Online payment gateways can be extremely beneficial for today’s businesses, regardless of the industry, as consumers and clients rely more on the Internet to shop and make payments. People are buying gifts online, ordering food online, and managing their bills online, all while enjoying enhanced security and convenient payment features. With online payment gateways, merchants can accept various types of payments online securely and efficiently, save time and money, and improve customer service. Read on to learn more about how online payment gateways can benefit your business.
Accept Credit Cards Online:
Consumers are using credit and debit cards to pay for nearly everything, from large purchases like TVs, to small orders like sandwiches, to recurring payments like utility bills. The ability to accept credit cards online through a secure online payment gateway provides even further convenience for customers, allowing them to enter their credit or debit card information safely for a streamlined transaction process and efficient authorization. With PCI DSS certified online payment gateways, customers can make secure credit card payments with just a click of the mouse.
Accept ACH Payments:
In addition to credit cards and debit cards, online payment gateways also allow merchants to accept ACH payments. ACH refers to the Automated Clearing House, a system that allows banks to send money electronically. Consumers can make ACH payments for loans, utility bills, mortgage bills and insurance premiums, among many other payments. ACH can also be used for e-commerce transactions and business-to-business payments.
Online Payment Gateway Features:
Merchants who take advantage of online payment gateways can enjoy many features that improve their business. Besides the ability to accept credit cards, debit cards and ACH payments, merchants can also process Level II and Level III transactions for businesses that require more controlled spending and payments. Recurring billing is a feature that can help save time and money, allowing customers to setup recurring payments for added convenience and minimized late payments. Cardholders can then be emailed receipts for their records. Other online payment gateway features include import and export abilities, batch uploads, customized reporting and fraud filters.
Payment gateways that are compliant with PCI DSS standards increase safety for customers’ sensitive credit card data, while helping to protect merchants from the hefty fees that are often imposed when data is compromised. PCI compliant security features include tokenization, which keeps stored information safe, and Address Verification Systems (AVS), which verifies that the customer is in fact the true account holder.