Online Payment Portals: What you need to know

With today’s technology innovations, it comes as no surprise that more and more consumers are turning to online shopping for their every day needs.  What this means to merchants is having an easy solution for them to purchase online is becoming more and more important.

Here’s everything you need to know about processing online:

What is a payment gateway:

A payment gateway is a virtual credit card terminal that links your website, your customers payments, and your merchant services processing together.  There are many different ones available that vary in cost and features. Talking with a team of professionals like those at 1st National Payment Solutions is a good idea before choosing one.

How does it work?

When you have a customer that is making a payment through your website, the gateway will reach out through the payment portal and contact the bank that issued a card.  It checks to see if the transaction should be accepted or denied.  Then it comes back and takes the appropriate steps, either finishing the transaction or displaying an error.

The Pros:

Payment gateways offer an easy, quick solution for your consumers to transact business online.  They are also very secure, so you know your customers are protected.  Add on the fact it’s available 24/7, and you’ve got a winning combination in most cases.

The Cons:

The biggest con, and really one of the only cons, is the cost.  Payment gateways usually include monthly and per transactions costs above what you’re used to paying.  Your website developer may also charge to get the gateway and shopping cart working together.  Make sure you work with a reputable company that will not try to rip you off.

Bringing it all together:

Well there are many different ways you can run a business, online shopping is here to stay. Making sure that you have a way for your consumers to shop your business while in their pajamas at home is vitally important to stay relevant.

If you would like more information on Payment Gateways or would like to get started processing online today, give us a call at 866-964-1622 or reach out via email.  We would love to contact with you on social media as well!  Check us out on your favorite social media outlet!