Payment Gateway Solutions
It is well known that credit cards represent the most popular means of online payment. Offering or extending the range of credit card payment options is therefore an obvious strategy for online commerce. However, merchants will carefully need to assess the benefits and challenges of extending these payment options before implementing the required solutions. Payment gateway solutions offered by MyGate include a number of options, such as API and redirect solutions that can help to protect your clients when they need to make a payment online.
When considering the credit card payment options to offer customers, merchants need to know…
- How to expand the range of user-friendly payment options that are offered
- How to use these payment options to optimise cart and sales conversion ratios
- How to manage the related risks of fraud, information security, credit risk and charge-backs
- How to minimize information security and compliance costs while offering additional payment options
A safe option to use when you are looking to move away from storing the details of cardholders so that they can make recurring payments is to introduce a token system. Tokenisation is paving the way for making safe payments and securing the data of those who are buying online. Tokenisation protects customers from having their credit card details stolen by hackers and thieves.
How does tokenisation work?
Tokenization is simply the process of replacing credit card details with a unique token. Tokenization removes a cardholder’s details from the transaction process. In most cases the credit card data is then stored safely in a credit card ‘vault’. These secure ‘vault’ databases are well maintained according to strict requirements, which are compliant with the PCI DSS. Payment processes that drive credit card options. Cardholders are looking for convenient and simple payment experiences. A smooth check-out experience ensures repeat business to the merchant’s website.
Understanding what a card holder is looking for in the payment process helps merchants identify the correct solution that can meet these expectations. Traditionally, many payment solutions outside of once-off payments required a level of card storage in order to facilitate these types of payments.
These payment processes consist of ‘push and pull’ payment mechanisms and ‘singular and derivative’ interfaces. The payment mechanisms and interfaces can be used in various combinations within a payment process to provide additional user-friendly payment options for merchants. Enabling these options through tokenization has significant benefits for merchants.
Read more about our debit order collection service.