10 ways to streamline your payments

With the ever-increasing complexity of online payments, it’s easy to see why merchants feel they are chasing a moving target. And when it’s not your core business, keeping up with the latest payment trends and compliance requirements can be a daunting task.

Getting it all with a gateway
A payment gateway does just what it says on the tin: they handle all aspects of your payment processing from risk management to regulatory compliance. Most companies use a gateway to process their card payments, but the fact is that gateways can do so much more for your business.

Some payment gateways complement standard card payment processing with multi-channel payments: everything from IVR (phone) payments to virtual terminal and online payments, all bundled up nicely with integrated reporting capabilities and instant transaction confirmation. By their very nature, these gateways are designed to simplify your payments.

Here are just 10 ways a full-service gateway can simplify your business’ payment systems:

1. Payment reach. Success in global markets depends on providing popular payment options. Extend your business reach by providing your customers with the standard payment choices like credit and debit cards and more localised payment options like giropay, ELV, POLi and iDEAL.
   
   
2. Payment security. Protect your online business from fraud and your customers from identity theft. Your payment gateway will help reduce your exposure to fraud risk by handling user authentication and identity verification for you.
   
   
3. Compliance. With the escalating costs of a data breach, credit card companies and industry regulators are continually upping online payment security standards. Let your payment gateway worry about ongoing PCI and 3-D Secure™ requirements for you.
   
   
4. Data integration. Use integrated reporting and paperless transactions to eliminate costly data entry errors and streamline internal transaction administration.
   
   
5. Global selling. Set up your global storefront with multi-currency support. Simplify payments for your worldwide customer base with features that allow your customers to choose their local currency for foreign credit card transactions.
   
   
6. Multi-channel processing. Take online and offline payments with multi-channel processing. Let your payment gateway help you with point-of-sale, call centre, online and unattended IVR payments.
   
   
7. Automated transaction confirmation. Streamline your payment transaction and order fulfillment process with automated transaction confirmation. Your payment gateway can offer you real-time authorisation for card purchases and instant transaction confirmation for electronic funds transfers.
   
   
8. Recurring billing. Simplify your recurring billing process and guarantee your cash flow with Paperless Direct Debit. Get your payments instantly instead of waiting around for your customers to submit their forms or pay their overdue bills.
   
   
9. Customer support. You need to be there for your customers when it matters most—when they are ready to pay. Your payment gateway should offer 24/7 technical and payment support for you and your customers.
   
   
10. Integration. The payment landscape is constantly changing to accommodate new regulations, transaction protocols, payment options and technologies. Integrate once with your payment gateway and let them worry about keeping up with these ever-shifting requirements.