A payment gateway is an online tool that allows merchants to accept payments through their website. It securely relays transaction information from a broad range of payment types to your merchant account. Merchants who have ecommerce stores can use a payment gateway to accept credit card payments, debit cards, and even ACH transfers.
In addition to allowing you to accept payments, your online payment gateway has additional features to help you navigate through past and pending purchases. For example, in Signature Payment’s gateway you can review contacts, returned items, and see settled or unsettled funds.
Mobile Payment Gateway
A mobile payment gateway is customized to work with cell phones and has a user-friendly interface to cater to businesses on-the-go. As an online or mobile application, it has select tabs and quick access to essential information. Perfect for companies who travel or relocate to different venues to sell their goods.
Many mobile payments utilize an Android or Iphone credit card reader. These allow you to quickly take payments from customers without using a large stationary payment terminal. Clover has multiple sizes of terminal that a business can choose from when it comes to swipeable credit card readers. Additionally, your mobile payment gateway can be accessed anywhere. Pull up the mobile gateway on your phone to review important pending orders or access reports on the spot.
Ready to accept payments anytime, anywhere?
Which Payment Gateway to Use?
The best payment gateway to use is one that caters to your business needs. Here are a few factors that you should look for when selecting your payment gateway service.
- Accepts Multiple Forms of Payments – From credit cards to cryptocurrency, the best payment gateways offer a range of payment types. Give your customers multiple options to complete a purchase using their preferred payment method.
- Has 3D Secure Technology – Akin to the double-factor authentication of payment processing. 3D Secure adds an additional step at checkout in order to provide the highest level of security in online transactions.
- Offers Low Rates and Fees – Gateway fees are common for any provider, so be sure to shop around for the lowest ones you can find. Most charges are per transaction and as a percentage of each purchase. You can reduce fees by finding which of those two costs you’d end up paying more for and negotiating them separately.
- Easy Integrations – When it comes to the technical side, you’ll want clean code and fast uptime. Easy integration is key for getting your payment technology up and running fast and saving money from having to hire developers to install it.
- User-Friendly Interface – Payment gateways are where you can interact with the payments you received and monitor each purchase made on your site. A streamlined view and well-made interface are essential for managing your transaction history.
Recurring billing is a great way for businesses to capitalize on receiving steady payments and predictable revenue. Moreover, it’s a popular model for software services and subscription box ordering companies. Customers who opt-in can pay in different time increments to help them keep track of their purchases.
Moreover, steady transactions mean ongoing growth. Each customer you add using a recurring billing model helps you scale your business and increase long term profits. Your payment gateway helps you monitor customers who make these payments and can alert you when one has missed a payment.
ACH Payment Gateway
An ACH payment gateway authorizes direct bank transactions from customer bank accounts to your merchant account. The term is often used interchangeably with echeck. Whenever you give your bank account routing and account number and authorize transfers to pay for goods or services you’re interacting with an ACH payment gateway. In order to reduce fees and receive payments faster you’ll want the option to use this type of technology.
ACH is one of the most secure and trusted forms of payment from a risk perspective. The funds are immediately available and pass through fewer intermediary steps before being sent. ACH stands for Automated Clearing House; they are a group who oversees different types of payment processing such as direct deposits, automated paychecks, and credit or debit transactions.