Payment Processors: What They Do and How to Choose the Right One
Success with ecommerce depends on a number of factors but your payment processor can determine a lot of that success. In figuring out how you would like your customers to pay for the products on your site, you need a reliable payment processor that will help you achieve your goals.
A payment processor is a third-party company that executes a transaction by transmitting data between the merchant (you) and the merchant’s bank and your customer’s credit or debit card and his or her bank. It checks both the details received by forwarding them to the customer’s bank, while also carrying out a series of anti-fraud measures. While understanding what a payment processor is can be the easy part, it’s not always so simple to make the best choice for your organizations. Here’s how to choose the right one.
Look for Fraud Prevention
With the recent data breaches at a number of high-profile retailers in mind, it’s important that you look for a payment processor that keeps your company’s safety first. Your payment processor should place a high importance on information protection and security, including strong payment gateways that help to prevent such things as credit card fraud.
Make Sure It’s Compatible with Other Software
Your payment processor should always work in perfect harmony with your online retail platform, in order to be successful. It should be compatible with what you are currently using to sell your products, with developer-friendly options that make this integration simple and painless.
Offer Multiple Payment Options
The more payment options you offer, the more likely it is that your customers will be able to use your ecommerce services. Especially because some may be suspicious of using their credit card online, offering multiple payment types will help you see an increase in customers completing their purchases. Some of these options include credit card payments, direct bank transfers, or intermediaries like PayPal.
Ensure It’s PCI Compliant
PCI compliancy ensures that you are dealing with your customers’ credit card data in a safe and secure manner. The PCI Data Security Standard is now an industry guidelines and finding a payment processor that is in compliance can help you make sure that you are meeting the PCI Data Security Standard.
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