayPal are few to name which has gained popularity.
The credit of its success goes both to the regular working process of payment gateway along with the web and mobile app developers that work with the accordance of security standards and also ensures whether these payment procedures are working safely or not.
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Hiring the best app development companies can solve the issue of integrating payment gateways in mobile apps. Incorporating a more popular and convenient payment gateway makes it easy for the users to pay for a product or service via a web or mobile app. Below mentioned are a few things vendors must consider while choosing a payment gateway.
1. Security Measures
Security has to be the topmost priority while selecting a payment gateway. With the growing usage of online transactions, there is a significant increase in the number of fraudulent activities. Therefore, the Payment Card Industry ensures the client’s virtual money information is collected and stored securely and hence reducing the risk associated with online trades.
While a business adopts a particular payment gateway, it is the merchant’s responsibility to ensure whether the security requirements are possible to meet or not.
2. Classic or Modern- Which type of Gateway?
There are two types of gateways available-
Classic gateway requires the merchant account and is best for businesses which operate on a larger scale and has a high amount of daily transactions. Also, an added advantage of this type is the amount of per-transaction fee is less as compared to the modern gateway.
Modern gateway is already in sync with the bank account and is comparatively easy to set up. However, per-transaction rates are relatively high, and it redirects clients to the payment site which can affect the conversion ratios.
3. Transparency
Transparency is a subject of concern for businesses that are dealing with virtual money and online transactions. Transparency is a must and should be maintained throughout the deal, allowing an organization to leave or opt for a different provider at any time and taking the credit card details along. Moreover, some vendors provide the option for data portability.
4. Opt for the best methodology
There are two primary options in this field- hosted method and integrated gateway.
Hosted Payment Gateways
This type of methodology redirects the customers to the payment processor’s platform where the users have to give all the information about the payment. Once the customer has paid, they are redirected back to the website to finish the checkout process.
Integrated Payment Gateway
This methodology connects the eCommerce site with the gateway’s pre-delivered API. The disadvantage of hosted gateway turns out to be an advantage for this platform, as here the users don’t have to go offsite for payment procedure thereby giving a smooth and seamless experience to its clients.
Most importantly, organizations must consider the pricing factor before selecting a particular gateway. It is essential to keep a check on the profit from sales as it can affect the business dealings. It is necessary to analyze all the crucial aspects before deciding a payment gateway for business offering websites.
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