How do you find the perfect payment gateway for your business? First, it starts with finding a processor with robust gateways available. Outside of the comparison based on fee structure and processing rates, it would be best if you considered the following:
Advanced Fraud Tools A payment gateway can provide several advanced tools to prevent fraud. When using a payment gateway, ensure the below capabilities are available to help mitigate risk:
• AVS - Address Verification Service
• CVV - Card Verification Value Verification
• 3-D Secure Authentication
• Device ID
• Geographic limitations
• Transaction limitations
• Lockout mechanisms
• Transaction risk scoring
Robust payment options Not all payment gateways are created equal! Be sure your gateway of choice can process and support every payment method. Outside of debit and credit cards, other payment options are gaining popularity. These options include eWallets, cryptocurrencies, eChecks, ACH payments, and QR code payments.
Built-in virtual terminal Your payment gateway should include a virtual terminal. This solution allows you the flexibility of processing a payment from a web-based platform without needing any hardware. Orders made by email, phone, or mail order allow for payments when the customer's credit card, debit card, or checking account information is keyed and processed.
Level II & III Processing Remember that your payment gateway must support Level II and Level III processing to process these transactions. Business to business (B2B) and government-to-business (G2B) can significantly benefit from Level II and Level III processing. Because additional transaction information is provided this considered more secure and, in turn, lowers fees.
Visa's 3-D Secure Authentication and Mastercard's SecureCode are services that increase security and can help reduce overall interchange rates.
Multiple MID capabilities Merchants are assigned an identification number referenced as a MID. If your business requires multiple MIDs for different business segments and revenue streams.
Open APIs Application programming interface (API) is a connection between two separate software and allows them to communicate. APIs have been implemented to allow third parties, like payment gateways, to access and share transaction information from financial institutions. These APIs allow your provider to customize your gateway to meet your business needs.
Integration compatibility Partner with a flexible gateway that can easily integrate with third-party software and streamline your business operations.
Multi-currency conversion If growing a global brand is one of your goals, confirm that your payment gateway supports multi-currency conversion. This feature allows a website to accept payment in that customer's local currency but settle in USD.
Automatic Card Update New expiration dates or new card numbers creating additional declines in recurring payments? Implement an automatic card update feature automatically updates any credit card information your business has on file.