A payment gateway is a software application that acts as a conduit between an e-commerce merchant’s website and the bank that processes a customer’s credit card transaction. A payment gateway can also process transactions using methods such as eCheck (ACH) payments and debit cards. The main function of the payment gateway is to securely transmit the consumer’s sensitive credit/debit card and bank account information to the issuing bank and other parties involved in the transaction.
Payment gateways transmit transaction data to acquiring banks and responses from issuing banks about whether a payment is accepted or declined. In short, payment gateways facilitate communication between banks.
Security is a main element of all payment gateways as private data such as credit card numbers need to be protected from fraudulent entities. The card associations have determined security rules that must be adhered to by all entities with access to card details including gateways.
To select a suitable SaaS provider you need to consider key criteria such as privacy and security, support and service, and transparency.
Find out if the provider can be trusted with data security and privacy. Do they have systems in place to safeguard your sensitive information and data? Find about the security procedures they use. This is an important element of a SaaS system that cannot be over-emphasized.
It is essential that the provider provides dependable support to resolve any issues quickly. Ask your potential providers the following questions: Do they provide consulting and training services to help your employees to use the software efficiently? Do they have an online support center that has helpful articles and training resources? What channels of support do they offer? Do they track issues till they are resolved? Is customer satisfaction measured?
Does the SaaS provider conduct their business in a transparent and open manner? You can find out by asking them for references you can contact. Talk to existing customers of the solution to know about the quality of service offered. Does the provider make public the algorithms they use in the program? Ask these questions to find a SaaS provider whom you can trust with your confidential customer and business data.