A payment gateway is a software application that acts as a channel between an e-commerce merchant’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 purpose of the payment gateway is to safely transmit the consumer’s private credit/debit card and bank account information to the issuing bank and other entities involved in the transaction.
Payment gateways transmit transaction information to acquiring banks and replies from issuing banks about whether a transaction is approved or declined. In short, payment gateways assist communication between banks.
Security is a main aspect of all payment gateways as private information such as credit card numbers need to be safeguarded from fraudulent parties. The card associations have determined security rules that must be adhered to by all parties with access to card information including gateways.
To choose a suitable SaaS program for your business, start by asking the following questions:
· Is this cloud application the best program—economically and features-wise? · Will it be uncomplicated to do long-term business with the cloud provider? · Is the system easy to use and does it simplify technology? · Can the platform help your company to handle compliance, security, and operational risks?
Find out if other firms have successfully deployed the system. Get proof about the vendor being able to provide the desired business value and ROI. Read case studies to learn about the user experiences of other buyers. Obtain references from the provider and find out about the caliber of the software and service provided.
Another important aspect to consider is the free trial. Before you make such a crucial decision and shell out your hard-earned money, be sure if the program actually fits your needs. You can do this by signing up for the free trial and checking out the program’s functionality. Also, find out if the vendor can help you to pilot the system. You may need to pay for the deployment of the pilot, but the cost is worth it as it will give you results and proof points to consider before you make a crucial investment.