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Comparison of Payment Gateway and their features
Features of online payment gateways
To transact business online, you need to have a payment system that can simplify the process. This is so that you do not have to undergo a number of procedures in order to complete a transaction. To make this possible, the internet has various payment gateways so that you can conduct business fast and efficiently. They act as online banks so that you can use your funds to pay for transactions or get paid.
Common features of online payment gateways include:
1. They curb fraud cases since they have tools that prevent fraud.
2. They also have the capability of processing electronic checks. These provide an alternative to credit cards.
3. For people conducting business on a regular basis, there is a tool that makes an automatic billing saving your time.
4. It is universal such that anyone can conduct business from anywhere with any currencies as they can convert any currency to your preferred choice.
Choosing an online payment system that caters for all your needs can be tricky especially due to the emergence of many payment gateways. One has to be familiar with all the gateways before he/she can decide on which one to go for. You also have to know the limitations of each so that you will get the best that is available with your preferences in mind. There are some factors that one has to consider before picking one payment system over the other. These factors help you integrate well with your clients and enables business to run smoothly.
Here are the factors:
Market that you are targeting. This focuses on the people you do business with and their origin country.
Currency. Type of currency you do business with. This focuses on where the payment system can convert currencies.
Security. Security of the system. Can the system be trusted to transact securely?
Time. This will depend on how much time is taken to complete a business deal.
Cost :What are the fees charged in conducting business and maintenance fees?
After quick look at what people look for in the online payment gateways, you will need to see the major competitors in the business and learn their strengths and weaknesses. This will enhance your knowledge on them and increase the chances that you will choose the best that suits all your needs.
Main Gateways to choose from
The main online payment gateways act securely and one has to sign up to the sites providing the service. From here onwards, your account will be opened and you will be good to go. They also have unique features that will distinguish between each and you will be ready to choose the one that will serve you properly. Let’s have a look at the main competing online payment gateways.
Authorize.net is one of the oldest payment systems that was started to conduct e-commerce. It has been operational for almost two decades and has some reputation of providing quality services to its clients. Its features include:
Regular billing. This enables transactions that occur on a regular basis to be billed automatically.
Preventing frauds. It has a fraud detection suite that detects any suspicious activities and stops it.
Electronic Check Processing. It also has an electronic check processing feature such that you conduct business using checks.
It has two main integration methods that clients can choose from. They are: Simple integration method and Advanced integration method .
There are no direct set fee charges with Authorize.net available in the website. This is because of the varying charges that are charged with the type of transaction, features you want and type of account you operate.
- It has low buying rates for its clients making it suitable for all customers.
- Pricing mode is low as a result of competition resellers.
- The low rates have attracted a big market that makes Authorize.net a major player in online payment.
All online payment gateways have limitations that inhibit their operations in running smoothly. Disadvantages of this system are:
- Due to variations in pricing from seller to seller, you may find out that one seller can be extremely expensive discouraging traders to avoid some merchants.
- There is also the problem of hacking as a result of being large and some people attempt to get some free money. Like any online business, Authorize.net has experienced some hacking problems over their course to almost two decades.
- People that value money, should actually go for this payment system. It provides affordable rates that can be matched by anyone conducting business online. You can be guaranteed that, using authorize.net will ensure that transactions are processed successfully.
With the list of online payment gateways being endless, the major decision lies with you. All you have to do is check your objectives. You can then look at the benefits and drawbacks and make sure that limitations do not outweigh the advantages. Choosing the best payment gateway is the path to successful business online and should be done with utmost care to ensure that your transactions remain safe.
Advantages and disadvantages of other payment gateways: