The past 10 years have dramatically changed customer expectations of payment speed, security, flexibility and method. Entering the market today, the majority of all consumers expect online payments and invoices to be completed in a timely manner and by the preferred payment method. For small business owners, delaying or denying access to outdated payment processing methods can lead to lost sales, increased fraud risk and overall reduced growth potential compared to larger companies.
Using a payment gateway provides a more efficient, secure and customer-friendly way of paying.
What is a Payment Gateway?
Payment gateways enable merchants to receive electronic payments by sending payment information securely between the customer, merchant, and the bank that is processing the payment. Payment gateways do this by encrypting sensitive information, verifying transaction details, and ensuring that the necessary authorization is in place prior to transferring money.
The gateway provides secure access to your money through credit/debit card or digital wallet transactions, as well as through bank transfers. Without a payment gateway, merchants would not be able to efficiently and safely process electronic payments.
How it Supports Daily Business Operations
When customers provide payment information, the gateway will validate the transaction, verify that funds are available and authorize within seconds of completing the transaction. This automated process takes away the need for having to manually process payments, which will reduce both the chance of error and also the chance of fraud.
Advantages of Payment Gateways
Improved Protection & Regular Compliance
For small businesses using a payment gateway, security is one of the main reasons. PCI type regulations require a strict compliance from payment gateways which protect the consumer’s payment information. Encryption and fraud mitigation products aid in the reduction of chargebacks and unauthorized transactions.
Strong security means both the company and the consumer are protected, thus building a foundation of ongoing trust.
Faster Payments & Data Flow
With the use of payment gateways, transactions process much faster than traditional means such as paper checks or manually generated invoices. By processing payments faster you are able to receive funds sooner. Faster payments improve your operational cash flow and give you more control of your operating costs.
Automatic payment processing reduces the administrative burden of manually tracking & reconciling payments due.
Variety of Payment Methods Available to Clients
Consumers prefer flexibility in terms of how they pay. Payment gateways provide retailers with the ability to accept various forms of payment, including debit/credit cards, mobile services and direct to bank transfer. By providing a variety of methods, retailers reduce checkout friction and increase their chances of losing a sale.
When retailers utilize the preferred payment method of their customers, they tend to convert more sales and have a higher level of repeat business.
Enhanced Customer Service
The ease of payment is a significant contributor to positive customer experiences, so having an easy-to-use payment gateway enables retailers to create an easier checkout experience for customers. It also helps to avoid payment issues that may occur during checkout and supports a professional experience across all channels. As a result, retailers will experience increased success in terms of closing sales and repeat sales when payments are fast and secure.
Scalable Solution for Growing Businesses
As businesses grow and evolve, the needs of the business will become increasingly complex. To accommodate these growing payment demands, many payment gateways allow for subscription-based billing and recurring payments, as well as the ability to integrate with accounting or management systems. This flexibility allows your business to continue to expand without having to change the way that payments are being processed.
How to Find the Best Payment Gateway
Security and Reliability
When selecting a payment gateway, it’s important to examine the security credentials of each service provider. Secure payment gateways will provide customers with several layers of security including encryption, fraud detection tools, and compliance supports. However, it is also very important to consider reliability when selecting a payment gateway as any amount of downtime will affect revenue.
Transparent Pricing
Transparency of pricing is an equally important consideration when selecting a payment gateway. A clear outline of transaction fees, monthly fees, and processing rates will allow businesses to budget accordingly and avoid unexpected expenses.
Integration Capabilities
Payment gateways should have an easy-to-use interface that can integrate with existing systems such as websites, invoicing software, and point-of-sale systems. By providing seamless integration between software and payment processing, businesses can save employees time on manual processes while improving operational efficiency.
Support and Service
Despite being under-appreciated, good customer support is essential. Payment-related issues can be disruptive to business operations and working with a provider who provides timely and reliable customer service ensures that any issues are resolved quickly.
Future Flexibility
The ideal payment gateway should meet the expectations of what your company may require in the future. As new methods of payment, recurring billing and increased transaction volumes become available, payment gateways must have the flexibility to support these evolving needs and add long-term value.
How to Use GMS Payment Gateway
Gulf Management Systems has developed an ACH payment gateway, specifically for small businesses, to accept secured bank-to-bank payments with less cost in processing fees. ACH payments are reliable alternatives to traditional credit and debit card transactions; therefore, they are suitable for invoice processing, recurring billing, membership and higher-value transaction processing purposes. By using Gulf Management Systems ACH payment gateway, you will be able to streamline your payment process, enhance cash flow and reduce administrative workload.
As an added benefit, using the ACH payment gateway will allow a small business to integrate the technology into their existing billing systems and online payment profiles, so that they can receive electronic payments with minimal disruption to their daily business operations. ACH payments will be processed through secure and compliant systems and provides added protection of financial information from potential fraud exposure and all forms of unauthorized access. Gulf Management Systems supports small businesses on an ongoing basis and develops flexible configurations so small businesses can continue to use ACH payment processing, as they develop and change their payment processing requirements.
The post Why Small Businesses Should Use a Payment Gateway appeared first on .
The post Why Small Businesses Should Use a Payment Gateway appeared first on .
The past 10 years have dramatically changed customer expectations of payment speed, security, flexibility and method. Entering the market today, the majority of all consumers expect online payments and invoices to be completed in a timely manner and by the preferred payment method. For small business owners, delaying or denying access to outdated payment processing methods can lead to lost sales, increased fraud risk and overall reduced growth potential compared to larger companies.
Using a payment gateway provides a more efficient, secure and customer-friendly way of paying.
What is a Payment Gateway?
Payment gateways enable merchants to receive electronic payments by sending payment information securely between the customer, merchant, and the bank that is processing the payment. Payment gateways do this by encrypting sensitive information, verifying transaction details, and ensuring that the necessary authorization is in place prior to transferring money.
The gateway provides secure access to your money through credit/debit card or digital wallet transactions, as well as through bank transfers. Without a payment gateway, merchants would not be able to efficiently and safely process electronic payments.
How it Supports Daily Business Operations
When customers provide payment information, the gateway will validate the transaction, verify that funds are available and authorize within seconds of completing the transaction. This automated process takes away the need for having to manually process payments, which will reduce both the chance of error and also the chance of fraud.
Advantages of Payment Gateways
Improved Protection & Regular Compliance
For small businesses using a payment gateway, security is one of the main reasons. PCI type regulations require a strict compliance from payment gateways which protect the consumer’s payment information. Encryption and fraud mitigation products aid in the reduction of chargebacks and unauthorized transactions.
Strong security means both the company and the consumer are protected, thus building a foundation of ongoing trust.
Faster Payments & Data Flow
With the use of payment gateways, transactions process much faster than traditional means such as paper checks or manually generated invoices. By processing payments faster you are able to receive funds sooner. Faster payments improve your operational cash flow and give you more control of your operating costs.
Automatic payment processing reduces the administrative burden of manually tracking & reconciling payments due.
Variety of Payment Methods Available to Clients
Consumers prefer flexibility in terms of how they pay. Payment gateways provide retailers with the ability to accept various forms of payment, including debit/credit cards, mobile services and direct to bank transfer. By providing a variety of methods, retailers reduce checkout friction and increase their chances of losing a sale.
When retailers utilize the preferred payment method of their customers, they tend to convert more sales and have a higher level of repeat business.
Enhanced Customer Service
The ease of payment is a significant contributor to positive customer experiences, so having an easy-to-use payment gateway enables retailers to create an easier checkout experience for customers. It also helps to avoid payment issues that may occur during checkout and supports a professional experience across all channels. As a result, retailers will experience increased success in terms of closing sales and repeat sales when payments are fast and secure.
Scalable Solution for Growing Businesses
As businesses grow and evolve, the needs of the business will become increasingly complex. To accommodate these growing payment demands, many payment gateways allow for subscription-based billing and recurring payments, as well as the ability to integrate with accounting or management systems. This flexibility allows your business to continue to expand without having to change the way that payments are being processed.
How to Find the Best Payment Gateway
Security and Reliability
When selecting a payment gateway, it’s important to examine the security credentials of each service provider. Secure payment gateways will provide customers with several layers of security including encryption, fraud detection tools, and compliance supports. However, it is also very important to consider reliability when selecting a payment gateway as any amount of downtime will affect revenue.
Transparent Pricing
Transparency of pricing is an equally important consideration when selecting a payment gateway. A clear outline of transaction fees, monthly fees, and processing rates will allow businesses to budget accordingly and avoid unexpected expenses.
Integration Capabilities
Payment gateways should have an easy-to-use interface that can integrate with existing systems such as websites, invoicing software, and point-of-sale systems. By providing seamless integration between software and payment processing, businesses can save employees time on manual processes while improving operational efficiency.
Support and Service
Despite being under-appreciated, good customer support is essential. Payment-related issues can be disruptive to business operations and working with a provider who provides timely and reliable customer service ensures that any issues are resolved quickly.
Future Flexibility
The ideal payment gateway should meet the expectations of what your company may require in the future. As new methods of payment, recurring billing and increased transaction volumes become available, payment gateways must have the flexibility to support these evolving needs and add long-term value.
How to Use GMS Payment Gateway
Gulf Management Systems has developed an ACH payment gateway, specifically for small businesses, to accept secured bank-to-bank payments with less cost in processing fees. ACH payments are reliable alternatives to traditional credit and debit card transactions; therefore, they are suitable for invoice processing, recurring billing, membership and higher-value transaction processing purposes. By using Gulf Management Systems ACH payment gateway, you will be able to streamline your payment process, enhance cash flow and reduce administrative workload.
As an added benefit, using the ACH payment gateway will allow a small business to integrate the technology into their existing billing systems and online payment profiles, so that they can receive electronic payments with minimal disruption to their daily business operations. ACH payments will be processed through secure and compliant systems and provides added protection of financial information from potential fraud exposure and all forms of unauthorized access. Gulf Management Systems supports small businesses on an ongoing basis and develops flexible configurations so small businesses can continue to use ACH payment processing, as they develop and change their payment processing requirements.
The post Why Small Businesses Should Use a Payment Gateway appeared first on .
The post Why Small Businesses Should Use a Payment Gateway appeared first on .
