7 REASONS WHY A SECURE PAYMENT GATEWAY IS IMPORTANT FOR ECOMMERCE BUSINESS
A payment gateway is a service that authorizes payments for retail remote pc monitoring software businesses, especially eCommerce websites. It uses encryption to ensure that the customer’s sensitive information, such as credit card data entered into an eCommerce website, is securely passed from the customer to the merchant and from the merchant to the payment processor. In recent years, merchants and payment gateway providers have teamed up to provide all-in-one payment solutions that benefit both merchants and customers.
Shape Security’s study showed that 90% of total login attempts in eCommerce websites in 2018 were from hackers. To prevent such hacking attempts is why a secure payment gateway solution is vital for any eCommerce website. Other benefits include:
A secure payment gateway uses industry-standard encryption to protect the customer’s sensitive data. It sends credit card data from a website to the payment processor for secure processing and then sends back the transaction details and the credit card network’s response to the website through encryption. As such, it protects both the merchant and the customers from fraud.
Welcomes diverse forms of payments
A secure payment gateway allows eCommerce owners to accept a wide range of payment options. It can process payments done via credit cards, debit cards, mobile banking, etc. It makes way for online businesses to welcome varied forms of online payments as well. Through extensive modes of payments,eCommerce websites can meet the different needs and demands of customers.
Curb credit card fraud
Online payment fraud is very rampant nowadays, especially in eCommerce stores. Many credit card data thieves use stolen credit cards to make fraudulent purchases online without the credit cardholder’s knowledge. Ecommerce websites that accept credit card payments often encounter many cases of online payment fraud. However, a secure payment processing service equips online businesses with a secure means of processing money transactions to ensure both the operator and the buyer are safe.
Secures customer data
A payment gateway reinforces the security of customer information during payments through secured encryption. That provides another layer of protection against online fraud and protects the customer. Many eCommerce websites that use payment gateway solutions often receive good feedback from customers who are happy with the extra security of their data.
User-friendly site navigation
A payment gateway solution comes with services that allow the eCommerce website owner to design a page for customer checkouts. The customer doesn’t have to face the frustrations of being redirected to another page as they process their payment which offers a good customer experience.
Faster transaction processing
A secure payment gateway is faster than manual transaction processing. It allows customers to make quick purchases without transaction delays and long waits. That offers more convenience for your online business because it means that shoppers can shop uninterruptedly at any time.
Easy to maintain
Since a payment gateway is fully automated, installation and maintenance are easy. Most payment gateway solutions only require the eCommerce store to create an account and activate the software. Most of them will schedule and facilitate additional updates to the software and send upgrade notifications to the eCommerce website.
The bottom line
A secure payment gateway solution is beneficial for any eCommerce business to ensure both the operator’s and the customers’ safety.