How the Best Enterprise Payment Gateways Evolve Overtime?

Payment gateways that have been in the market for over three years have evolved over time. These are some things businesses can learn from these seemingly natural processes.

In an ideal world, going through an entire payment gateway process and executing a transaction should be possible in a few seconds. Every customer, online business, and payment service provider strives to avoid downtime, timeouts, chargeback risk, and other conversion/acceptance issues.

Unfortunately, these problems are all too common for most payment gateways. Some businesses have been able to streamline their payment routing and conversion processes, but all are vulnerable to cyber fraud. So, how can businesses select payment solution providers? 

Testing different payment gateways individually is not practical. The next best option is A/B testing—running some payments through one payment gateway and other payments through a second to find out which is the safest and most efficient and is the likeliest to offer high conversion rates and low chargebacks rates. By running A/B tests, payment solutions experts have been able to identify aspects of payment gateways that trigger positive growth and those that could cause problems. These are aspects that shape positive growth.

Super-Fast Processing Speed - Transaction speed from a customer’s bank account to an eCommerce merchant’s account is key to offering a high-quality end-to-end solution. Fast processing speeds also create a positive shopping experience, which leads to customer satisfaction and repeat business. Therefore, implementing the best enterprise payment gateway will improve an eCommerce business’s operational efficiency and cash flow.

Encryption standards – Since eCommerce businesses manage and store customers’ private payment data, using the best encryption standards is mandatory. In 2019, 650,570 eCommerce shoppers were victims of identity theft. If payment gateways are integrated with other platforms such as QuickBooks or Magento, payment acceptance is more secure. This means eCommerce merchants need to pick payment gateway experts that use the most advanced data encryption standards.

Designed for the Masses – Large companies that cater to the masses have very specific and almost customized needs. Merchants should not deal with payment solutions providers that limit them to a specific category or features. Instead, they should be able to improve user experience on payment gateways to meet customer expectations. 

Innovative and Reactive – Security threats constantly change in the industry. Account takeover fraud detection is presently prioritized as one of the biggest problems in the eCommerce industry. So, addressing data breach issues requires both reactive and innovative approaches. Payment infrastructures need to be fluid and adaptive to survive, payment gateways that do not use AI cannot scale to accommodate evolving security requirements.

Other Important Factors

The best enterprise payment gateway should not just meet these expectations but exceed them by offering additional features and services. For instance, when online businesses get older, they need to monitor issues such as PCI compliance costs and figure out a way to allow customers to make payments online using their digital wallets.

Given that 82% of all US retailers already receive payments via Apple Pay, all eCommerce businesses need to ask their payment gateway providers to facilitate payments from digital wallets. Once online businesses go international, payment gateways should also be able to international currencies.