With online sales now making up 34% of retail spending, it is important for businesses to have a payment gateway.
A payment gateway is crucial in the payment chain and authorises credit card or direct payments for a retailer. Once an order takes place, the integrated gateway is there to deliver the client’s sensitive information securely, encrypting the data it in a way that banking systems can use. The gateway can be provided by a bank to its customers or a specialised payments company as a separate service.
The gateway will use built-in security protocols to check for fraud and available balance etc. This is known as TLS (Transport Layer Security) and, although there are a lot of steps involved, the process should be quick and messages to the customer should reassure them in the security of the system.
To help keep transactions safe and build customer trust, a good payment gateway should also: