If you have an online business – or looking to start one – then a payment gateway is an essential piece to a successful ecommerce website. Essentially, a payment gateway is what processes credit cards when a customer finalizes their purchase and it facilitates communication between the business, card issuer and the company’s bank.
Now, it is possible to run an online business and process transactions manually, but there are several benefits to using a payment gateway.
- It’s faster. If your business makes a large number of credit card transactions, a payment gateway will save time processing transactions – and time is money.
- It’s safer. If a customer attempts to use a credit card that has been reported lost or stolen, a payment gateway will notify you immediately so you don’t process the transaction.
- It’s easier. If you have just started your business, a payment gateway allows you to start accepting credit cards immediately rather than waiting to build a positive credit history for a merchant account.
The major drawback to utilizing a payment gateway is the cost as there is a monthly fee involved. In addition, there is a transaction fee in which a percentage of each sale will be subtracted from your profit for the payment gateway’s services. If your business doesn’t handle a large number of credit card transactions, then it will be hard to justify the costs involved.
A payment gateway account can benefit all types of businesses that operate online. If you have an online store that makes a number of online credit card sales that can justify the cost, then it’s definitely worth the investment. You will save time, energy and aggravation while being able to concentrate on what you know best… your business.
If you would like a cutting-edge ecommerce website with a payment gateway, then the team at TheeDigital can help. We have years of experience in creating online stores are we’re an official Authorize.Net reseller. Just give us a call at 919-341-8901 or fill out our inquiry form.