A payment gateway is a software application that acts as a channel between an e-commerce seller’s website and the bank that processes a buyer’s credit card transaction. A payment gateway can also process payments using methods such as eCheck (ACH) payments and debit cards. The main function of the payment gateway is to safely transmit the buyer’s private credit/debit card and bank account information to the issuing bank and other parties involved in the transaction.
Payment gateways dispatch transaction information to acquiring banks and answers from issuing banks about whether a payment is approved or declined. In short, payment gateways facilitate communication between banks.
Security is a main aspect of all payment gateways as confidential data such as credit card details need to be safeguarded from fraudulent entities. The card associations have stipulated security rules that must be followed by all entities with access to card data including gateways.
SaaS software offers many advantages such as easy setup, access, and integration as well as data security. To pick the perfect solution for your needs, you need to do your homework thoroughly. To start, begin with the following tips to consider and evaluate the various programs:
Know your needs: First, be certain about your organization’s needs and requirements. Why do you need to invest in a SaaS solution? What tasks and objectives do you intend to achieve with the system? If you are certain about your needs, you can easily find an appropriate platform that fulfills them.
Compare features and price: Make a shortlist of SaaS products that offer the features you need and are within your budget. Browse online reviews of the shortlisted solutions to learn what each one offers.
Use the free trial and extend it if necessary: Subscribe to the free trials of the shortlisted solutions and check out their functionality firsthand. This will help you to understand if the application provides what you need to boost your organization’s competence and productivity. Request an extension of the free trial if the time is too short to evaluate the program’s effectiveness.
Talk to the vendor: Finally, talk to each vendor about the help and support they can offer. Try to negotiate the cost and get discounts. Ask about the training and consultation they provide to help you to utilize the system successfully.