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.
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Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.