Introduction
Main features of digital payment gateways
Here are a few top features that make an online payment system better:
- Simple and efficient User Interface and Usability:
This refers to a user’s experience when a customer visits a particular website. It should be easy to access and user-friendly for all payment operations, including transactions, chargebacks, top-ups and other functionalities.
- Encryption standards:
Payment gateway systems store sensitive customer data. Preventing cybercrimes and data breaches is the responsibility of the payment gateway provider. These systems use data encryption, and other methods to protect against threats. Payment gateways should also have a way to check for fraud and block suspicious transactions.
- Multiple processors:
If merchants integrate numerous payment gateway providers, they can choose various banks they want to collaborate with for payment processing services. This enables them to take advantage of competitive pricing.
- Scalability:
Scalability refers to a payment gateway’s ability to handle the growing size and changing needs of a business. As technology improves, payment gateways must be able to accommodate more transactions and requirements. This is a crucial feature to ensure smooth operations as the business expands.
- Support different payment options:
Payment gateways should let businesses offer different ways to pay, based on what they need. This helps customers pay in different ways, like splitting the payment into smaller amounts or setting up regular payments.
- Automation processes:
From failed transactions to settlement reports, online payment systems should reduce manual effort and automate the most critical transactions. This is particularly helpful when there is a massive volume of transactions.
- Easy online integration:
Online payment gateways should be easy to set up for any business, with no delays. They should have built-in features that make everything run smoothly. For popular shopping sites, payment gateways should help customers pay easily and quickly.
- Fee and Service agreements:
Payment gateway prices should be fair and depend on things like how much money the business makes, how often they make sales, and the type of market they serve. If a business meets certain goals, the fees for setting up and processing payments should be reasonable and competitive.
- Mobile payments:
More and more people are using mobile payments instead of credit cards, debit cards, or physical wallets. Payment processors help customers move money from their bank accounts or credit cards to their phones. There are many digital wallets available now, changing the way people pay. Payment gateways should be flexible and support many types of mobile wallets.
- Easy checkout and shopping cart integration:
The checkout process should be simple and easy for customers. It should work well on all mobile devices and types of internet connections. Payment gateways should make sure the shopping cart is connected smoothly so customers can quickly complete their orders.
- Multi-currency integration:
Many customers from other countries shop online, so payment gateways need to accept payments easily from everyone. This makes shopping better for customers and helps build loyalty. Innoviti’s DCC (Dynamic Currency Conversion) feature lets foreign customers pay in their own money. It also helps businesses receive and convert foreign payments into their local currency.
- Complete merchant support and 24X7 customer service:
Payment gateway providers must provide comprehensive support for merchants to answer their queries promptly. 24×7 customer service is a great way to add value to a payment processing service.