5 Things to Look For in Your Payment Gateway

Is your Company accepting credit card payments today? In case your answer was yes to the previous question, you´re probably using a merchant payment gateway to process those payments. But what is a payment gateway? In short, a merchant payment gateway is cloud base credit card processing software. (For a more detailed description, scroll down to the Infographic at the end of this blog post)

A payment gateway authorizes payments for companies in all business categorizations. They ensure that sensitive information, such as credit card numbers, entered into a virtual terminal or on an E-commerce website, are passed securely from the customer to the merchant and from the merchant to the payment processor through the use of encryption.

In a 2016 survey, payment processor TSYS asked over 1,000 consumers which payment form they prefer. Forty percent chose credit cards, while 35 percent selected debit cards. If you are not accepting credit card payments yet, you probably should in this digital world.

But when choosing the right Payment Gateway for your business, what are the 5 top features you should pay attention to?

1. Security is always first. 

Accepting credit card payments can be a huge liability if not done correctly. If something goes wrong it could mean heavy fines and damage to your reputation. This could possibly mean not just losing money, but your business. Look for a payment gateway provider that adheres to strict PCI compliance standards and takes steps to safely store customer data. Encryption and tokenization are best practices that can set payment gateway providers apart. Don’t let lax security come back to haunt you, and invest in a provider that uses the latest technology to protect customer information.

2. Support 24/7. 

Accepting credit card payments can be risky—a card may be declined, or a customer may issue a chargeback—and having the support you need at the time you need it is crucial to keeping your business running smoothly. You could be at a Trade Show on a Sunday taking a big order from a new client, and you need help with the connection to your Payment Gateway, you should be able to get the support you need.

3. Savings. 

Some providers utilize level 3 processing in order to cut interchange rates and slash fees, while flat-rate pricing ensures that merchants aren’t losing money to nickel and dime transaction fees. Bottom line: read the fine print, check the pricing, and make sure you’re partnering with a provider who will truly add value to your business.

4. Reporting and Flexibility

You need comprehensive and flexible reporting tools that allow you to better manage your credit card transactions. You’ll be able to drill down, better understand the data, and make changes to be more profitable in the future. You also need a payment gateway that accommodates to your needs today and in the future. Can you accept credit cards over the phone? Do you have a physical machine or an E-commerce shopping cart?

5. Integration with your ERP software

Some payment gateways are integrated into accounting software (also called ERP, or Enterprise Resource Planning) like SAP Business One and e-commerce shopping carts, acting as the back-end processing software. Integration payments save time and increase security. Does your Payment Gateway integrate with your accounting software so you can streamline the process for accepting credit card payments, saving you time and increasing your efficiency and security?

Finding a good Payment Gateway provider might not be an easy task, but once you find it you'll feel the benefits every day. 

Today we would like to introduce you to EBizCharge for SAP Business One by Century Business Solutions. Is a native your SAP program,  so there’s minimal training time, no hassle, and no third-party popup. Their proprietary virtual gateway integrates seamlessly with SAP Business One and adheres to all PCI compliance guidelines, utilizing tokenization technology for the best possible data security. Their system is developed to qualify transactions at the lowest possible interchange level, and they offer 24/7 in-house support.

Whether you are accepting cards today or are thinking about accepting payments by credit cards soon, we invite you to consider this integrated solution and compare it to others or your current one, you could be in for a good surprise!

 

To learn more about EBizCharge for SAP Business One, click here and view their Infographic