Features of online payment
To transact business
online, you need to have a payment system that can simplify the
process. This is so that you do not have to undergo a number of
procedures in order to complete a transaction. To make this
possible, the internet has various payment gateways so that you can
conduct business fast and efficiently. They act as online banks so
that you can use your funds to pay for transactions or get
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Common features of
online payment gateways include:
1. They curb fraud cases since they have tools that prevent
2. They also have the capability of processing electronic checks.
These provide an alternative to credit cards.
3. For people conducting business on a regular basis, there is a
tool that makes an automatic billing saving your time.
4. It is universal such that anyone can conduct business from
anywhere with any currencies as they can convert any currency to
your preferred choice.
Choosing an online payment system that caters for all your needs
can be tricky especially due to the emergence of many payment
gateways. One has to be familiar with all the gateways before
he/she can decide on which one to go for. You also have to know the
limitations of each so that you will get the best that is available
with your preferences in mind. There are some factors that one has
to consider before picking one payment system over the other. These
factors help you integrate well with your clients and enables
business to run smoothly.
Here are the
Market that you are targeting. This focuses on the people you do
business with and their origin country.
Currency: Type of currency you do business with. This
focuses on where the payment system can convert currencies.
Security: Security of the system. Can the system be
trusted to transact securely?
Time: This will depend on how much time is taken to complete
a business deal.
Cost:What are the fees charged in conducting business and
After quick look at what people look for in the online payment
gateways, you will need to see the major competitors in the
business and learn their strengths and weaknesses. This will
enhance your knowledge on them and increase the chances that you
will choose the best that suits all your needs.
Main Gateways to choose from
The main online payment gateways act securely and one has to
sign up to the sites providing the service. From here onwards, your
account will be opened and you will be good to go. They also have
unique features that will distinguish between each and you will be
ready to choose the one that will serve you properly. Let’s have a
look at the main competing online payment gateways.
Pay flow Pro
Pay flow Link
Plug ‘n Pay
is one of the oldest payment systems that was started to
conduct e-commerce. It has been operational for almost two decades
and has some reputation of providing quality services to its
clients. Its features include:
This enables transactions that occur on a regular basis to be
frauds: It has a fraud detection suite that detects any
suspicious activities and stops it.
Processing: It also has an electronic check processing
feature such that you conduct business using checks.
It has two main integration methods that clients can choose
from. They are: Simple integration method and Advanced
There are no direct set fee charges with Authorize.net available
in the website. This is because of the varying charges that are
charged with the type of transaction, features you want and type of
account you operate.
- It has low buying rates for its clients making it suitable for
- Pricing mode is low as a result of competition resellers.
- The low rates have attracted a big market that makes
Authorize.net a major player in online payment.
All online payment gateways have limitations that inhibit their
operations in running smoothly. Disadvantages of this system
- Due to variations in pricing from seller to seller, you may
find out that one seller can be extremely expensive discouraging
traders to avoid some merchants.
- There is also the problem of hacking as a result of being large
and some people attempt to get some free money. Like any online
business, Authorize.net has experienced some hacking problems over
their course to almost two decades.
- People that value money, should actually go for this payment
system. It provides affordable rates that can be matched by anyone
conducting business online. You can be guaranteed that, using
authorize.net will ensure that transactions are processed
With the list of online payment gateways being endless, the
major decision lies with you. All you have to do is check your
objectives. You can then look at the benefits and drawbacks and
make sure that limitations do not outweigh the advantages. Choosing
the best payment gateway is the path to successful business online
and should be done with utmost care to ensure that your
transactions remain safe.
Advantages and disadvantages of other payment