What Are The 5 Most Important Things To Look For When Choosing A Payment Gateway?

When selecting the best payment gateway for your business, there are a few key elements to consider. Businesses new to the eCommerce space may be daunted by the task of selecting the right match for them while partnering with an appropriate Payment Gateway is a must. Customer convenience, approval ratios, security against fraud, and other factors, such as pricing and transaction fees, must all be considered when looking at the technical side of the coin.

A Payment Gateway is a service that allows companies worldwide to accept digital payments via a third party that approves credit cards and other alternative payment methods. When a consumer uses a credit card, does a bank transfer, or performs a transaction using a digital wallet, their information is captured and forwarded through a Payment Gateway System. The information is subsequently transferred to the appropriate financial institution, which could be an eWallet via QR code technology or a bank transfer via a network of local banks. The data for credit cards are supplied to an acquiring bank and then sent to the issuer bank. Payment Gateways have different characteristics, which is why it’s critical to choose the best one for your company.

To make things easier, we’ve put up a list of five things to look for when selecting a Payment Gateway, focusing on the wide range of amazing services and products that Zotapay has to offer.

1. 1000 Fantastic Reasons Under One Roof

With over 1000 financial institutions affiliated with Zotapay over the last decade, the company has consolidated the whole spectrum of global and local payment methods accessible in the market into a single, easy-to-use gateway. Because Zotapay has long-standing relationships with global processors, we have a lot of clout when it comes to securing the best solutions for businesses, which can also be customized. Companies can enhance conversion rates and expand their local or worldwide market reach by combining configurable technology, fraud prevention measures, and the right knowledge in the right places. 

Thanks to our powerful Virtual Cashier Technology, Zotapay provides fresh and new concepts to the payment business. We connect our clients to the most relevant acquiring banks or payment service providers who can support their application package based on their company structure, industry, licenses, and target markets. This, among other things, sets Zotapay apart from other Payment Gateways. By conducting a single, straightforward connection via our payment technology and contacting practically any acquirer bank or payment institution globally, Zotapay’s patented gateway system, MetaGate, saves human resources and integration/development time. Furthermore, Zotapay’s cloud-based platform is completely PCI DSS certified, as required by the major card schemes, as well as ISO 27001 (Security Practices and Processes) and ISO 22301 (Disaster Recovery and Business Continuity) approved.

2. Let The People Choose! 

Alternative payment methods are growing more prevalent in today’s world, particularly in developing countries and areas such as Africa, Latin America, Southeast Asia, and China. People are increasingly adopting credit and debit cards and virtual wallets (also known as e-Wallets) as global economies shift away from cash and other payment methods. While credit cards are still widely used in many countries, e-Wallets are becoming increasingly popular, particularly in the aftermath of the Coronavirus outbreak. People nowadays want their purchases to be as simple as possible, which means avoiding forced account formation and lengthy application forms to fill out. Many clients will abandon their basket if the alternative payment options they need aren’t available or if the transaction appears to be excessively time-consuming or overburdening.

The checkout process is a critical component of any successful business, especially those in the digital payments industry. By using market research to identify potentially lucrative markets, one can also use various analytics tools to identify where users fall out of the funnel and why. Adding the right payment method to those problematic abandonments is simple and leads to increased sales and repeat business. The issue of cross-border E-commerce is another concern as the online payment world is fragmented, for example, and there are many differences between European and Asian markets. Because of this, choosing a payment provider or facilitator with the right expertise is crucial for businesses.

3. Traditional Banking is Dying

Zotapay’s One Application – One Integration philosophy incorporates the principle of One Reconciliation, making life easier and more straightforward for online businesses. The single cashier page connects multiple providers in a simple, straightforward manner. To this end, our main objective is to consolidate all available payment methods and solutions into a single  Payment Gateway. Companies can manage their income in this way, providing a professional and seamless experience for their customers. It is imperative that e-Commerce businesses that want to grow to provide customers with an easy and fast checkout experience. Companies can achieve this by doing everything in their power to avoid abandoned carts and to encourage customers to return.

Due to the move away from cash and towards digital payments, online businesses need services, facilities, and technology to assist them. By focusing on One Application – One Integration, Zotapay stands out from the competition in many ways. The traditional banking system is heavy and overburdened. To address this issue, Zotapay offers fluid and flexible payment services for e-Commerce businesses worldwide. Zotapay provides various digital payment solutions to meet every need as cashless and alternative payment methods grow in popularity. This is due to the company having access to one of the largest networks of eWallets. In this regard, Zotapay can offer companies both global and local solutions, regardless of where they’re located or the market they’re targeting.

4. We’ve Got You Covered

Payment protection against fraud is an essential part of online payments. Zotapay’s Risk department is committed to protecting against fraud and safeguarding funds by following the most stringent standards. Both website owners and customers face a constant barrage of different cybersecurity risks when shopping online. People want peace of mind when dealing with digital payments because of many things, such as fraudulent chargebacks and professionally run scams. Transaction Monitoring identifies suspicious activity, while Transaction Screening searches data against multiple watch lists in real-time. The years of experience we have within the payments sector enable us to offer total peace of mind to our worldwide clients and partners.  

The Risk Department at Zotapay’s primary purpose is to control and reduce risk and fraud levels for all parties. In addition to checking against sanction lists, our Client Screening Tools help us gain deep insight into customer activity to improve security further. To prevent fraud and reduce chargeback incidents, the team uses unique, tailor-made tools to avoid risk before it occurs. Live processing environments are subject to various stringent risk limits and filters, and any untoward behavior is tracked and monitored as part of gate monitoring. Furthermore, the risk department prepares reports based on activity and offers recommendations for improving future operations.

5. The Secret Sauce 

Today, businesses have endless opportunities to expand globally. It means that even small merchants in remote places can reach a vast market and make their brands visible to a wider audience. Cross-border and multi-currency payment services, when available, can increase revenue significantly. Naturally, businesses online need to compete hard to attract foreign customers, often those who speak a different language. In order to enter foreign markets, merchants need to understand local shopping habits. As the world moves towards cashless and online payments in different currencies, knowing one’s target market has never been more critical.

6. Zotapay’s Unrivalled Payment Services 

Zotapay’s integration and partnerships with so many acquirers (both T1 and medium-level banks) worldwide make it possible for more clients to apply successfully and find the right processing partner for their business. As a general rule, traditional banks offer merchants a small selection of payment options, such as credit card clearing, but they have little to do with eWallets. Often, the account opening process in these prestigious banks is slow and challenging due to several factors. Regulatory compliance processes and risk policies are very restrictive, and only a tiny portion of the companies applying will be accepted.

PayPal, ApplePay, GooglePay, Skrill, Neteller, and Venmo are popular eWallets, but since they cover only specific parts of the world, they aren’t the best option for many businesses. However, users who wish to create their own accounts require a bank account or credit card that is active. Yet, this approach fails to take into account the needs of emerging regions’ underbanked populations. Zotapay Cashier, for instance, offers a wide range of eWallets and other alternative payment methods worldwide. Large acquirers such as Stripe and Square offer similar gateway technology and clearing services. Yet, each has its own unique qualities and advantages, and limitations regarding the services and regions they offer. Our flexible pricing model also allows us to attract premium merchants and those working in various industries and merchants of all sizes and shapes.