Are you looking Secure Payment Processing for Online Businesses?

Nowadays, there are a lot of e-commerce and m-commerce transactions; opening doors for cybercriminals. As a merchant, you need to confirm that you provide the best payment security and that your customers don’t have to worry about their data. Customers usually cannot select their own payment gateway, so it’s up to you to make the best and perfect choice for them.

PCI COMPLIANCE

When you’re processing payments on your website, PCI (Payment Card Industry) is a must. The Payment Card Industry Data Security Standards (PCI DSS) provide direction for merchants that tell them what they need to do in order to secure sensitive data in payment processing.

A merchant doesn’t have to be PCI compliant if he/she selected the right payment provider (one with PCI level 1). He/she can leave it up to the payment gateway to comply with the industry level security excellence. Note that data encryption is needed by PCI.

SSL

Each and every transaction should be secured with SSL protocol. SSL helps to encrypt the information so that the card details and all other sensitive and important data is secured. It, of course, improves payment security but also makes customers more eager to for the purchase.
A padlock icon in the URL bar symbolizes the SSL, and the web address starts with https.

ADDRESS VERIFICATION SERVICE

You can also use an Address Verification Service, which requires customers to give the billing address connected with their credit card. If the address on the card matches with the one in bank’s documents, the transaction will go through.

Many companies have a problem of controlling the location and storage of their payment data, but almost 42% of the companies claim that payment data is at serious risk when it is stored. A Global Study on the State of Payment Data Security shows that over 50% of organizations had a breach involving payment data within the past three years.

Merchant Stronghold will help you secure your payment processing in order for you to provide the best payment security to your customers. We also provide high-risk merchant services, contact Merchant Stronghold to get answers to all your questions related to the security of payment processing.

How To Setup Payment Gateway for Online Business

Additional Fees for the Services

The transaction processing fees and other fees for the services can affect your profit. As a merchant, you should compare the payment processing fees of the services and then get the one that is required. Here are the different fees or charges that a payment gateway service provider can ask.

• Monthly fees
• Setup fees
• Termination Fees
• IRS (Internal Revenue Service) fees
• Batch fees
• Annual fees
• Contract Fees
• Customer service fees
• PCI (Payment Card Industry) compliance fees
• Statement fees

These are the list of fees that a payment gateway provider can ask. There could be more than what is available in the list above.

Security and Customer Service

When you are Comparing Payment Gateway Provider, you must check the security and customer services provided by the different service providers.

A security breach can affect not only the merchant but also the customer’s money.

Make sure you read the terms and conditions of the company.

You must check the kind of security they provide.

Moreover, check the support provided by the gateway service provider in case of fraud and chargeback.

Allowed Card and Payment Types

Types of cards and payment types should be allowed while accepting the payment to help the merchants to compare Payment Gateway provider. Here is the list of popular Card Service Providers:

• VISA
• MasterCard
• American Express
• Discover
• JCB
• Diner

You must choose the card acceptance according to your customers. Also, compare the Payment Gateway provider depending on the majority of card payments you get.

Customer Friendly

The Payment Gateway should be interactive and easy to use for the customers. That means the customers with or without technical knowledge should be able to use the Payment Services with ease.

Check whether the services are available on mobile phones or not.

As most users now make their transaction using mobile phones.

Moreover, their response and the waiting time for each payment should also be taken into consideration.

If you're looking for merchant services & Payment gateway related information, you can contact us @ +1(888) 622-6875. 

Also, you can contact via email - info@merchantstronghold.com

Downtime in a Payment Gateway and Backup Options

Payment Gateway Outages: The customer becomes very insecure when it comes to the payment and methods of payment he uses. Whenever there is an error message or delay in payment, the chances of the customer staying on the website becomes little.

The various merchants use different types of backups for downtime errors whenever the customer is trying to make a payment. Nowadays, technology has advanced and made payment system much easier and convenient, however, it is still important to avoid errors.

What an outage can do?

• An outage can lose your payment.
• An outage can lose your rating and productivity.
• An outage can lose your customer.
• An outage can reduce your company’s credibility.

The usage of the Internet and electronic payment, net-banking, etc. is very much trusted nowadays. Naturally, the payment gateway, which you have provided to the customer for processing the payment, may experience a technical glitch. But when there is a problem there is a way.

SOME SOLUTIONS ARE:

Increase reconciliation: Increase accounting and reconciliation so that when the outage occurs, you can provide your customers with the correct status.

Infrastructure: you can enhance the infrastructure and hardware resources of the tool.

Safe fallback option: Provide different types of payment method options such as Credit cards, ACH EFT, etc. to your customers so that they do not doubt you.

Yet speaking for all these issues and their respective solutions, we still face unintended problems somewhere or the other. Even if all would be good there could still be an issue from the customer’s end. The problems are unending but it is just a matter of customer handling and acquisition. One can just be the best in the business with ethical practices and by adopting a healthy way to handle the business.