In today's digital age, providing a seamless and secure payment experience is no longer a luxury for online businesses - it's a necessity. And to facilitate smooth transactions, a business needs to have the right payment gateway that can be the digital bridge between its website or app and its satisfied customers.
But selecting a payment gateway is not easy, given the vast array of options available. A bank can make this choice easier by providing businesses with a payment gateway lthat checks the right boxes and comes with key features for online businesses.
Security for customer trust
Security is undoubtedly a top priority. Customer data breaches can be devastating, eroding trust and potentially leading to hefty fines. It can also turn customers away from digital payments entirely, which spells bad news for everyone involved.
Here's what to look for:
- Compliance: Ensure the gateway adheres to industry-standard security protocols and utilizes strong encryption methods to safeguard sensitive information
- Fraud prevention: Look for features like fraud scoring and real-time transaction monitoring to minimize fraudulent activities
- Data Storage: Understand how the payment gateway stores customer data and if it complies with applicable regulations
Functionality to cater to business needs
Payment gateways offer a spectrum of functionalities that need to be considered to ensure the chosen gateway aligns with the needs of modern businesses.
- Payment methods: Does the payment gateway support major card networks and popular instant payment options like UPI, digital wallets and buy now, pay later solutions? A business must ensure it caters to its target audience's preferred payment methods to reduce cart abandonment rates
- Recurring payments: If a business involves subscriptions or memberships, it needs to choose a payment gateway that offers recurring payment functionalities for a smooth and automated experience
- International reach: If there are plans to expand the business globally, the business must opt for a payment gateway that facilitates international transactions and supports multiple currencies
User experience for frictionless checkout
A smooth checkout process directly impacts conversion rates, which is why businesses need to prioritize a user-friendly experience.
- Mobile optimization: With the growing use of mobile devices for online shopping, ensure the payment gateway offers a seamless checkout experience on mobile platforms
- Customization: Choose a payment gateway that provides options to customize the checkout page to match the brand identity of a business and provides a familiar environment for its customers
- One-click payments: Consider a payment gateway that offer features like one-click payments for returning customers to streamline the checkout process and encourage repeat purchases
Integration and scalability for growth potential
A smooth integration with a business's existing e-commerce platform is crucial. Look for a payment gateway that offers the right features.
- A smooth integration with a business’s existing e-commerce platform is crucial. Look for a payment gateway that offers the right features.
- Scalability: As a business grows, the transaction volume will likely increase. Hence, a business needs a gateway that can scale efficiently to accommodate your future needs. FSS Payment Gateway, for example, can process more than 5,000 transactions per second, which is also further scalable on demand
Customer support for reliable assistance
Technical glitches or customer inquiries are inevitable, which makes reliable customer support essential for a business choosing a payment gateway.
- Support channels: Choose a payment gateway that offers multiple support channels like phone, email, and live chat for prompt assistance
- Availability: Consider the support hours offered to ensure a business is not left stranded in case of urgent issues
Also read: The FSS Approach to Customer Satisfaction: Engage, Evaluate, Execute
The payment gateway for modern businesses
Choosing the right payment gateway requires careful consideration of a business's specific needs and priorities. By helping businesses focus on security, functionality, user experience, integration, and customer support, a bank can be the perfect partner that fosters trust, simplifies transactions, and fuels business growth.
FSS Payment Gateway can help with all of these. It comes with a range of features, 30+ user journeys and 250+ merchant category templates. So far, the payment gateway has helped multiple banks manage over 1 million merchant accounts.
Apart from solutions for these major challenges, FSS Payment Gateway also comes equipped to help banks and their merchants deal with frauds & chargebacks, data security and cross-border payments.
FSS Payment Gateway is powered by FSS BLAZE™, a cutting-edge payment technology platform. BLAZE™ offers a microservices infrastructure, uninterrupted performance and effortless integration. FSS BLAZE™ is backed by Dev-Sec-Ops practices and adheres to global standards, regulations and data security. It's the future of payments technology, serving you today.
Learn more about FSS Payment Gateway.
