Are You Destroying Your Business?

CentroBill
Nov 6 · 4 min read

Your business is finally up and running, now all you must do is pick a payment gateway and you’re good to go, right?

Not so fast. Choosing the right payment gateway can make or break your business.

Therefore, you need to be clued up before deciding on the perfect one for your business.

Let’s start with the basics and then go into which payment gateway can jumpstart your business.

Payment gateway 101

In a nutshell, a payment gateway is an e-commerce service that allows your business to accept credit card payments by connecting to bank platforms.

Payment gateways are nifty because they’re economical and convenient.

They make it easy for your customers to pay you securely and what’s more, the payments are reflected instantly!

This improves your business’s cashflow and gives your customers peace of mind by safeguarding their sensitive information.

Sadly, you must keep an eye on payment gateways carefully as they could put your company in jeopardy.

Payment gateways and risky business

Although payment gateways are a lifesaver for businesses, they’ve also been given a bad rap recently.

Some of the problems include data loss, fines for noncompliance and in severe cases, even bankruptcy.

While most payment gateways are secured through TLS encryption, once your customer’s data enters, there’s still security threats lurking.

These could include:

  • Data breaches
    If a payment gateway has a poor security system, then there could be a breach of data while a payment is being processed.

    This is caused when there isn’t proper encryption in place.

    Encryption is meant to protect both your business and your customers by ensuring that data can only be read by the customer and merchant.

    The information is also scrambled so information can’t be leaked to outsiders.
  • DDOS attacks
    If a payment gateway isn’t guarded sufficiently, hackers could attack your or your customer’s computer by flooding it with harmful data.

    This damages the computer’s software and makes it difficult for any virus programs to keep sensitive information safe.
  • Mobile payment security issues
    While you can control much of the security during a transaction, you can’t control who has access to your customer’s mobile device.

    This means if their mobile device is attacked, their private information could be leaked.

Choosing a payment gateway
Before choosing a payment gateway, you first need to decide what features would be beneficial for both your company and the consumer’s needs.

Consider the following features before making your decision:

Fee budget
All payment gateways have different fee structures. Choose one that gives you value for money.

Customer support
Live technical support is one of the most important features for the payment gateway you choose.

Check if customer support is offered within standard working hours at the very least to ensure that issues can be resolved quickly.

User experience
Once your customer drops a product into the check-out cart, the payment gateway could determine whether they proceed with the payment or not.

For example, if there are too many steps before the payment, if too much sensitive information must be shared or their credit card isn’t accepted, they may not finish the purchase.

Check that the payment gateway is optimized for mobile users too.

International reach
If your chosen payment gateway doesn’t work internationally, you’ll be losing out on massive sales!

Customers could come from all parts of the globe, so make sure your payment gateway caters to them.

Security
Customers aren’t likely to support a business where their details are vulnerable.

Choose a payment gateway that complies with the Payment Card Industry Data Security Standard (PCI DSS).

This will ensure that you and your customers are protected and if you’re a high-risk merchant, there will be extra security available.

Furthermore, using a PCI DSS compliant payment gateway means you’ll be less susceptible to data breaches.

This puts you a lower risk for fines, protects your business’ reputation and gives consumers comfort.

The final word on payment gateways

Figuring out which kind of payment gateway is “the one” can be tough. But in the long run, choosing one carefully could take your e-commerce business to the next level.

At Centrobill, we’re dedicated to giving you a seamless payment solution that complies with PCI Level 1 standards.

By choosing our trustworthy gateway, you’ll not only have access to credit card payments but also an array of alternative methods.

What’s more, we offer Customer Service and fraud/risk management and you’ll be able to process payments via standard EBICS connection supported by almost every bank in the EU!

Let us help your online business grow steadily with our flawless payment solution.

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