You decided to start your business and sell goods online. Not only do you need a “shop window” type website and a massive advertising campaign for this. When customers come and say “Take my money,” you must meet them with a payment gateway to accept their funds. And, in addition, you need to provide safety for both yourself and customers.
Payment Acceptance: Money Never Lost
A payment gateway should enable you to receive money from various customers’ cards and put it into your bank account. No, it’s not possible to just leave your credit card number or a QR code with it. In most countries, you should have a special account for entrepreneurship. In addition, a gateway solves problems like international transactions made in various currencies initially or transactions between various systems (Visa/MasterCard/AmEx, etc).
The best payment gateways also let users pay with PayPal, Skrill, Payoneer, and various online money transfer systems. For many users, it’s more convenient than using their credit cards: if they store their funds or receive their salaries or fees this way, it saves them an extra conversion.
Chargeback Alerts
This measure will help you reduce losses from friendly fraud. When you are notified about the chargeback claim in time, you can contact the customer (or see them contact you in time) and regulate the situation between them and you. Maybe you will just explain it or inform the customer about delivery issues, so a chargeback won’t be necessary.
In addition, alerts will help your reputation when it turns out the fault has been yours. You will have to refund the costs, but your reputation will not suffer (as it would have after a chargeback). Your transaction fees will not rise, let alone other possible consequences.
Fraud Prevention: How to Tell Them by Their Looks
Lombroso’s theories have been refuted long ago when it comes to human appearance. On the other hand, when an online fraudster is approaching, you can tell them by some features.
When a transaction request comes, the AI-powered system analyzes it, comparing its parameters (transaction details, internal data matching, device properties through device fingerprinting, and possible bogus location and emulated or synthetic identities) to those from large databases. Big data technologies combined with inventiveness and intelligence can reduce fraud-induced losses to minimal values.
What Else to Consider when Choosing a Payment Gateway
Safety and comfort are important, but they are not everything. Of course, the reputation of the gateway matters: hardly will you want to collaborate with a service that lets the client data leak more than once. Pricing does as well; you need to choose an affordable plan that yet has all you need, and not all payment gateways can offer it. In addition, you may just like or dislike its interface. Still, its safety is what you need to consider first.
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Thanks for the post I like stripe for payments works great and now fees before you actually sell something.