How to grant yourself and your customers easy and secure purchases on your site? On the merchant’s side, there must be a safe payment gateway that solves most problems. But how to make a choice and provide the safest and the most comfortable solution to the customer? There are various options, and not all of them are made equal.
Payment Gateways by VISA, MasterCard, or AmEx
Well, when you speak of payment systems, the first idea is something like VISA Checkout or Masterpass. Yes, American Express and Discover also have their own payment gateways that can be integrated into merchants’ sites and simplify the process. At least, in theory. One might expect that the most powerful payment systems in the world can offer just as powerful a solution for online payments as they did for POS transfers. In fact, these solutions lack the clarity expected from them. Should you connect both Visa Checkout and MasterPass, or just one of them, or support with third-party solutions? How do you explain to customers that they indeed can use their MasterCard with Visa Checkout? There is too much confusion, especially given that these gateways don’t mirror each other. One thing is for sure: Visa and MasterCard, along with local operators like Union Pay and American Express, are all about safety. Alas, they cannot provide a versatile, comfortable solution so far. In addition, their fees (almost $2 per $100 with a traditional card and $2.50 per $100 with Visa Premium) are rather high.
Payment Gateways by Banks
When it comes to card issuers, the largest or the most advanced banks also have their own payment gateways. This is extremely comfortable for their cardholders, as they can authorize the easiest way and use their credentials both in the official app by this bank and the payment gateway. It also provides more secure two-factor authentication if the user opts for this. On the other hand, it’s still harder to explain why customers should choose this gateway if they are clients of another bank. These solutions may support some non-bank payment systems, like PayPal, Venmo, or Skrill, but rather as an exception.
Third-Party Payment Gateways
The strangest thing about payment gateways is that independent payment systems are the most versatile and the most flexible. One payment gateway can aggregate various systems, including not only Visa, MasterCard, AmEx, and so on, but also Internet payment systems. They may offer currency exchange at good rates, and they are often cheaper for the merchant than major services. In addition, these services may have advantages like more flexible security solutions, better user interface, better support for high-risk merchant accounts, and readiness to reduce that risk by disputes or fraud prevention solutions. Finally, there is a wide variety of independent payment gateways that you are likely to find yours among them.
Better Safe Than Stolen
That’s about your money. Yes, you can trust companies that spend tons of money on security. But you can as well find a great solution that will cost you much less, deliver more security-centered solutions, and cater to your needs better. And these are usually third-party payment gateways. Found article useful? Don’t forget to share it with your friends on Facebook or Twitter! And we’ll be glad to read your comments on our subject. Your firsthand experience is precious to us.