3 Ways to Achieve the Best Payment Gateway for Your Business

Businesses, small and large have many options nowadays for the type of software and system that they use for payments. There are many jargons, which are difficult to understand and choose the best, it often gets difficult with newer technology, and improved security measures updated frequently to avoid losses for the acquiring banks, as well as the merchants.

As a business owner, choosing an integrated payment gateway is the best option for easy transactions and secure handling. There are various ways the merchant can choose to integrate the system on the website for the best payment gateway; they are hosted gateway, direct post method, and non-hosted integrations.

Hosted integrations
This type of integrated system uses a third-party website to complete the payments. The advantage of using this system is that the entire process of payments I handled by the service provider, making it a simple solution for the business owner.

The drawback of using this method of integration, on the other hand, is, that customers are taken to a separate page for their payments, making it a cumbersome process for their payments. Oftentimes, customers are not willing to compromise the security of their data and also want faster transactions, which don’t take so much time. This type of system is beneficial for small and medium-sized companies and businesses that do not have a high volume of transactions.

Non-hosted integrations
A basic integrated payment gateway will allow the merchant o keep the customer on the same website. Non-hosted will still give the same benefit, although the integration must be done through an API, Application Programming Interface, which is a software intermediary allowing two applications to connect and communicate.

The main drawback of this method is that the merchant must have PCI compliance, and is also responsible for maintaining the payment system infrastructures. Customer data storage is also another aspect that the merchant has to think about, as, with a non-hosted integration, all customers’ data for payments will be stored on the merchant’s servers. Another big drawback is that this type of integration does not allow the merchant to customize functions, as and when it is required.

Direct post-integration
This type of integration is beneficial for business owners as it is one of the simplest integrations for the best payment gateway. However, this method is not the most secure method to use, as it allows the customer to shop without leaving the e-commerce website, and also, does not require the merchant to apply for PCI compliance, meaning that the merchant is able to set it up for a lesser price, although it can compromise the security of the transaction.

This method simply assumes that the transaction data will be posted to the payment gateway after the customer has clicked the “Buy” button. Once clicked, the data is transferred to the payment gateway and processor. The main advantage of this method is the merchant gets all the benefits of integration without having to obtain the PCI compliance.

Choosing the most convenient method of integration for the best payment gateway is important for business growth and customer convenience and the merchant must consider security above all while conducting a financial transaction.