5 Key Features to Look For In a Custom Payment Gateway Solution

Everyone’s online; from teenagers hooked on to their mobile screens, to local retail shops selling their wares on the web. The digital era has ushered in a new age and the wheels of progress are only continuing to roll. Today, paying electricity bills and making other payments through cash are things of the past. With online payments making inroads into the payment landscape, several entrepreneurs are turning towards payment gateway development services to facilitate transactions in the online domain.

Why Build Your Own Gateway?

Solutions like PayPal, Authorize.Net, among others, already exist for payment gateway integration. So, why go the lengths to build a custom solution from scratch? Here’s why:

You can save on transaction fees levied by third-party providers

You can ensure secure payment process

You can add customized features and improve functionality to any extent

You can sell it as a product to other merchants

The Key Features to Include:

Emulating solutions that already exist is neither going to give you the USP needed to resell your solution nor substantial returns. If you want a payment gateway solution that truly stands out, then here’s what you need to look for:

1. Multiple Processors

Instead of restricting the choice of payment processors, integrating multiple processors gives merchants the freedom to choose the acquiring bank they want to use. Also, since different processors have different interchange fees, this helps you provide competitive rates to merchants.

2. PCI Compliance and Fraud Management

Security is the need of the hour. Go lax on it and you’ll find your sensitive information exposed and transactions gone haywire. Merchants always look for enhanced security, PCI-DSS compliance and advanced features to detect fraudulent transactions, encrypt information, and reliable means of authentication.

3. Automation of Processes

From generation of custom invoices to insight on failed/successful transactions to the processing of settlement reports, a solution should reduce human effort to a bare minimum and automate critical tasks. This comes handy when the system is subjected to a huge volume of transactions on a daily basis.

4. Scalability

The platform must have the capability to grow as the requirements grow. With technology advancements and security standards getting tighter by the day, the payment gateway solution must be versatile, scalable, and allow improvisation.

5. Supporting Various Payment Options

Be it mWallet or an e-check, the solution must be accommodative to the varying merchant preferences and provide multiple options. There should also be options for making recurring, scheduled and split payments.

Secure, safe, feature-rich, reliable and fully customized, turn to Openwave for payment gateway development services.