How to Streamline Your Banking Payment Gateways

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With more consumers making purchases online, streamlining banking payment gateways is important for many businesses. Particularly for smaller businesses. In the UK alone, a third of small businesses have moved their work online in response to the global pandemic. 

However, many big businesses, such as Walmart and Amazon, have dominated the online market with their easy-to-use payment gateways. There is no cause for concern, as we have prepared multiple tips so that you can make the most out of your payment gateways. 


What is a payment gateway?

Payment gateways are software applications used to process payments for online purchases. They serve as a gateway between the merchant and the payment processing bank (acquirer).

There are a number of benefits for using payment gateways. First, they are the most common method for merchants to send money to acquirers. Furthermore, payment gateways allow merchants to control the risks involved with online purchases. 

As payment gateways are great for completing online transactions, the next question involves streamlining the process for the customer’s benefit. There are four key methods in streamlining the process.

Set up payment gateways on-site

You want your customers on your site at all times. It helps with making quicker transactions and prevents customers from being distracted and taking their money elsewhere. First, incorporate payment gateways on-site. Make deals with various merchants and cooperate to make this possible. 

Next, do not require any registrations when customers complete their transaction. If you force your customers to make an account, they will become discouraged and not go through with their purchase. Have them purchase their items normally, and at the end of the process, ask them if they want an account. Highlight the benefits, but emphasize that it is optional.

Lastly, let customers save items on their cart in the event that they leave their computer. If they come back and see that their items are still in the cart, then they might make the time to purchase them. 

Provide popular payment types

Understand how your customers pay for their items. Do they use credit cards? How about apps such as a PayPal payment gateway or Apple Pay? What about overseas money-tender applications such as WeChat Pay? 

Once you know the popular ecommerce payment gateway types, work with the acquirers to have them on your website or app. 

Save payment info easily

There is new digital technology coming out every day that helps with customers easily purchasing their products online. Keep up with new trends and research the best ways for customers to easily save their payment info on your website.

For instance, Visa’s token solutions allow consumers to use Visa as a payment option on any commerce website to make a transaction without inputting all their card information or logging into their accounts for other payment methods. Instead of putting in their card number, users input a token that gives access to their card instantly. 

You do not need to use just Visa’s services to enjoy the benefits of the digital commerce era. Another piece of digital technology is using biometric or passcodes. Both systems allow people to automatically fill in their credit card or other payment method information without needing to actually pull out their physical cards. We recommend biometric security as it can boost security for banking apps in many ways.

If your website is available on mobile phones, then implement a feature in which customers can use Face ID or fingerprint scanner technology to automatically access their credit card information and use it for their purchase. This process makes payments quicker and easier, thus incentivizing your customer to purchase more products.

Lastly, allow customers to save their credit card information on your websites. Have them put multiple cards on file for use the next time they engage in a transaction with your business.


Security

People will always be concerned for their security when giving any business their payment information. This is why you should always make sure that your payment gateways are heavily secured and encrypted for the sake of your customers. 

Secure your payment methods by obtaining a Secure Sockets Layer (SSL) certificate for your site. This certificate shows customers that your connection with merchant accounts is secure. For either SSLs or PCI Security Standards Council compliance, display the badges for both to assuage customers’ concerns about safety. 

There are certain payment gateways that will have these security measures already in place. Emerchantpay is one such example as they have a Youtube series dedicated to informing their viewers that their services are safe and easy to use. As is recommended, they discuss that they possess a highly secure PCI DSS level one compliant payment gateway. 

When researching payment gateways to include on your website, always look out for their security certificates. If they have none but the payment gateway is a popular option, then invest in one yourself. For other matters relating to security and banking, refer to our tips about creating secure websites.

Conclusion

Banking payment gateways are useful in having successful online businesses. While this pandemic will not last forever, there will only be an increase in users purchasing products online, so it’s invaluable to learn what banking payment gateways are and how they can be streamlined for convenient use on the consumer’s part. 


We will gladly provide more assistance on banking payment gateways if you reach out to us. There is no time like the present.



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