As the economic landscape becomes more uncertain, pushing more businesses into e-commerce, online stores become attractive targets for hackers and malicious actors. Therefore, when transitioning your business online, it’s crucial to adhere to best practices. Choosing a secure online payment gateway is paramount to safeguarding your transactions and data.

During these challenging times, choosing the right credit card payment gateway provider depends on your business’s needs. If you are transitioning to become a fully online business, opting for a dedicated e-commerce payment gateway is essential.

However, if your website serves as a secondary revenue source, consulting with your current merchant services provider about their online payment gateway solutions may suffice. It’s important to align the choice with your specific business model and growth objectives.

Which is the right payment gateway for you?

Protecting transaction data from hackers should be the top priority for any payment gateway. It’s crucial to ensure that the gateway adheres to the latest security standards. Additionally, verify that the payment gateway is fully compliant with the security requirements established by major credit card providers, such as:

• Mastercard Site Data Protection (SDP)
• Discover Information Security and Compliance (DISC)
• Visa Cardholder Information Security Program (CISP)

These standards are crucial for safeguarding transaction data and preventing unauthorized access by hackers.

If you choose a lesser-known gateway provider, it’s crucial to verify that they comply with all the mentioned initiatives, provide robust support, and have a credible reputation. Failing to take these precautions could result in higher fees, account closure, and potentially being added to the MATCH file—a credit card processing blacklist. Once listed, your business could remain on the MATCH file for up to seven years, making it challenging to switch to a more reputable e-commerce payment gateway provider.

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Payment Gateway Features to Look For

The next step is to research all the convenient features a payment gateway provides

Fraud Prevention

If your business has been operating for six months or longer, selecting a credit card payment gateway provider that offers fraud prevention tools—such as address verification or filters to limit payments from certain people or places—can save you time. This allows you to focus more on making legitimate sales and promoting your business rather than constantly dealing with chargebacks.

eCheck Processing

This increasingly popular payment method allows you to process payments electronically, eliminating the need for customers to send a physical check.

Recurring Billing

This convenient tool allows you to store customers’ credit card billing information and schedule automatic charges at specific times, such as when their subscription or membership payment is due. This eliminates the need for customers to re-enter their information every month.

Furthermore, choosing a payment gateway that supports integration solutions and add-ons (such as shopping carts, eCommerce platforms, point-of-sale systems, and billing solutions) can streamline the setup and maintenance processes as your business grows both now and in the future.

Moreover, if you have customers outside the US or are planning to expand internationally, it’s important to seek payment gateway providers that accept foreign currencies. This capability ensures smoother transactions and enhances customer convenience across borders.

Fees

Signing up for a merchant account involves completing some paperwork, and typically, it takes two to five days for the payment gateway to conduct necessary credit checks. Afterward, contact your bank to request the setup of an Internet merchant account, enabling you to process transactions online without physically swiping a credit card.

• The expenses associated with signing up for a payment gateway generally include:
• A transaction fee ranging from 2 to 6 percent is charged with each card transaction
• A flat fee per transaction, worth under 50 cents
• A monthly fee, which may include optional charges, varying depending on the services and functionalities chosen or offered by your gateway provider.
• Some providers may impose a setup fee ranging from $49 to $250

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Our Top Payment Gateway Providers

There are numerous payment gateway providers available, ranging from well-established services catering to mainstream businesses to specialized providers that handle high-risk industries prone to chargebacks, such as gambling and multi-level marketing websites. Here are some of the leading payment gateway providers renowned for secure online credit card processing:

1. Stripe has established itself as a prominent payment gateway due to its intuitive interface, transparent fee structure, and seamless integration with all major e-commerce platforms. It also provides 24/7 customer support, beneficial for addressing security issues or handling chargebacks. Transaction fees are 2.9% + 30 cents for domestic cards and 3.9% + 30 cents for international credit cards.
2. PayPal offers two options for businesses: a no-monthly-fee plan where PayPal manages the entire payment process, or PayPal Pro at $30 per month for customizable gateway features. Transaction fees are 2.9% + 30 cents, with volume discounts available for high transaction volumes. Transactions with foreign credit cards incur a fee of 4.4% plus a fixed currency fee.
3. Checkout provides an integrated platform for seamless payment gateway integration with your e-commerce site, supporting all major e-commerce platforms. In addition to a versatile gateway, it offers a conversion-optimized shopping cart. However, note that transaction costs are higher than average: 3.5% + $0.35 per transaction within the US and 4.5% + $0.35 for transactions involving foreign credit cards.
4. Authorize.net, founded in 1996 during the early days of the Internet, is now a subsidiary of Visa Inc. It focuses on securely processing credit card payments for small and medium-sized merchants. Authorize.net has waived its typical $25 monthly gateway fee and charges 2.9% + 30 cents per online transaction. Notably, if you use a traditional merchant services provider for in-store payments, they likely offer Authorize.net for e-commerce processing.