Business on the worldwide web has made online payment gateways a major interest. Gateways for transacting online have essentially made all of this possible. Now these online payment gateways are also the easiest way to electronically transfer money.
Online payment gateways are offered by financial institutions who will act as transfer agents between
merchants and buyers. Online payment gateways allow visitors to make payments and transfer funds worldwide. Many online payment gateways have additional abilities for sending an invoice, making payments online, through emails or cell phones, etc. And on international transactions they provide currency exchange with minimal charges.
The increasing popularity of online payment gateways has occurred for several reasons: 1) transfer or payment is convenient 2) security by encryption provides good security 3) all transactions are guaranteed for customers.
Setting an online payment system onto your website lets your visitors make purchases without problems.The choice of a payment gateway is a very important part of online payment. Another very important factor is gateway compatibility. Any online payment that is compatible with only with a few other gateways automatically narrows its options.
As a customer, you might not want to do business with a merchant or service provider whose online payment gateway is not compatible with the most popular systems. Here are some questions you should answer before choosing a gateway.
1) With which other systems will the gateway operate compatibly: Western Union, banks, credit cards, American Express, other gateways?
2) Is each transaction guaranteed, with reimbursement if there is a problem – or is it a problem to get support on problem swipe payment gateway transactions?
3) Security measures – Will the system be using the digital signature? – This prevents hacking.
4) Dynamic IP address records – Providing additional security by checking the IP address used in prior
transactions by internet?
5) Does the system have 128-bit security by Secure Socket Layer?- automatically encrypted?
6) How quickly are transactions completed? – checks take several days to clear unless electronically processed, but a credit card transaction or regular electronic money transfer from a funded account should be almost instantaneous.
Payment gateway systems like PayPal, Google’s Checkout, Epay, and MoneyBookers.com have some good features. Sadly as with most internet concerns the larger companies become the targets for hackers. Microsoft Windows is hacked more than Apple and Internet Explore gets hacked more than
Because PayPal is the largest payment gateway it means PayPal has the most hacks. There are thousands of other scams also being conducted against PayPal accounts. PayPal has also been targeted by several class action suits because of problems with customer accounts. PayPal has pushed people to use their system and tried to exclude other systems from Ebay.
One very good gateway payment system that has not suffered the major problems with security, scams, and customer support is MoneyBookers.com. They provide all the basic services quickly easily and safely.