How to choose a payment gateway?3 aspects to consider

Payment is the last mile of e-commerce, and only when payment is successfully completed can real business value be generated. For merchants, it is necessary to provide the most secure best payment gateway for small business system features for users at the lowest cost and fastest speed.

Since electronic payments often need to support a variety of bank card types and third-party payment types, and need to meet high security requirements and technical standards, they can often be achieved through payment gateways.

However, due to the wide variety of payment gateways, complex functions, uneven security standards and many integration methods, it often brings great trouble to merchants.

This guide helps merchants understand and quickly select their payment gateway from three perspectives: functionality, security, and integration.

The functions of payment gateways are divided into core functions and value-added functions. Core functions include end-user payments and merchant billing, while value-added functions include various support functions to support a complete business.

Payment Functions

The payment service function is the core of the payment gateway. The payment management function mainly includes the types and quantities of support for banks, card organizations, third-party mobile payments, etc., technical capability indicators such as payment success rate, payment processing speed, and system stability.

The larger the payment gateway, the wider the coverage of its banking and third-party electronic payment products, the more reliable the technology, and the higher the fees, and the limited support for small local banks.

Acquiring services

Due to legal regulation and banking requirements, if a merchant needs to receive payments through electronic payment, there is a special bank account at the collection bank: merchant account.

Payment gateway provides merchants with receipt service, which greatly reduces the cost of negotiation between merchants and banks, account application, and huge communication between all parties after problems occur.

Value-added features

The differentiation of payment gateways is also reflected in the types of value-added functions, such as pre-authorization, refund, unpayment, batch payment, regular automatic payment, dynamic currency conversion, multi-currency pricing, report inquiry, etc.