Whether it’s due to an incomplete understanding of payment gateways or misinformation, not all businesses choose their payment gateway integration partner[s] based off of the potential growth factor for their business.
Choosing the right partner means asking the right questions regarding their potential impact on your organization or application.Here are a few important things to consider when selecting the perfect payment gateway partner:
The Onboarding Process
A happy customer is the best referral generation strategy.
The perfect payment gateway partner will accommodate a simple onboarding process for with plenty of support going forward. Customers love simplicity, and easy onboarding is a great way to ensure positive feedback and referrals.
Potential For Scalable Growth
Your payment integration should be expandable.
Don’t fall into the trap of only weighing your current needs when selecting a gateway partner. As your business grows, you may require additional features such as tokenization, a card account updater, and mobile payments. The correct partner’s technology can grow alongside your business.
Non compliant businesses are subjected to large fines and security risk.
Choose a payment gateway partner that has your back when PCI compliance standards force change on the way your software handles transaction data. Your payment partner should take PCI compliance by the reins and steer you away from risks like financial liability, loss of customers and hefty fines.
The right payment gateway should offer 1) point-to-point encryption (P2PE), and 2) tokenization.
There is no perfect answer to all security threats, but P2PE and tokenization in particular are a necessity. P2PE provides optimal security and greater efficiency for handling cardholder data, while tokenization securely stores cardholder data.