Creating a payment gateway for your business can be difficult and there are many common mistakes that business owners make. A payment gateway is a complex system, with many factors to consider when building one for your own website. In this Macropay review, find out how Macropay’s payment gateway service helps businesses.
Your customers should have a smooth passage when making a transaction. They expect a certain level of protection and financial security. Technically, a payment gateway is above the payment processor. It’s responsible for receiving data from the user, encrypting sensitive information, and then delivering your payment in an understandable format.
The Common Mistakes
Let’s look at the common mistakes to be avoided while choosing a payment gateway to integrate into your business.
1. Not Considering Local Payment Methods.
Does your payment processor accept all of the essential payment methods? A merchant should ensure that the payment gateways support all the necessary payment options, especially those that are common in their field of operation. The method should be popular amongst customers too.
2. Not Using a Pre-Built Software.
Developers find it easier to integrate the payment gateway with pre-built plugins in hand. Having pre-built extensions allows you to furnish the services offered to meet your customers’ preferences and business requirements.
3. Overlooking Key Functionality.
How is customer support? When choosing a payment gateway provider, look out for a simple setup process and one that offers support when a problem arises. Do not underestimate your need for help. The provider should offer easy-to-use services with minimal to zero technical knowledge needed.
Moreover, the purpose of the chosen plugin should drive the efficiency of the payment gateway and reduce costs by only using the necessary features and functionalities. The focus of your payment gateway should include supporting the business goals like minimizing transaction costs while also driving the sales revenue.
4. Failing to Pay Close Attention to Costs.
When selecting a payment gateway, you should review the transaction cost the payment processor charges. The cost will be different for every payment processor and the cost increases as the transaction volume grows.
5. Not Understanding the Importance of Payment Card Industry (PCI) Compliance and Security.
Will the payment processor flag risky transactions? Is the customer card data encrypted and stored securely? The easiest way to ensure compliance with PCI standards is to link with a payment processor that complies with PCI rules. Find a payment gateway that is able to meet the standards of regulatory bodies.
6. Not Considering Enough Fraud Protection.
Most customers will faithfully buy and pay for their products. However, a small group will always be out to be fraudulent. Some will pay using stolen credit cards; others will claim not receiving their shipments at all.
To curb this problem, merchants should ensure they are working with a payment processor that will minimize fraud when customers are shopping. A solid fraud monitoring and prevention solution will protect card payments and alternative payments.
In Review: Allow Macropay to Guide You
If you’re looking to integrate your own payment gateway into your business, Macropay reviews your best options. As experts in payment gateways, Macropay offers expert consultancy and will help build and improve your payment gateway by using their own systems. They can grant you access to various alternative payment methods and open banking technology.
Make contact today to begin ensuring that your payment methods are the best and offers the most security for your clients.
