An e-Commerce gateway allows online payments to be processed quickly and securely. Also called a sub component of online payment processing, e-business payment gateways enable safe, easy and secure exchange of online information between online merchants and buyers. For more regarding check stub creator check out the site. Also known as an “e-bank”, ebanking allows you to accept online payments through an offline bank system. The difference between an online bank and an e-banking service is that an e-business payment gateway does not allow users to access their bank account.
To protect financial information, an online payment gateway should support secure socket layer. It should also have fraud management and authentication in order to make sure that only authorized sites are able to perform secure transactions. It should also have advanced fraud management and authentication in order to track and trace unauthorised transactions and prevent money laundering using its card processing services. Customers must not tamper or block the site. It should provide maximum level of security to protect confidential customer data. It should also offer encryption to protect all online payments.
Transactions made with credit cards are made by users and not by the banks. Transactions through online banking systems are possible only when the buyer has the authorization of the bank or Credit Card Company. A bank will not allow customers to purchase online if they have not made reservations. Similarly, a payment transaction initiated by a user would never be valid unless the user is authenticated by the bank. A bank cannot insist on the information of the user in case of non-authorization of the transaction.
Online payments are secure thanks to the card association. The card association sets the standard rates and procedures for charging fees for transactions involving credit and debit cards. Certain payment processors have the support of the card association as part of their service offerings.
Online payment portals should have highly secured transactions. This protects sensitive data from hackers and ensures that it is secure. Secure encryption must be a requirement for sensitive data. Strong authentication must be provided by the payment portal to verify that the transaction was completed by the customer.
It is important to choose payment providers who can ensure secure online transactions. Merchant account providers who can provide round the clock technical support at reasonable charges are preferred over others. The cardholder’s privacy must be protected at all costs. The provider should be able to provide assistance if the cardholder encounters any problem pertaining to security of his or her account. Merchant accounts should be able process transactions even if they are made online at remote merchants.
Online payment portals require that the merchant bank has the right infrastructure. The bank must be able instantly to process transactions. The bank must also be able to transfer money between financial institutions, even if the money is physically located at different locations. Some of the disadvantages of using off-site or remote merchants include higher rates of charge than the local bank charges. It is necessary for the merchant bank to ensure that the cardholder’s private data is secure. It is necessary for the provider to be equipped with the necessary hardware and software to process all types of card payments.
However, the acquisition of such service providers does NOT mean that service quality will suffer. Some of the most reputed service providers have been in the business for decades and are renowned for their excellent performance. They are capable of quickly and efficiently assimilating all card payment schemes. When acquiring such payment gateway services providers, the most important thing to consider is how they treat users.